The “Corona Economy” is changing every small business in America. Now is the time for every company to evaluate how they will be affected by the new coronavirus normal. This is what I have been reviewing with customers. Take an hour to brainstorm with your team on each of these or contact me for help  through this turbulent time!

  1. Your employees: Without a healthy and comfortable team, you have no business
    1. Do you have a business where they can do their job remotely?
    2. If yes, do they all have computers and video cameras?
    3. Do you have a video conferencing and chat software so you can still collaborate when people work from home?
    4. If they must come into work, do they have their own cars or are they using public transportation? (which may shut down in some cities)
    5. Are you communicating frequently with your employees about the current situation? What are you doing to keep people safe at work? (masks, gloves, hand sanitizer, deep cleaning) Encourage employees to practice self care do reduce stress and boost their immune system.
    6. What are your quarantine procedures if someone gets sick (or is coming back from traveling)?
    7. Are you encouraging sick people stay home and can you give them paid sick time? Be aware that employees will be under alot of stress from situations associated with their family members.
    8. How is the demand for your product or service affecting the staff that you need now and in 3 months?

 

  1. Your customers: Picture a world of customers where no one leaves their home.
    1. How does this affect the demand for the product or service you offer? Go through each category of what you sell and customer segment.
    2. Ask customers “At this time, how can I help you? (tip from Amber Mac)
    3. What are you doing to reassure customers it is safe to do business with you?
    4. How do you need to do business differently in this world? What are the dangers and the opportunities?
    5. If demand is going to go down because of the nature of the industry you are in, what can you do now to mitigate losses? Think of it in three phases: a reduction of 10% of revenue, 25% and 50%.

 

  1. Your suppliers: If they can’t provide a supply, you can’t sell your products to customers.
    1. What supply chain problems may can happen?
    2. Are their any raw materials or parts they may run low on?
    3. Do you get your products outside of the US? Which countries?

Plan for  your business in two ways:

  1. What are you going to do right now over the next 3 months so your company can thrive and survive?
  2. What is the plan over the next 18 months as the economy enters a recession?

Let me know if I can help your company prepared. We have been the dot com bubble, the Great Recession and Swine Flu. We will get through this.