The authorities tell us that we’re still many weeks or even months away from the nation’s businesses, schools, factories, and other organizations being able to get back to work. But it’s not too early to start thinking about what and how to get ready.
Obviously, many businesses and organizations, and their employees, have suffered financial losses from the shutdown. But if history is any guide, eventually the country will reopen. Here’s some steps to take to minimize the damage to your organization and be prepared to ramp back up.
First, look for places where you can cut expenses or extend out any debt or financing payments. You want to conserve cash wherever possible. Bookkeeping Plus can help its clients to review line items and come up with new ideas for cost-cutting.
Second, look into new government stimulus programs that might be targeted to help your industry. I discussed one of these, the federal Paycheck Protection loan program, in an earlier post you can find here.
Third, remember that ultimately, the success of every company is a function of the hard work and dedication of its people. Make an effort to keep your employees informed about what’s going on and what steps you are taking or changes you are making. If you have any laid-off employees, stay in touch with them and let them know what you’re working on.
Fourth, seek out new sources of revenue. Can you expand your product offerings? Can you deliver your services in a new way to home-bound customers? The economy is going to be changed permanently by the coronavirus crisis, and now’s the time for you to get creative with your marketing and production.
Finally, start drafting a plan and a budget for when things return to normal. This is another area where Bookkeeping Plus can help. Eventually, the economy is going to come roaring back, and you want to be ready! —Beth A. Marsh, CEO