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The List for Small Business

By FocusCFO

Our CFOs have been on the business front lines for weeks, helping small businesses navigate the challenges they face due to the Covid-19 pandemic. While each business is different, and certainly each industry has its own unique concerns, here’s a list of the most pressing tasks that entrepreneurs are facing.

Protecting

the health of your employees and customers

  • Using guidance from the CDC and local authorities, determine business operation and closure policies
  • If operations are essential, execute safe distancing and cleaning programs
  • Prepare a plan for what to do if one of your employees test positive for COVID-19
  • Assess the preparedness of your IT infrastructure and HR department to handle the matters that may present themselves with off-site/remote work 

Assigning subject matter experts

in your company to gather, track, and help employees and the company to be knowledgeable about a specific topic

  • Up-to-date health and wellness information
  • Information about the legislated assistance available to businesses from state and federal governments
  • Information about all the aid available to employees
  • Working from home guidance and policies 
  • Look to trusted advisors for assistance in interpreting new laws

Communicating

regularly with employees and customers

  • Send regular updates via email
  • Schedule “town hall” meetings using video or safe distancing

Assessing the financial picture

 

IMMEDIATE:

  • Prepare a rolling 13-week cash flow projection
  • Prepare updated cash flow-based forecasts by month for the balance of the year
  • Prepare a Stress Test P&L
  • Prepare a plan if urgent cost reduction is needed to conserve cash
  • Prepare cash flow breakeven analysis

Business Issues to Address:

  • Meet with your banker(s) to review these projections and put contingency financing plans in place
  • Prepare necessary paperwork to access government loans, grants and programs 
  • Review inventory levels and liquidate inventory where needed
  • Review supply chain and identify where weaknesses may exist
  • Prepare cash flow breakeven analysis
  • Meet with current customers to see what they need and get a feel for short term orders
  • Identify opportunities to pick-up new customers due to supply chains being impacted

While this is not an exhaustive list, and there are many good checklists available (visit our website at https://focuscfo.com/resources-pandemic for some of our favorites), we hope this short list will provide guidance and direction on what small business priorities should be.

 

If you are a small business and need assistance,
please contact us. We just want to help. 

855-236-0600