How to Bounce Back Once Your Business Has Been Struck by Tragedy

Tragedy can happen to the best of businesses, as you may be well aware. Whether it was a business failure, a financial crisis, a data breach or a disaster that affected the physical condition of your building, your small business can still make a solid comeback if you play it out carefully. Here are some starting points to help your business recover from tragedy.

Look For Flexible Options

Flexibility will be key in this phase of rebuilding. Be sure that you don’t tie yourself down to rigid financing options or plans that will inhibit your business from growing. Financing may be necessary, but there are more flexible options depending on the kind of business you have, so don’t settle for something that will cripple your recovering business in the long run.

Opt for financing that will not tie up your equity or charge you extremely high, variable interest rates. This kind of financing can get unpredictable and, when you’re in a recovery stage, may keep you from bouncing back.

Be Practical

It can be tempting to go big in your re-establishment methods, but proceed with caution. After experiencing a dry spell in a small business, it is usually a good idea to focus on getting a firm foundation in place and ensuring security. Build your business back from the roots up, and don’t spend too much time on flashy re-opening endeavors before you’re certain that your business can handle it. Keep an open mind as you stabilize your business; continue to listen and grow from what you learned as you start over.

Implement Prevention Procedures

Remember what it was that caused the tragedy in your small business. Was there something insecure in your finances? Be sure to pay close attention to that area and correct any questionable numbers. Was there a weak spot in your data security? Hire a professional to get that squared away immediately; it’s well worth the investment. Remember, prevention is the best thing you could have done for yourself in these situations and learn from any mistakes that were made. Could you have done anything different last time? Use this time as an opportunity to implement that change and secure your business for the future.

In short, learn from what happened last time and approach re-building with care and a focus on stability. Implement new security and prevention measures, equip your team to be able to handle such a crisis and consider the tragedy as a learning opportunity to help you succeed later on.