Resources in an Uncertain Time

Over the last two weeks, every person has been impacted by the COVID-19 health crisis. While the medical community is working to protect our health, small business owners are navigating uncharted waters.

As a small business owner, it can feel like you are going it alone. However, you do have resources available to you. Here are some resources and people you may want to be in contact with during this time.

---

Rally your Financial Team

Bookkeeper - your Bookkeeper is your first line of defense in understanding your current financial picture. You want to work with them to understand: What do others owe you? What do you owe to vendors? What loan obligations do you have? What is your liquidity situation? Make sure all finances are up to date and start looking at the key reports, such as AP, AR, and the balance sheet. Use Quickbooks (or your bookkeeping software) to create cash flow projections.

Banker None of us like to face a situation where we may not be able to meet our financial obligations, especially to our loan obligations. Currently, however, this is a grim reality. With that said, banks are ready. Many have started to execute plans to help small business owners and families. Reach out and have candid conversations. Find out what assistance is available. Bankers are also, typically, in good contact with local services that are providing relief to small businesses. Many of them are familiar with the SBA process and can be excellent sources of knowledge to you during this time. Remember, even if bank lobbies are closed, business bankers and lenders are working

CPA - After vendors and banks, taxes are a huge stressor. Due dates for some things are changing while others seem to be staying the same. Additionally, certain pieces of approved/proposed stimulus and relief impact payroll taxes. Information is swirling, and while the CPAs themselves are trying to digest all the information, they are on the front lines of getting this information to small businesses. If your CPA uses an email list to share information, make sure you are on it. Your CPA can also be a valuable asset at evaluating your current situation. Since they are not immersed in your day-to-day operations, they look at things from a different perspective. Let them take a look "under the hood" and help you navigate choices.

Learn About Community Resources

Chamber of Commerce: While the Chamber is frequently thought of as a networking avenue, at its foundation is a desire to support and advocate on behalf o businesses in the community. Subsequently, Central PA's Chambers are working in overdrive right now.

Here in Lancaster County, the Chamber is sending out daily emails setting up webinars and Q & A session to help support the business community. You can find their resources here. You can also join their mailing list.

Small Business Administration The SBA has been around since 1953 and is an independent agency of the federal government. They counsel and assist small business owners, and in these times of need, they provide aid. Frequently this aid comes in the form of loan cost loans. The Harrisburg Regional Chamber of Commerce hosted an informational webinar on March 23, 2020, about what type of services are available and tips for the loan application process. You may view it here

Call In the Human Resources Department

Now is the time, if you haven't already, to add an HR person to your circle of influence. There are new HR laws that are being passed; both at the Federal and State level, such as the Paid Sick Leave Act and the Families First Act. While the news cycle talks about these acts in simple and straightforward terms, they each have some complexities, exceptions, and unclear language. Reach out to your business attorney and/or an HR consultant to assist you with wading through these new pieces of legislation

The HR consultant can also be helpful with helping you navigate furloughing employees, or creating culture as you move to a remote workforce and/or a workforce that is operating under new "business as usual" terms.

Talk with your Customers

If you serve small businesses, remember that you are all in the same boat. Reach out to customers and let them know you are still there, still working and hoping that they are too. If you are not working at full capacity, let them know what things may be on hold right now.

Encourage candid conversations. Ask about the impact of the situation on their bottom lines. Learn about their ability to continue to work with and pay you.

---

Above and beyond anything, it is essential to remember that we are all in this together. While each business will feel the impact differently, no one will go unscathed. Stay connected with your community. Use resources like Zoom and Go-To-Meeting to host virtual networking events. I personally participated in a virtual "happy hour" with friends last weekend and found it to be incredibly uplifting.

Share with me how you are navigating and above and beyond, be safe and stay healthy.