The President (POTUS) has declared a national emergency as the number of Coronavirus (COVID-19) cases continues to increase. The World Health Organization (WHO) declared COVID-19 as a global pandemic that has resulted in travel bans to/from certain countries and lockdowns of entire nations. The media coverage of the impacted individuals has contributed to a run on grocery and household supplies in stores, school closings and businesses telling their employees to stay home.
Here is how all of this uncertainty and global disruption may impact your bottom line:
- Staffing Shortages/Absenteeism
- Dramatic Change in Consumer Demand (products & services)
- Capital Access
- Inventory and Supply Chain Shortfalls
- Facility Remediation/Clean-up Costs (increased cleaning costs of surfaces accessible by the public)
Protecting Your Business Profit
Here are some ways you can maintain and protect the profits of your business so you can cover the financial needs of your household:
Disaster Relief Funding – Small Business Administration (SBA) was approved to provide disaster relief loans up to $2M to impacted businesses.
Communication – Let your customers know the status of your operations, what protective measures you’ve implemented, and how they will be protected when they visit your business.
Flexible Work Options – Allow employees to work from home if possible, to maintain services to clients and production. Explore virtual ways to deliver services to your clients like video conferences, webinars, and other online tools.
Business Interruption Insurance – Contact your carrier and review your policy if you don’t have coverage for this now is the time to consider protecting your profits.
Plan – Develop a plan with your executive team on how you plan to address this business interruption as the situation improves or gets worse.
Stellar Ledgers LLC is a 100% virtual company so besides some canceled travel plans and postponed speaking events our core service delivery to clients has not been impacted. Here is how we can help you through this COVID-19 crisis:
Accounting Services: The April 15th deadline for Federal Taxes has been extended to July 15th. We are here to help you take advantage of the additional time so you can get your 2019 numbers in order before filing your tax returns.
Ad Hoc CFO Service: If you are pursuing SBA Disaster Loan assistance to help with any cash or working capital shortfalls as a result of COVID-19 we can assist you with the Business Loan application requirements.
Financial Consultation: If you don’t know the financial impact of a prolonged pandemic on your business and how to mitigate the risks, we can craft a customized strategic action plan that addresses your unique circumstances.
Contact us today to schedule a strategy session below: https://go.oncehub.com/stellarledgersllc