How To Help Your Business Survive COVID-19
The Coronavirus pandemic is a serious threat to our country and the rest of the world, and the US government and the CDC (Center for Disease Control) are working to slow down the spread of the disease. It is also a threat to the US economy with businesses of all shapes and sizes already feeling the impact.
So what can you do to increase your business’ chances of surviving throughout this difficult time?
Check Your Cash Flow – One of the first things businesses need to look at is their cash flow forecasts. Include details like supplier payments, employee wages, taxes, property rents etc. The Coronavirus pandemic is like nothing we have ever seen before, so factoring in as many variables as possible can help prepare for the worst. To be forewarned is to be forearmed.
Shore up Supplier Relationships – Another essential thing to do is to speak to your suppliers. If you have a good relationship with your regular suppliers this will help a lot, as it is in their interest as well that your business survives so you can continue to be a loyal customer.
Create Special Offers – On the same note, speak to your own customers and clients. Come up with ideas to offer discounts, upgrades and freebies. Is there a way you can adjust your pricing and terms? Retaining your loyal client base is essential to the on-going survival of your business.
Other Things You Can Do – Speak to the bank, call the tax office, and ask for extended payment plans and timings if necessary. Take a look through your current terms and conditions and update and adapt where necessary. You may need to update your cancellation clauses, and service or delivery lead times. It is essential to ensure that you and your business are not overly exposed at this current time.
The CDC (Center for Disease Control has provided this Business Pandemic Influenza Planning Checklist with specific actions businesses are advised to take and includes the following steps:
- Plan for the impact of a pandemic on your business
- Plan for the impact of a pandemic on your employees and customers
- Establish policies to be implemented during a pandemic
- Allocate resources to protect your employees and customers during a pandemic
- Communicate to and educate your employees
- Coordinate with external organizations and help your community
Here are some frequently asked Q&A’s about the COVID-19 virus:
- How does COVID-19 spread?
“The virus is thought to spread mainly from person-to-person.
- Between people who are in close contact with one another (within about 6 feet).
- Through respiratory droplets produced when an infected person coughs or sneezes.
- These droplets can land in the mouths or noses of people who are nearby or possibly be inhaled into the lungs.”
- What are the symptoms of Coronavirus?
- Shortness of breath
These symptoms may appear 2-14 days after exposure (based on the incubation period of MERS-CoV viruses).
There are other symptoms associated with the virus so please do contact your medical professional if you have any other severe symptoms.
- How to prevent Coronavirus?
According to the CDC ‘There is currently no vaccine to prevent coronavirus disease (COVID-19)’ however there are steps that can be taken to help prevent the spread of the virus such as:
Cleaning your hands often for at least 20 seconds.
Use a hand sanitizer that contains at least 60% alcohol.
Avoid close contact
Avoid close contact with people who are sick
Put distance between yourself and other
Cover coughs and sneezes
Cover your mouth and nose with a tissue when you cough or sneeze or use the inside of your elbow.
Throw used tissues in the trash.
Wear a facemask if you are sick
Clean AND disinfect frequently touched surfaces daily.
- Where to get updates on COVID-19
The following is a list of official advisory websites offering accurate, up to the minute advice and information on COVID-19:
Coronavirus.gov provides the latest official information from the Coronavirus (COVID-19) Task Force at the White House.
USA.GOV information portal on the Coronavirus pandemic.
The Centers for Disease Control (CDC) provides official Coronavirus (COVID-19) health information.
Federal Emergency Management Agency (FEMA) offers answers to coronavirus myths and rumors.
By working together we can help to slow the spread of the Coronavirus by following the advice from the CDC , the WHO and the US government guidelines.