Top 7 Things to Do Right Now
A message from MBE CPAs, Managing Partner, Tim Moy
Here are the top 7 tips for you to consider if your business is directly or indirectly impacted by COVID-19 (make no mistake that in the end we are all being affected).
- Staff Plan: Create a plan that maximizes you and your staff’s ability to “stay in place,” until such time that you can re-open and start recovering. This may include maximizing unemployment benefits, work from home options, rotating partial work schedules or paying out PTO (i.e. earned, unearned, or advances)
- Loan Options: Talk to your lenders; ask if you are an “impacted business.” As an impacted business you may be eligible for SBA backed loans or a period of interest only on your conventional loans. To learn more visit their website at https://disasterloan.sba.gov/ela/. We expect the options here to be expanding. Consider talking to your business lender about interest only payments, lines of credit, or other options to increase access to short-term capital.
- Grants: WEDC has initiated a small business grants program. We expect more of these types of programs to be coming out in the near future. For more information visit their website at https://wedc.org/programs-and-resources/covid-19-response/.
- Customers: Stay in contact with customers via social media, send email campaigns, include updates on exterior signage, website, or direct mail. Find ways to keep your customers engaged with your business so when your doors re-open you are “top of mind”.
- Vendor Discussion: Talk to your vendors about working together for short-term financing.
- Marketing: Consider using this time as an opportunity to strengthen what you do to market your business. As we recover from the COVID-19 pandemic you will want to be more attractive than ever to your customers.
- “ON” vs. “IN”: If you can’t work “IN” your business, consider how you might work “ON” your business. This might include:
- The 3 Ps
- People– Long term changes in your staffing.
- Process- Changes in how your business processes its product or service.
- Product- Additions, subtractions, or changes to your products, services, or menu.
- Changes to your business model.
- Implement a budget to improve your business once it returns to a level of normalcy.
- Deferred maintenance on your facility.
- Marketing, marketing, marketing. Our affiliate, Right to Evolve, provides valuable information to incorporate into your marketing plan and start working “ON’ your business, check it out here at https://www.mbecpa.com/marketing-ideas/.
- The 3 Ps
“It’s is not about one of us, it is about all of us.” -Ray Kroc