We’re learning unpredictable events–like the current pandemic–can have a severe impact on business operations. Many business owners now understand that having a plan can help soften the impact and keep their businesses moving forward.
Here are some key areas to consider:
Prepare for Workforce Impacts
- Have a strategy that enables employees to work and feel secure. For example, shift rotations, working from home, etc.
- Think creatively about scenarios that could work for your employees
- Communicate your Plans
- Make sure your employees know what to expect–both short- and long-term
- Ensure customers are in-the-know regarding business model changes, articulate how those changes may impact them
- Understand your Supply Chain
- Track your inventory and supply needs closely to adjust to shifting demand
- Identify alternate vendors in case a change is needed
- Manage Cash Flow and Capital
- Plan for both cash flow and liquidity needs, now and in the future
- Create projections to help you weather the storm
- Limit Liability
- Keep in step with new and evolving federal, state, and local regulations. Consult experts when needed.
- Review contracts and business agreements to maintain a clear understanding of obligations
- Beware of Cyber Risks
- Be aware of heightened risks during times of crisis–people may use the crisis as a cover for malicious actions
- Be extra vigilant for fraudsters and potential spoofing through emails, calls, and texts
Preparing for the Future
New learnings are sure to arise from the COVID-19 crisis. Using those learnings to develop a go-forward plan can help your business move into the future.
Huntington understands the importance of safely continuing business operations to the greatest extent possible. We’re here to help. Your Huntington business banker can be a valuable resource for you during these unprecedented times.