As coronavirus continues to be a global threat, small businesses are starting to experience the negative effects of the illness. There is no need to panic about coronavirus, but being prepared is always better than not. To ensure you are taking the necessary measures to protect yourself, your employees, your customers and your business, following these steps is recommended:
Protect your employees:
As an employer, keep your staff up to date on details about the virus and company specific procedures. Inform them that if they are feeling ill, they should stay home. Reinforce the necessity of hand washing and other preventative measures and stock your business with hand sanitizer and other disinfectants.
Communication with your employees—and vice versa—will be key to protect them, their families and your customers. A good resource for business owners and employees are the CDC guidelines on how to contain the illness.
Protect your sales:
Coronavirus has been disrupting some supply chains. While this hasn’t caused issues for many small businesses in the U.S. yet, it is something to be mindful of. To avoid disruptions, make sure you are communicating with your vendors and watching for any interruptions in shipping or receiving.
Protect your assets:
In the unlikely event that you would need to shut down, would you be in a stable financial position to be closed or out of work for one or two weeks? As a business owner, ensure that you have enough liquidity to endure an elongated closure. Also, check your insurance policies to see if business interruption is covered.
As an employee, you should always have a rainy-day fund. These savings will help hold you over in times like these—especially if your employer doesn’t pay you during the closure.