Other Business Recommendations
Communication and General Recommendations
The world, and on a much more personal level, and our local economy is dealing with an unprecedented situation due to the Coronavirus outbreak. There is no easy way or “one-size fits all” to overcome this, but if everyone remains steadfast in their planning and communication our local communities will weather this storm and return to “normal” sooner rather than later. There are a multitude of resources available, but in our opinion the main piece of the puzzle is communication. Communicating through these tough times will ease nearly everything. Communicate with your banks and lenders – the banks are doing terrific things for their customers in this time of need. Communicate with your employees – they are a major part of your business and will be needed more than ever to restore the business once all of this passes. Keeping them informed of everything that you can will boost their confidence levels in you and improve or maintain their employee satisfaction. Communicate with us – after all, we are here to serve you, and we have a diversified team that has different people learning the fine details of all of the updates that we can pass along.
The big banks are offering all different kinds of relief currently, all you have to do is ask. Reach out to customer service and ask them what they can do personally for you. Different banks have extended credit lines that are available, some banks have extended payment due dates or waived late fees & interest, some have lowered the minimum payment amount due, some banks have also made a pledge to waive NSF fees if cash inflow just isn’t supporting cash outflow and some banks are not reporting any negative action on your account to the credit bureaus. Not all banks are doing all of these things, but most of are offering some – you will never find out what your bank is offering unless you ask the questions.
Additionally, there are many government backed loans with favorable terms being offered. See here for more information.
Your employees are experiencing a very difficult time, just as you are. Most employees look up to their employers for an added source of knowledge, and this situation is no different. By remaining in communication with your employees and letting them know of the resources that are available to them, that is something that the employees will remember when normal life resumes. Don’t forget about those who you’ve relied on!
Support other local businesses if at all possible, purchase gift certificates if available and consider offering gift certificates for your products or services to inject cash flow into the business. Consider, if you haven’t already done so, filing your tax return ASAP if you typically get a refund and advise your employees to do the same.
Please, reach out to us with any specific questions that you may have. It is our job and our goal to assist you in whatever way possible to whether this storm so we can resume our normal lives.
Recommendations to Avoid the Spread of Coronavirus
COVID-19 is a respiratory illness that can easily spread from person to person. The virus was orginally discovered in Wuhan China and has since spread throughout the world.
There are many precautions you can take as business to help avoid the spread of the virus and keep your employees, clients or customers safe.
First, you should comply with any recommended shut downs and stay in place orders from the government.
If you are able to remain open, you should take the following steps;