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1. How can Local Businesses
Recover from the Effects of the
COVID-19 Pandemic?

2. ASSESS THE DAMAGE
The first and foremost step in developing a rebuilding plan is to
identify the financial damage being done to the business.
It involves several layers that start with numbers.
If one has not updated financial statements recently, it is
recommended to do it now.

3. RE-CHECK YOUR BUSINESS PLAN
First, make sure to consider how business can adjust to a new
normal. Analysing how the industry has been affected by this
pandemic is also helpful.
When one looks at their competition, make sure to pay attention
to the trends and look for suitable opportunities.
Upon re-checking their business plan, they get a clear idea
about the weakness and strengths of the business.

4. IDENTIFY IF IN NEED OF FUNDING TO RECOVER
In this pandemic, one is more likely to need working capital to
start their business operations.
There are several financing options to choose from while building
the business again. The government is running various financing
schemes to support small businesses recover from the effects of
covid-19.
However, the funding for such programs is limited. It may get
depleted before the loan application is even viewed. Hence, it is
essential to consider other sources of financing for small
businesses.

5. REDESIGN YOUR BUDGET AS PER NEW SPENDING
While recovering from the effects of covid-19, one may have to
spend first before they start earning any money.
To recover from the effects of coronavirus, one will need to have
a clear idea about budgeting and use it for the maximum
possible revenue.

6. CREATE A TIMELINE FOR THE PROCESS
Having a timeline in mind with priorities is recommended.
Once accomplished, one can set up a time to hire or rehire
employees, followed by restocking of goods, and lastly, opening
the doors of the business again.

7. Thank You