23 Mar Business Owner’s Survival Guide
At NC Planning, we are business owners who work with business owners. We recognize that there are a lot of questions during this challenging time in light of the ever-changing climate surrounding COVID-19. In an effort to share some concepts that can help plan around this global pandemic, we’ve prepared the below “Top 5” list of action items that a business owner can utilize to proactively plan for their employees and themselves during this event:
- Lead and communicate with your team/employees.
- Reinforce your core company values and your commitment to remain positive and as productive as possible.
- Explore and expand remote working availability, flexibility and assess information and technology needs with an IT professional to facilitate.
- Work with your human resources director or provider to resolve employee questions and concerns.
- Review and, as needed, update your employee handbook and company policies and procedures.
- Consult with human resources professional and/or general counsel prior to any modification to employment relationships to develop a workable plan.
- Meet with your financial team to figure out three (3) to six (6) months of business operating expenses.
- Work with a reputable commercial lender to consider applying for a line of credit or other loan product to help meet expenses during uncertain times.
- Review your accounts payable list to determine if you can communicate with any of them to explore.
- Risk Management/Insurance:
- Talk with your insurance agent to review and understand your insurance policies and coverages to be prepared in case of emergency.
- Supplement/enhance your insurance coverage where it makes sense and adds value.
- Address personal insurance (i.e. disability and life) needs with your preferred financial advisor.
- Consult with your legal team or outside general counsel to open up the lines of communication in order to address any concerns.
- Stay up to date on developments in your profession or industry as new policies, recommendations and requirements are being released periodically.
- Review and, as needed, update your business disaster plan and personal estate plan to ensure matters of concern are addressed and appropriately prepared for.
As always, the NC Planning team remains dedicated to serving the business community in and around North Carolina. We will continue to monitor this developing situation and provide updates from time to time. Please make sure you are subscribed to our email list for most recent content. Additionally, during this pandemic, we are providing business planning telephone consultations at a reduced rate to accommodate and mitigate business owner expense. Please feel free to contact our team to schedule a call or video conference as desired.