The Coronavirus (COVID-19) outbreak is affecting businesses of all sizes on a massive scale. As the pandemic continues to spread around the world, factories are closing down; the supply chain is disrupted, and financial markets are facing unprecedented volatility. The outbreak is posing a challenge to nearly all businesses from commerce and digital media to manufacturing and banking. As the world continues to fight this novel virus, business owners have to take precautionary measures to protect their businesses. We’ve put together some of the practical tips that will help you protect your business during this pandemic.
1. Focus on employee health and wellbeing
2. Plan for staffing changes
3. Protect/manage your cash flow
Maintaining consistent cash flow during this challenging time is the best way to protect the financial health of your business. To achieve a consistent cash flow, you’ll need to assure your customers and suppliers that you’re taking the necessary steps to provide service in a safe environment. Focus on your breakeven point by reviewing your fixed costs and variable costs for all of your items/services. Send your invoices and collect on your receivables. You’ll also have to evaluate your liquidity levels and ensure you have adequate financial resources to protect your business.
4. Identify ways to cut back expenses
5. Forecast and budget the future
1460 Broadway, 4th Floor
New York, NY 10036