A COVID-19 Checklist For Businesses

A COVID-19 Checklist for Businesses

• Take stock of your financial situation

• Reach out to financial institutions for relief

• Resources, including loans and grants, are available to small businesses

Since the start of the COVID-19 pandemic, everything has been up in the air for businesses and consumers. With stay-at-home orders, reduced hours, and even mass layoffs sweeping the nation businesses are seeing reduced income and even closures. This is a scary time for everyone- but in the middle of this crisis you can take steps to gain clarity about your business and seek help, if you need it. 

• Figure out your financial position

  • Take stock of everything you have going on. What bills do you have to pay? Payroll? Office space? Utilities? Loans? Credit cards? Also, assess any immediate changes to your income.

• Talk to your customers and clients

  • Many of your customers and clients are most likely struggling to pay their bills, and are taking stock just like you are. If you can, reach out and figure out who can keep up with payments and who can’t. See if there’s a way you can work together to help each other out.

  • It’s also good to reach out to clients and customers to just check in on them. Sometimes you don’t need to talk about the financial situation or obligations. Strengthen your relationships with those you serve. 

• Prioritize

  • You have a better picture of what’s coming in and what’s going out- you may find yourself having to pay more than you’re getting. It’s time to prioritize what is most important when it comes to your obligations. These are choices made based on your own situation.  

• Talk to creditors, lenders, and financial institutions

  • Reach out to those people you need to pay and ask for temporary relief. This is an unprecedented situation and many institutions are building plans for individual borrowers to help them through the crisis.  

• Think about your employees

  • Your employees are what keep your business running, but your situation may be tenuous. You may be considering layoffs or terminations of non-essential staff. Before you make that decision, you should explore all your options and understand what this may mean for you in the short and long-term. More than anything, how can you help your employees during this time of crisis? 

  • Like your clients and customers, you may want to just see how your employees are doing on a day-to-day basis. They are going through changes just like you, either working from home or seeing reduced hours. If possible, discuss the options they have- maybe there are different tasks they can do to continue work. Maybe they need to file for unemployment, which your state may have expanded. Though everyone is struggling, every situation is unique. 

• Get creative!

  • Depending on your industry, you may still have a lot to offer your clients and customers, just in a way you never have before. Can you offer new products or services? Can you fill a gap or need they have?

  • Get creative about how you do your work as well. You may want to take advantage of platforms like Google Drive to organize if you’ve never thought about remote work before. You may also use services like Zoom so you can keep up the face-to-face interactions with your employees and clients. 

• Keep up-to-date with important information

  • Misinformation is as dangerous as COVID-19 itself. Be sure to follow recommendations from trusted resources such as the CDC. You may want to

    • Close your main office or place of business.

    • Reduce customer and employee interaction.

    • Switch to remote work, if possible.

    • Switch to phone meetings or video calls to stay in touch with clients and employees. 

• Seek help if you need it

  • After going through all these steps you may find you still need assistance. State and federal governments, as well as private foundations, have offered assistance to those impacted by COVID-19. 

    • The U.S. Small Business Administration (SBA) has opened up disaster assistance in all states. You can learn more on the SBA’s website.

    • America’s Small Business Development Center has a webpage full of resources for small business owners.

    • GUSTO has compiled a spreadsheet full of federal, state, and private resources you may be able to take advantage of. It is being continually updated, so be sure to check back again.

More than anything, don’t forget that we’re all in this together. Reach out if you would like to talk about your options.