Unless you live in a bubble (which doesn’t sound like a bad idea right now), you’ve probably heard that the corona
virus disease, also known as COVID-19, is making its way across the nation. With many people panicking about the spread, businesses are seeing a decline in traffic and an increase in isolation.
So … what’s a business owner to do? Panic? Nah. Plan? Yes.
To protect your business and employees in the midst of the corona virus outbreak, you need to be willing to take some
precautionary measures … and of course do a lot of hand washing in the process.
Protecting Your Business during a Pandemic
Protecting your business during this pandemic means much more than giving your business a good scrubbing. It also means preparing your business for the worst and keeping your staff well-informed.
Below are 10 issues to address with detailed considerations and action items that might make the difference in being able to keep your doors open and calm your employees and customers.
1. Immediate financial triage.
The greatest concern for most business owners, at least initially, is how I am going to pay my bills this week, next week, and how long will this last. Of course, this is a very difficult question to answer and moreover, most business owners are facing a reduction of business.
Here are some important steps to take on the financial front as soon as possible:
Create a cash-flow budget listing with fixed versus variable costs. Fixed costs will generally keep the doors open and must be paid. Create a list of priorities about which ones are most important and try to set money aside based on the timing of when they are due.
Analyze cuts to unnecessary costs that aren’t producing revenue or securing key business functions.
Terminations are just what they sound like. You’re letting someone go and they probably won’t be coming back. They’ll more than likely seek unemployment benefits as well.
2. Tax payments.
Taxpayers have an unprecedented tax payment extension from the Government for 90 days, until 30th June.
Taxpayers might also be able to find some extra money by filing their taxes, because there’s a good chance they could have a refund.
Important note: Don’t fall victim to thinking you can wait to pay professional taxes. If you are an employer, those professional taxes are considered sacred funds by the government.
3. Advantages of Government Relief to be taken
The government will surely announce some relief packages for the business industry so wait for that and take advantages.
4. COVID-19 Policies within your organisation
Be clear with your employees regarding your specific policies within the business and safety protocol regarding the virus. It’s probably wise to follow as closely as possible the authority guidelines, social distancing, clean work areas, environments and good hygiene.
5. Employees and your talent
It’s not all about cutting costs with payroll. It’s important for business owners to show leadership. Set the tone and be the calm in the storm. You’re riding a wave, you’re on a surfboard. Don’t complain about the wave or gripe. It’s not going to change. Pay attention to it though and adapt. Don’t plan too far out and remember things are changing often. Make a plan for the next few weeks, then the next month. If you have employees, make sure they are assured about being protected. You want to retain the key people who drive your business. In the end, it’s people who make every business successful so focus on your key people.
6. Marketing & Sales
Make sure to communicate clearly and consistently with your customers. If you are open for business, make sure they know that and how to interact with your organization. Make it easy for them to purchase your product and services.
Use your social media presence to keep your customers up to date. This is a good time to focus on your existing customers, provide excellent service, and make sure you retain your important relationships and customers. Let any key relationships know you are still there and how you can be of service.
Finally, consider new ways to deliver your service or product. It may be through home delivery, mail or through virtual web-based services. Offer discounts if necessary and think outside the box.
7. Operations, Research & Development, Product or Service improvement
If things are slow, this is an ideal time to tackle those projects you have been putting off. Invest in this time; don’t waste it on Netflix or getting sucked into the never-ending news coverage. Instead, consider this time for you or your team to be invested
in improving products, services and finding efficiencies.
If you or your team have more time available (because you have less work or fewer customers), use this time to improve your processes and efficiencies, improve products and services or make the changes you’ve been meaning to do over the past few years or months. We know we all have them in our business, and we’ve been too busy to get to them.
Well, use this time now. Come out of the storm stronger and have a better product or service.
8. Remote work for your employees
Many small businesses are having employees work remotely for the first time. Make sure you set the expectations for those working remotely. Increase your level of technology if necessary as quickly and as affordably as possible.
Implement a work-from-home agreement in writing with your employees and have them sign it. Assess what functions can be done remotely and what must be completed in the office. For most businesses, not everything can be remote. Try to have a measured approach and get as many people as possible to work remotely but realize it’s probably not possible for all, depending on job function, employee skill, family situation at home of the employee and more.
9. Access your business 2020 strategic plan
If you didn’t make a Strategic Plan for this year, it’s certainly time to make one now.
This is a great time to make modifications. Start on projects that have been on your wish list and revaluate your objectives for the year. Adjust the plan and outlook for 2020 as you know more about your business.
You’re going to have weeks or months dealing with this mess. Are you going to use the time wisely or waste it?
10. Be charitable and show humanity and note what you are learning from this
We are all learning a lot about how we could have better prepared for this disaster. Use this time as a wakeup call and learn from this experience. Start taking notes and don’t return to the status quo when this is all over.
Finally, try to serve and help those in your community. The more you help others worse off than you, the better you’ll feel. This too will pass and we should do all we can to help one another through it while we all learn and grow from this trial.
Disclaimer: All the views in the blog are personal of the author not attributing to any one
