Amid the COVID-19 Pandemic, many businesses are needing to pivot strategies to stay afloat. Below is a list of seven things you can do immediately to help your business during this time.
1) Expense Triage
Review your Profit & Loss Statement
Evaluate and understand your finances so you can streamline your business. See where you can reduce and eliminate expenses.
Cut Unnecessary Expenses
Take a look at any subscriptions or memberships that might be unnecessary during this period of financial uncertainty. Cancel anything nonessential your business can survive without.
2) Contact Vendors
Review all Contracts
Make sure you’re in contact with your vendors and fully understand your agreements in the event you need to break a contract. Remember your vendors want to keep you as a client and are going through the same thing as you.
Negotiate longer terms
Discuss with your vendors if they’re offering any deferments or payment plan options. Try to come to an agreement that will keep you both afloat.
3) Contact Service Providers
- PG&E / Utility Company
- Phone
- Maintenance / Landscaping
- Cell Phone provider
Many service providers are offering deferments, keep an eye out for their updates as they make announcements about policy changes.
4) Contact your Landlord
Landlords are working with their tenants to extend deferments or pausing rent for a period of time. Stay in communication with your landlord. See if they’d be willing to give you some payment reprieve or deferment. Again, remember they want to keep you as a client.
5) Property Insurance – Active is important!
If you’re temporarily closing your physical business location, make sure that your resources are protected from any economic or environmental disasters. Talk with your provider to review policy and be certain you’ll be protected.
6) Small Business Buying Pools
Many small businesses are doing everything they can to stay afloat. Try to join with others in your industry to place bulk orders and share in large expenses. Using these buying pools can be highly effective in reducing expenses.
7) Have Employees Contact EDD
If you do need to temporarily lay off employees, make sure they’re aware of unemployment options through the EDD. The governor has waived the 1-week wait period for benefits.