Our team has been talking with businesses around the clock, counseling them on important steps they can be taking during this time of global uncertainty related to COVID-19. Our biggest piece of advice? To be proactive in asking questions and gathering information.
To help with this, we have compiled below our Top 6 recommendations for things your business can be doing right now to prepare for the months ahead.
1. Talk to Your Banker
Reach out to your local bank or creditor to discuss your current loan structures, lines of credit, equity lines, and availability of credit. Being proactive and having these conversations now will help you prepare for the weeks and months ahead. Your banker can also be a great local resource to discuss the economic injury disaster loans now available to small businesses and nonprofits in Georgia through the Small Business Administration.
2. Review Your Lease
Contact your landlord to talk through your current lease and analyze together how you can plan and potentially adjust the agreement and terms to meet the immediate and future needs of both your business and your landlord.
3. Analyze Your Business Insurance
Contact your business insurance agent and discuss and review your current policy and coverage. Make sure you know what your insurance covers and what it doesn’t. Adjust your policy for any needs you anticipate having in the future. This is also a great time to contact your business health insurance provider to discuss your current plan and coverage for you, your employees, and their families.
4. Discuss Your Financial Status With Your CPA
Review your current financial status with your CPA and go over any tax issues you may be facing, such as making payments. Discuss deferral options at the federal, state, and local levels – including corporate tax, sales tax, and business licensing. Lastly, analyze your cash flow projections to help shore up the foundation of your current business.
5. Check With Your Vendors
Take an afternoon and check with all your current vendors and suppliers, such as your copier/printer, phone/internet, utilities, etc. Some are giving customers special offers, discounts, and grace periods to help businesses navigate this uncertain time.
6. Call Your Attorney
Be sure to contact your attorney to talk about your leases, contracts, and policies – as many of us do not read the fine print. Let your attorney know how your business is currently operating and ask for advice to help you over the coming months.
Our team at Roswell Inc wants to keep you informed about the latest information, news, developments, and resources available to businesses as we navigate the impacts of COVID-19 together. To provide this information, we will be sharing a COVID-19 Business Bulletin via email and our website. To view the latest bulletin, follow the link below.