In March 2020, our lives had changed before we could even realize it.
We were plunging toward a quarantine that would feel like an eternity. Jobs were going to be lost, businesses closed, and people falling severely ill.
How are things looking now?
Fast forward to now. We continue to live in fear of catching the virus that lingers among us. COVID-19. In the midst of the pandemic, Americans also faced the 2020 Presidential election. This was and is a big deal for Americans as COVID-19 was one of the largest debate focuses among the two political parties. Many people felt that President Trump did not do enough in taking steps to protect Americans while others felt that there wasn’t anything more that he could have done.
During a White House briefing on the virus, Trump said, “It’s important for all Americans to recognize that a permanent lockdown is not a viable path forward and would ultimately inflict more harm than it would prevent.”
On the other hand, Biden told ABC News anchor David Muir, “I would shut it [the country] down; I would listen to the scientists.”
The results of the election have portrayed that Biden has won and will likely take on the mandate in January. With this, science might prove that COVID-19 is taking another severe toll and Joe Biden may choose to shut down the nation when taking steps to protect the people.
With the cold winter coming around the corner and rising cases, it can be inferred that another phase of quarantine is very possible.
We should be shifting gears into shutdown preparation, just in case
Whether this shutdown happens or not, we should be preparing for the situation that it does so that business and jobs have a better chance at survival if we have to face the second round of this dilemma. It is crucial that business owners and employees learn from our previous shutdown and choose to educate themselves on what can be done in the case that it happens again.
What exactly can you do?
Let’s discuss some ideas that will help ensure you will get by if times get super tough again.
Preserve cash flow
One thing you should be doing is building and saving cash reserves. When faced with financial shocks or interruptions, the reserves will continue to support your business. You should be growing these reserves in any way possible so that you have enough cash on hand to cover a long period of expenses while money isn’t coming in.
Another thing that you should consider is trimming expenses. Come up with a budget plan that involves ideas about spending during suspended operations. With this, you will be able to budget how much money you can spend on certain expenses and cut out what isn’t extremely necessary in your plan. This will force you to stay “lean” and prioritize spending that is vital so that you can put more money aside and stretch it for a longer period of time.
Apply for relief
When available, apply for relief funds. Many small businesses have the opportunity to take advantage of various relief funds provided locally and federally. If you believe that you are suitable to receive money for relief, apply for funding. Every little bit of money you can obtain adds up and will really help in the long-term when undergoing a company shutdown.
Operate virtually if possible
If possible, continue to work remotely and operate virtually. Some businesses wouldn’t be able to turn their company to completely virtual. However a good number of businesses would be able to. This would allow for the continuation of operation and would mean that your business doesn’t technically have to close in the event of a nationwide shutdown. It also contributes to helping stop the community spread of the virus.
Don’t go down without a fight
Whatever you decide is best for your company is the path you should be taking. It is, however, important to put up your best fight and let things happen the way they are meant to. Don’t forget to communicate with your clients and employees about what is going on. Afterall, they should be kept in the loop as they also play a big role in keeping your company afloat.