The DC set and Sate Governors are now promoting plans to allow businesses to reopen and get the economy back on track for a recovery. May 1st is being proposed with some earlier in certain low infection rate counties.No doubt this can be good news. Needless to say, any reponing opportunity must have a plan and include a safety factor for workers and customer/clients.
Businesses that might have some difficulty in maintaining social distancing will have a bigger challenge but masks and other precautions can help. Local health authorities should be able to guide as well as specialized industry and CDC advisories.
Here is a short list of reopening checks:
- Health issues aside, the financial stress on reopening is real. A quick prep list include:
- Inventory check to ensure production can be scheduled and begun
- Supplies check including cleaning and office maintenance
- Employers/worker call in for scheduling "ready to work"
- Check bank balances for operating capital to bridge time for new revenue to roll in
- Bills check to ensure anyone placed on hold is communicated to updating the situation and payment plans
No doubt there can be other things to check some of which might be unique. But this short list covers the basics.
I personally think a thorough cleaning prior to servicing customers/clients is a must plus some visible signage to explain how you're helping to keep everyone healthy. Having sanitizers and disinfecting wipes available is the least that can be done and a supply of disposable masks is a big plus. These can be offered as a voluntary action or made mandatory to protect all in close quarters. A good walk through ensuring the facility is sound makes sense too. You'd be surprised what a shuttered business can expereince just from inactivity.
Those who have applied for and received PPP Loans must apply them in the prescribed manner to get the eventual forgiveness so maintain records to provide when requesting it. Remember that any PPP funds used outside of the approved items ie payroll and rent/utilities wil not get forgiven and will be a loan that must be repaid.
Those who are not using PPP loan funds should remain fully appraised as t6o cash balances and burn rate. Some businesses that invoice on terms may have a wait to get revenues going so have enough cash to weather the wait.
If you are a client and need help, call me. Good luck when the moment comes. With attentiveness and care, you'll be OK in time.
Best,
Donn Marier