As we have been gathering information this week, it has become very apparent that Coronavirus Disease 2019 (COVID-19) will have an impact on our small business communities.
While we work to gather details on funding for small businesses, here are 3 tips to help you prepare:
- Know the location of important information – Business financial records, tax returns, equipment/contents, employee information, etc.
- Keep records updated regularly – Insurance policies, inventory and asset lists, client/customer information, profit and loss statements, etc.
- Keep important numbers handy – Your accountant, insurance agent, banker, SBDC Consultant, etc.
We realize it can be extremely challenging for small business owners to be ready for all things that might come their way, but here are 3 additional tips to help you prepare for unexpected interruption.
Tip 1: Back up your data!
These days, so much of our key business information and day-to-day work is done on computers. Hard drive failures, natural disasters, and computer viruses are just a few of the things that can destroy your data. If you’ve never backed it up, it may be gone forever. There are easy options for backing up your information. We recommend choosing more than one method so you’re prepared for anything that comes your way. This may even include printing out some of your key contacts or business information in case you need to access the information.
Tip 2: Have a plan…and communicate that plan!
While we know all businesses don’t have the ability to create in-depth plans on every possible scenario, COVID-19 will likely have some sort of financial impact on your business, so it’s important you think this through. Keeping in communication with employees, customers, suppliers, and others is key, especially in times of chaos and disaster when the rumor mill can go crazy. If you are a sole proprietor, think about whom you can call on to help if something unexpected occurs – especially if something happens to you or a key employee and either of you can’t fulfill your obligations.
Tip 3: Stay in the know!
Running a business sure can consume all of your time, but a great way to plan for possible disruptions is to keep yourself informed. Rely on trusted sources to keep abreast of what’s happening within your business, in your local community, the region, and even nationally within your industry to stay proactive versus reactive.
Links to more information:
Need guidance? We’re here to help. Contact The University of Scranton SBDC today to set up a time to discuss your business disruption concerns.
The University of Scranton SBDC