6 Things Businesses Impacted by COVID-19 Need to Consider

March 20, 2020 By Troy Martin

As we strive to make a difference in your lives, we have listed 6 things for you to consider when your business is directly impacted by COVID-19. 

6 Things Businesses Impacted by COVID-19 Need to Consider

  1. Team member and employee plan – create a plan that maximizes your (and your team’s) ability to “stay in place,” until such time that we can re-open start recovering. This may include maximizing Unemployment Benefits, work from home, rotating partial work schedules or paying out PTO (earned, unearned or Advances).
  2. Talk to your lenders. Ask if you are an “impacted business.” As an impacted business you may be eligible for SBA back loans or a period of interest only on your conventional loans.  We expect the options here to be expanding. Consider talking to your business lender about interest only payments or lines of credit or other options to increase access to short-term capital.
  3. Stay in contact with your customers via Facebook, LinkedIn, email campaigns, updates on your exterior signage and website or letters.  Find ways to keep your customers engaged with your business so when you doors re-open you are “top of mind”.
  4. Talk to your vendors about working together for short term financing.
  5. Consider using this time as an opportunity to strengthen what you do to market your business.  As we recover from the COVID-19 pandemic you will want to be more attractive than ever to your customers.
  6. “ON” vs. “IN” If you can’t work “IN” your business, consider how you might work “ON” your business. This might include:
    • People. Long term changes in your staffing.
    • Process. Changes in how your business processes its product or service.
    • Product. Additions, subtractions or changes to your products, services or menu.
    • Changes to your business model
    • Implement a budget to improve your business once it returns to some normalcy
    • Deferred maintenance on your facility
    • Marketing

If we can support you/your business with further guidance on any of the above, please contact the professionals at Cook Martin Poulson at 435-750-5566 in Logan or 801-467-4450 along the Wasatch Front.

“It’s is not about one of us, it is about all of us,” Ray Kroc.

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Troy Martin

Troy Martin

Troy is a shareholder of the firm in the Logan office of Cook Martin Poulson, PC. Troy works as a facilitator for family owned businesses through succession and strategic planning processes.

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