When it comes to COVID-19, we simply don’t know what’s ahead. While a promising vaccine is on the horizon, it may take some time to get it distributed across the U.S. We know we are experiencing dangerous spikes in cases and there may be further waves of COVID-19 as we move through the holiday season. Companies must operate in this new environment while simultaneously preparing for this new wave or even a second shutdown of some businesses.
Develop a 12-18-Month Plan
Your plan should take into account that there could be a second stay-at-home order. Already, some states are pulling back or suspending reopening as COVID-19 cases spike in their areas.
Your plan should include alternative scenarios addressing:
- No reemergence of COVID-19
- Moderate reemergence
- Severe reemergence
The federal government provided several business assistance programs to help companies manage through the first part of the crisis. Many of the loan assistance programs will expire at the end of 2020. Some have already run out of money. Businesses should plan ahead as if no additional funding will be available and find other means to maintain financial liquidity.
Your plan should focus on:
- Keeping employees, vendors and customers safe
- Alternative delivery models, including possible uses of new technology (which should include proper training)
- Alternate staffing models based on business/revenue
- Financial alternatives, including possible sources of liquidity (government and bank loans, cash infusions)
- Customer communications
Our new e-book, “How Employers Can Plan for COVID-19 Reemergence and Business Continuity,” focuses on four critical issues that business owners must navigate to be successful during this critical time.
Focus on Employees
Employees are your most valuable asset. Make plans for operating with fewer employees if there is a need for them to take medical or family leave because of COVID-19. Think about what went well during the mandated shutdown and where you can make improvements, whether it’s with safety measures, IT or other business functions. If you didn’t have an incident response team in place at the start, you will want one now. The team should include HR, IT, management, risk management, finance and your key business advisors.
The good news is that we’ve had several months to go through this experience together. GPP understands that while some businesses were able to continue operations quite well, many others are facing more challenging times.
Our COVID-19 Business Advisory and Planning Services Group is comprised of professionals from our various service and industry groups. We can help with:
- Short-term cash flow planning
- Loan programs and applications
- Proactive business advisory services
- Risk management
- Cybersecurity/Fraud prevention
We’ll work with you to develop fluid plans for the duration of the pandemic and after. Check our website frequently for timely updates that could impact your business.
You may download our new e-book by completing a brief form.
If your business needs assistance during this challenging time, the COVID-19 Business Advisory and Planning Services Group at Goldin Peiser & Peiser can help you determine the best course to take. Contact Ann Bond at 972-818-5300.
Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.