During times of uncertainty, making a plan, taking charge of what’s within your control, and keeping open lines of communication can make a difference in the outcome of the crisis. Here are some tips from your commercial banking team at Huntington:
Make a plan
Outlining a smart, cohesive plan to support your business can anchor your actions.
- Adjustments to staffing: think creatively about options such as work-from-home, but keeping in mind access to technology and equipment. Consider guidelines for social distancing and potential impacts of quarantines and child- and elder-care needs.
- Access to inventory and supplies: keep close track of inventory and supply needs/availability. Ensure you are adjusting to changing demands for your products and services.
- Expense management: analyze your expenses and look for ways to reduce or defer current and future expenses.
- Make security a priority: make sure you continue to guard against cyber risks, especially as reliance on online interactions becomes more prevalent.
Control what you can
Ensuring you have a firm grasp on your cash flow and leveraging resources to manage and protect your assets can be crucial to your success during this time. Contact your Relationship Manager to discuss:
- Optimizing your cash flow management practices
- Risk mitigation strategies to help protect your operations
- Key resources that can help you bank from your office or home
- Protecting all you’ve built by addressing cybersecurity and fraud
Keep open lines of communication
Getting the right message to the right people at the right time can be critical to help quell anxiety and instill confidence in your company’s future.
- Employees: make sure your employees are in-the-know when it comes to daily business operations, and help them understand how to get needed updates. Communicate expectations about their well-being along with your plans for the business. Depending on your situation, provide them with the necessary tools to work remotely, let them know to stay home if they are ill, and share with them how you are working to keep the workplace clean and safe.
- Customers: build trust with your customers by sharing the level of service they can expect from your business. Be proactive in your messaging and have a proactive plan to answer in-the-moment questions as they come up.
- Vendors and suppliers: connect with your key vendors and suppliers to ensure you understand any impacts to your business. Identify alternative sources for critical needs.
Huntington is here to help.
Most of our Relationship Managers are now working virtually and available to serve your business’s financial needs by phone or appointment. Please contact your Relationship Manager directly. To access other resources, visit the Huntington COVID-19 Resource Center.