What Do I Need to Know About Running My Business During the COVID-19 Global Pandemic?
We kind of can’t even believe the title of this blog post ourselves. This is an unprecedented time in living memory and most of us are still trying to get our arms around the uncertainty of it all.
But even in uncertain times, there are things small business owners can do to be prepared for such a circumstance.
Here are three important ways to prepare for doing business during a global pandemic:
#1 Tell Employees to Stay Home if They’re Feeling Ill
Although many businesses have either laid off or asked employees to work from home, some have been deemed ‘essential’ and so continue to have employees work onsite.
If yours is an essential business and you can’t do business virtually--- and it’s now common advice from authorities like the CDC, but it still bears repeating -- tell employees who feel ill to stay home. Even if they’re presenting with only mild symptoms, it’s far better to be overcautious than not.
#2 Take Advantage of Resources
The problem is, some employees who aren’t entitled to sick pay might show up to work even though they’ve got symptoms because they can’t afford not to. Which, while understandable, puts all employees in danger.
But the government has set into motion programs to help businesses continue to pay employees during these uncertain times--- including those who are out on sick leave.
Paycheck Protection Program
The SBA-administered Paycheck Protection Program offers employers a chance to obtain grant money, some of it potentially forgivable, in order to continue to pay employees--- including those who are either sick themselves or are caring for someone who has been impacted by the virus. (There are even provisions to cover situations where an employee’s usual child care is no longer available to employees due to daycare and other closings.)
Economic Injury Disaster Loans
The government is also offering Economic Injury Disaster Loans (EIDLs) to small businesses. Approval can be based on a credit score and no first-year tax returns are required, and eligible applicants can receive a $10K emergency grant within 3 days of application.
#3 An Ounce of Prevention
Common sense dictates that whenever and wherever possible, employees should be allowed to work from home. Software like Slack, Zoom, and Asana, make working virtually a breeze for most employees.
For essential businesses, use preventative measures to keep workers well, by encouraging frequent hand-washing and social distancing of at least 6 feet when possible, and by stocking plenty of anti-bacterial hand soap and sanitizer.
Consider putting a sign in the bathrooms to remind employees to wash their hands for at least 20 seconds, and a sign in the lunchroom reminding them not to share food or utensils.
Going Virtual
Many companies are now providing goods and services virtually, so working collaboratively with organizations during this time of uncertainty is now more common than ever.
People are doing business with marketing companies, legal and accounting firms, and other vendors all without ever meeting in person. In fact, one outcome of this pandemic may very well be that virtual becomes the standard by which everyone does business.
At The Business Builders, we provide virtual bookkeeping and consulting services to our clients all the time. If you’re in need of virtual services now or in the future, we’d love to talk!