Is Your Business Coronavirus (COVID-19) Ready?
STEP 1: Plan Your Business
Keep Yourself Updated With Currents Affairs And News
Plan & Manage Immediate Financial Triage
The greatest concern for most business owners, at least initially, is how am I going to pay my bills this week, next week, and how long will this last. Of course, this is a very difficult question to answer and moreover, most business owners are facing a reduction of business owners. Here are some important steps to take on the financial front as soon as possible:
Are Your COVID-19 Business Losses Covered by Insurance?
Many insurance policies and endorsements cover losses due to business interruption. So, how do you know if your policy covers business losses due to COVID-19? Start here — and get ready to dig into the fine print:
Are You Losing Out Money On Unnecessary Expenses?
Create a cash-flow budget listing with fixed versus variable costs. Create a list of priorities about which ones are most important and try to set money aside based on the timing of when they are due. Also, Analyze cuts to unnecessary costs that aren’t producing revenue or securing key business functions.
Can You Lay Off Staff Or Introduce Short Time Working?
Layoffs, terminations or furloughs of employees. Remember, your employees can be one of your greatest assets, and if you cut too deep, you may not get them back.
Set Clear COVID-19 policies within your organization
Policies are important because they address pertinent issues, such as what constitutes acceptable behavior by employees. This Employee remote work policy template is ready to be tailored to your company’s needs and should be considered a starting point for setting up your employment policies.
Prioritize Your Bills Or Payments You Owe
While ignoring any business debt will have some type of negative consequence, certain obligations are more important to address than others. You must have a plan in place for making essential payments — assuming you want to keep your doors open.
Should You Pay Your EMI Or Avail Moratorium?
The RBI recently announced a deferment option to financial institutions for 3 months to fight the challenges arising due to the pandemic (Covid-19). This announcement is beneficial for borrowers facing any cash flow mismatch to service their loans. While the step sounds beneficial for many borrowers, the details need to be understood before going ahead.
Should You File A Tax ReturnTo Get A Coronavirus Stimuli Check?
The validity of Form 15G and Form 15H of FY 2019-20 is extended till June 30, 2020 for FY 2020-21. Also, All pending income tax refunds up to Rs 5 lakh will be issued immediately to individuals and business entities.
Can You Negotiate With Your Vendors, Lenders, Creditors & Landlords?
Anecdotal evidence from clients has shown that many will be flexible – and as the crisis worsens they will NEED to be more flexible with their customers.
Upstart Is giving 40% discount in monthly rent to cut down expenses of their startups and entrepreneurs.
Assess Your Business’s 3 Months Strategic Plan
If you didn’t make a Strategic Plan yet, it’s certainly time to make one now. Start on projects that have been on your wish list and revaluate your objectives for the year. Adjust the plan and outlook for 2020 as you know more about your business.
You’re going to have weeks or months dealing with this mess. Are you going to use the time wisely or waste it?
Do You Have A Plan To Overcome Your Business Crisis?
You can consider a contingency plan as a proactive approach as compared to crisis management, which is more of a reactive approach.
Having a contingency plan template helps you make sure that there’s always a continuity in the business. Most of the bigger business organizations have sets of business contingency plan templates for various potential threats. These undergo extensive research and the resulting appropriate responses get subjected to full practice even before the crisis occurs.
How To Guide Your Business Through This Crisis?
Every brand should have a brand strategy roadmap that includes the vision, purpose, values, key issues, strategies, and tactics. The brand strategy roadmap should then align and focus everyone who works on the brand, including the leader who writes the plan.
To ensure you have a strategic plan everyone can follow, you should get your brand strategy roadmap on one page.
STEP 2: Manage Your Business
Hit by a virus and lockdown, the wheels are coming off the Indian logistics industry
A highly fragmented and unorganised industry, India’s logistics sector is in disarray because of disruptions caused by the nationwide lockdown. What will it take for the sector to find its feet after being battered by Covid-19?
STEP 3: Grow Your Business
Build Capital By Applying for Emergency Business loans
Currently facing lockdown situations across the world due to the COVID-19 outbreak, startup founders need to find innovative ways of running their businesses. They need to provide for their working capital requirements and at the same time plan for future growth. The Government of India is taking proactive steps to facilitate businesses and startups impacted by the COVID-19 lockdown.
Improve Operational Efficiency
Find Additional Financial Sources Of Revenue
Revenue Streams are the various sources from which a business earns money from the sale of goods or the provision of services. The types of revenue that a business records on its accounts depend on the types of activities carried out by the business. Generally speaking, the revenue accounts of retail businesses are more diverse, as compared to businesses that provide services.
How to Create Multiple Revenue Streams For Your Business?
In addition to making sure ancillary costs in your life or in your business expenses are covered, multiple revenue streams also work together to grow your bank account — once you start to build them out. Here are four ways to build multiple revenue streams for your business.
What Are The New Business Opportunities Emerging Under COVID-19 Outbreak?
Now You Have Made Your Brand
Coronavirus (COVID-19) Ready