You may have heard about the corona virus (!). This is not an article meant to remind you to wash your hands again or keep your immune system as robust as possible. This pandemic has reminded me of how important it is for small businesses to be prepared for unforeseen or unimaginable circumstances.
Here are some action steps and points of consideration for business leaders when situations like the corona virus arise which could potentially impact you business adversely:
- Online v. In-person Delivery: As a corollary to the mobile worker, many companies can consider if they are able to deliver services either remotely or via an online communication service such as Zoom or Slack.
- Check Your Insurance: Many companies have business interruption insurance which protects income impacted by systemic crises. Reach out to your insurance agent or policy to determine if you have any recourse to mitigate losses if your ability to learn is impacted.
- Don’t Panic: Word-of-mouth and media coverage can increase the propensity to panic. Business leaders should truly understand and get in front of the issues and be a clear communicator to clients, customers, employees, and colleagues. Focus on action steps that ensure that your business is prepared for an out-of-the-box situation so that you can continue to service accounts, pay wages, etc. Avoid rash decisions, be a leader, and understand the big picture and all areas of potential risk.
- Research Government Solutions: As of the date of this post, there are a number of government-funded solutions being funded through the SBA. We are researching these programs constantly to stay on top of the situation and make sure that we are assisting our clients — and ourselves — as much as possible to ensure that they are taking advantage of all options available to the small business community.
Takeaway: Please know that all of us at AcceleratingCFO are praying for all of our clients, colleagues, friends and their families for a safe and healthy resolution to this unprecedented scenario that we find ourselves in. We need to take care of ourselves and each other during this crazy time, and we need to maintain our positive outlook and resilience needed to manage an entrepreneur’s daily affairs. This will eventually pass, and when it does, we need to have the faith that we will emerge stronger than before. God bless you and your families.
Co-founders & Managing Partners