This is a stressful time for most business owners across the nation. It can feel like your business is in a stand-still not being able to be completely open. Whether you are operating remotely, have take-out options, online only, or closed entirely. While this is a worrying time for most businesses, there are things you can do to lessen the impact once this is all over.
Review your insurance policy to see what is covered in an unexpected major event such as the Coronavirus pandemic. Determine what is a direct result of COVID-19 in order to file a claim. Document all impacts and business interruption losses related to coronavirus in a distinct way. Keeping this recorded can improve your chances of receiving money back from insurance and financial support from the federal government. Consult with your CPA for any other specific financials that should be tracked and if they can update any budgets or forecasts for you.
If your business has a manual option for billing and receiving payments, now is the perfect time to transform it. With automated receivables, you can send payment requests electronically or on paper and accept payment through credit card or ACH. The process will help you to better track payments and those still outstanding and have a clearer understanding of your cash flow as a whole. In addition, if you have accounting team members now working from home, being paperless and automated helps minimize business process interruptions. This will be extremely beneficial for lessening the turn around time for invoices in your company after Coronavirus.
Customers can empathize with your business if you let them know what you are going through. Use your social media platforms, website, email blasts, and other digital options to continuously communicate with your customers. Whether you are completely closed, working remotely, or open for business, keep your patrons informed. Remaining connected with your customers is essential to letting them know if they can order online, any services that are still available, and when you will reopen. For instance, many restaurants are adapting from full-service to curbside family bundles and have to spread word of their offers and changes on social media. Remember out of sight, out of mind so make sure you keep your customers and potential clients thinking about your business!
The cloud allows you to take your business with you anywhere there is an internet connection. Therefore, even if you cannot be in the office physically, you can work from a different space. Also, having the cloud set up in your business can help you keep track of important business metrics. This will help you manage your day to day business information from outside of the office.
As hard as this is for you, it is even harder on your employees if there is a lack of communication. Keep your employees informed during this time with everything going on in your business so no one is blindsided. Clear communication is the best way to help your company through this difficult time. If your business if functioning remotely, be sure to check in daily with your workforce. You can also schedule meetings virtually through Zoom, Skype, GoToMeeting, Microsoft Teams, or other applications in order to have face-to-face interaction with your employees.
Prepare for the impact that the Coronavirus will have within your business. This includes both short- and long-term planning. While previous economies are starting to recover, we have no idea the effect this will have in the long term. Talk to your business partner, accountant, and financial advisor to determine if your business is ready for the impact of this event and if it is not, how you can prepare.
Empowering business owners and individuals in South Jersey and Philadelphia to feel confident through proactive accounting and advisory solutions.
