Is your business prepared for any situation?
Listed below are some steps that small business owners should take now to be prepared for unexpected circumstances that might cause business interruption; such as natural disasters, recessions and pandemics. Download our Business Resiliency Guide for more steps!
Wondering about insurance for your business? Download our guide for an overview of business insurance!
1. Look at your financials and cash flow.
How long can you “make it through” in case of a quarantine, lost wages, employee absenteeism (when you are paying for sick leaveAND not bringing in revenue)? What do you need to bridge the gap? Plan on a 6-8month drop in revenues. Map out cash flow now. Get a credit line approved now. You don’t have to use it. But you’ll have it when you need it. Aggressively pursue accounts receivables. Having available cash on hand will enhance your ability to continue operations of your business when revenue streams dry up unexpectedly. Think back to working capital needs for assessing startup capital needs.
2. Slash your overhead.
If you’re worried about losing customers or employees due to sickness, school closures, or possible quarantines, cut the things you don’t HAVE to spend your money on.
3. Communicate, Communicate, Communicate and Get Online!
Keep staff and customers informed and up-to-date on your operations. It’s important for businesses to keep in touch with customers to help maintain them through this incident. Let them know what steps you are taking to ensure a safe and clean establishment, what your open hours are, and how to communicate with you. Use email auto-reply with answers to frequently asked questions to help your customers get information quickly. Likewise, offer alternative methods of good deliveries (curbside service, at home delivery, drive thru, etc.). Utilize online platforms, like Facebook and your website, to inform customers of your operating status and how to purchase your products or services. Communicate this information through direct email to customers and through social media such asTwitter. Make sure you have a Business Profile on Google and the information is up-to-date. Postal mail might be another way for your message to get customers’ attention who are being bombarded with emails.