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How To Get Your Business Back on Track After COVID

How To Get Your Business Back on Track After COVID

The coronavirus pandemic has had a significant impact on nearly all aspects of human life, ranging from personal relationships to health to business. Apart from the many fatalities, the global economic crisis is undoubtedly COVID-19’s second-most devastating blow to the human race.

With millions losing their jobs and many businesses shutting down, it’s clear that the pandemic’s harsh economic effects will linger on for a while. However, business owners must have plans in place to revive their businesses, as the pandemic will be behind us sooner or later. Many entrepreneurs are struggling with finding the best ways to accomplish this, but luckily, we’re here to help with vital insights. Below are the best ways to get your business back on track post-pandemic.

Get your business finances in order.


It’s no secret that personal and company finance issues are rampant worldwide, making your business finance one of your top priorities. You’ll need to determine how hard the pandemic has hit your organization’s finances, and your cash flow or profit and loss statements are great starting points for review. You would also need to account for rehiring employees in your rebuilding plan, as many companies laid-off workers to cut down costs.

Additionally, sorting out any problems with your merchant and business accounts is vital to making your company ready for business. Occasionally, many companies end up on the MATCH list, making it harder to run the business. MasterCard maintains the list to inform acquiring banks about high-risk merchants with a history of a high number of chargebacks and illegal transactions. Appearing on this blacklist can be frustrating since your business is classified among high-risk accounts, cannot handle credit card payments, or open a new merchant account. However, appearing on this list isn’t the end of the world, as the services of a great lawyer can be instrumental in getting you off the list. Experienced law firms such as Global Legal Law Firm can help with this need.

Global Legal Law Firm helps clients navigate terminated merchant file (TMF) and MATCH issues. They help merchant account providers with MATCH files get off the MATCH list, making businesses eligible to handle credit cards in no time. They operate by gathering information that triggered your blacklisting, irrespective of whether you were put on the list for identity theft, fraudulent activity, or high chargeback volumes.

This information includes your agreement with the credit card company that put your business on the list and any other relevant documents related to your former processor, additional information about the principal owner, and any counterfeit charges. Then, they work with your past processor to facilitate clients’ removal from the MATCH file, irrespective of their business type. This way, clients can get back into the good graces of American Express, Visa Discover, and other major credit card companies.

Make fresh corporate security plans.

Before the pandemic, it’s likely that your business had a working security plan in place to protect it from multiple threats. However, the long lockdown period means that many of these plans were shelved till further notice. Therefore, getting your business back on track should involve reviving and upgrading your security protocol to better secure your business operations. Backing up your data is crucial to ensuring that all vital information central to your business operations is up-to-date and protected. Also, firewalls must be updated, and employees must be reoriented on the best security practices to secure your business.

The post-pandemic world may bring new security threats besides the most familiar ones, and being prepared for any danger is essential to protecting your business. These days, there are several places where potential threats to your company’s security could be lurking without your knowledge. Consequently, knowing about these threats beforehand to take proactive action is beneficial to complement your overall security strategy. Reliable corporate security tools such as Navigator by LifeRaft can help with these concerns.

LifeRaft’s Navigator platform is a potent security tool that strengthens corporate security by identifying, analyzing, and validating possible threats to your employees, operations, or business property. Navigator is a digital threat intelligence platform that monitors social media, the deep and dark web, and several other online sources. Then, it employs intelligent data mining to search through several feeds, identifying crucial information relevant to your business in any way.

Companies can even customize this platform’s push notifications to receive alerts based on their notification criteria. Threats to your executives, trespassing on your property, and even emerging events that could threaten your safety are vital issues that can be revealed and addressed in real-time. What’s more, LifeRaft’s security tool allows you to investigate smarter and more cost-effectively, keeping your business secure in real-time.

Rebuild customer loyalty.

Many companies have likely lost momentum in their customer relationships due to the extended lockdown period. There’s no guarantee that your regular customers will return to your business, so plans to re-engage these customers must be in place. Maintaining quality online and in-person customer service is a great way to keep new and old customers loyal to your business, so keep this in mind. Also, provide clients with incentives like discounts and gift cards when they engage with your business, making them feel more valued.

Finally, upgrading your company’s hospitality can work wonders with rebuilding customer loyalty. For example, great water, tea, and coffee delivery brands such as Canadian Springs can provide quality coffee delivery service to businesses. They provide clients with fresh coffee through a coffee subscription service that delivers espresso, whole bean, and various other types of coffee to coffee lovers.

Consider funding to kickstart your business.

Since several people are in a financial crisis due to the pandemic, funding will certainly be an issue for most entrepreneurs. As such, you may need some capital to get your business operations up and running post-COVID. The SBA’s Paycheck Protection Program and Economic Injury Disaster Loans are excellent loan sources, as they’re designed to help small businesses struggling to retain employees during this period. Since funding is limited for these federal programs, you may also want to consider loans from banks, credit unions, online lenders, and other sources.

In conclusion, the global economy has taken a massive hit due to COVID, affecting business operations worldwide. However, entrepreneurs can rely on the above-listed points and several other helpful tips to get their businesses back on track after the pandemic.

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