3 Overlooked Business Reopening Strategies

Americans are itching to get out of their homes. Ask anyone about this, and you’ll hear them communicate some restlessness and desire to get back to normal.

Businesses harmed by the isolation caused by COVID-19 may see their fortunes reverse explosively here in the coming months.

But many overlook sound business sense. And when you only have limited ability to deal with so much during a chaotic time, it’s easy to forget actions you should take until it’s too late.

Here’s what to look for as reopening continues:

1. Don’t Rush to Cut Costs

Still hanging on by a thread and waiting for consumers to gain their confidence?

Cutting costs isn’t necessarily the right thing to do. You may have to cut costs to keep going.

But only commit to doing so after careful consideration of your long-term ability to generate revenue if you have to cut costs.

Do your best financial forecasting with and without your cost-cutting measures so you can estimate the effects of those changes.

Cost-cutting may end up being the right decision. But don’t jump to it first without careful analysis.

2. How to Motivate Associates to Return to Work

Associates aren’t necessarily getting a bad deal by staying home and collecting unemployment. And the benefits will last for a while yet.

Motivating associates is tough work. Do you use a carrot or a stick? A little of both?

It can be hard to decide what to do and when.

First, make it easy for your associates to get back to work. Be willing to let them work from home. People who work from home are happier and more productive.

However, if you can’t get the productivity that you want out of your associates, then let them know you may need to let them go.

Many American workers are highly concerned with losing their health insurance. That may be the motivator they need to return to work.

3. Always Test New Revenue Models

If there’s one thing that COVID-19 has taught us, it’s that the entire world can change in just the matter of a few days.

A catastrophe as extreme as COVID likely won’t happen again for a long, long time.

But, the market always changes.

Rely on your go-to revenue generation strategies as your foundation like you always do.

But, always put a chunk of change to the test with a new strategy. More than likely it won’t work.

However, you will have experience you can use to make better decisions. And you eventually will find more revenue streams that far outweigh your investment.

The more diversified you are, the safer you are in any market.

There’s one word that never describes business: easy.

But armed with these tips, you now have a better approach that protects your position in any market.