You've Got This
Get Informed, and Plan your Action
This is a tough time for all businesses, and the uncertainty is one of the hardest parts.
The best thing we business owners can do right now is move past the things we can’t control and focus on items we CAN control. Stay positive. Focus on opportunities to get your business through these tough times in a way that leaves you even better prepared to succeed on the other side.
Information and Resources
There are a lot of resources out there right now that can really help you out – if you know about them. Do some your own research, but don’t forget to take advantage of the resources that exist to help you connect to potential solutions. There are some free resources listed below – make use of them!
Free SBDC Resources
Sign up for some free help over the phone or in a virtual meeting from the Idaho Small Business Development Center by making an appointment online. They can help develop financial plans, among other things. Also, check out their trainings and webinars and their COVID-19 resources page.
If you think you see a theme on this page, you’re right. Idaho’s Small Business Development Center resources are a great source of updates and information right now. If you don’t have some other resource on hand (good relationships with a savvy lender or financial advisor) it’s a good idea to connect with SBDC’s resources as soon as possible.
They exist specifically to help Idaho’s small businesses out, so take advantage of the opportunity!
Free SBDC Teleconferences
The Idaho Small Business Development Center (SBDC) and the Idaho Innovation Center will host weekly teleconferences on “Business Survival in a Challenging Economy” every Thursday for forseeable future, as well as a variety of other trainings.
Staying up to date on various pieces of information as this evolves can help your company weather this storm. It’s worth the time, so take advantage of this resource.
You need to register in order to get the call-in information. Go here to register.
Federal PPP and EIDL Programs
These programs are continually evolving. New applications are not currently being accepted because limits to current funding levels for the programs have already been reached. That said, there may be more aid available in the future through both programs.
Get yourself prepared so that if more funding becomes available, you can respond immediately. Speed matters.
The Economic Injury Disaster Loans (EIDL) are being run through the Small Businesses Association (SBA), which is the best place to find information on that program.
You MUST apply to the Paycheck Protection Program (PPP) through a participating lender, so if you don’t have that relationships established yet, get started on that now.
Also, if you need more information on any lending or financial aid options, consider participating in SBDC’s training webinars or signing up for a consulting session.
Unemployment Information
Increased Unemployment is likely to affect our community.
Keep up to date on COVID-19 specific unemployment information and resources for both employees and employers at the Idaho Department of Labor’s COVID-19 page.
For Claimants: you will find a link to a Claimant FAQ page which is being updated multiple times a day. Check back there frequently!
That page also reminds you that if there are issues on your claim, someone will contact you. Please keep in mind that those offices are being overwhelmed with requests and work right now – again, some patience will go a long way.
For Employers: there is also an Employer FAQ page. This page is also currently being updated on pretty much a daily basis, and if it is affecting you, it’s worth checking back periodically to see what’s new.
ID EDA Business Toolkit
Check out this great Business Toolkit from Idaho’s Economic Development Association. It contains a variety of information on things for businesses to consider regarding COVID-19, and links to a large variety of other, industry specific resources.
Plan Your Action
Businesses are all different, and some have mandates not to operate through April 21, 2020. What works for one business might not work for others. Take some time to evaluate your own situation, and plan your future action accordingly. Try using the suggestions below to get yourself started.
Evaluate your Cash Needs
Cash is king, especially in times of economic crisis. Cash in this case means the money you have on hand in your bank accounts (as opposed to assets like stocks, inventory, investments, etc).
Knowing how much cash your business absolutely needs every month just to survive can help direct your actions, like deciding which and how many expenses you need to cut to stay afloat.
If you’ve never evaluated your monthly cash needs, this is a great time to get to know your business better.
Need some inspiration on where to begin? This page has a link to a free Excel budget document that can help you get started.
Tighten up Expenses
Taking bold action to cut expenses now might help your business make it through the tough times ahead. As always, each business is different, so consider your unique situation, but feel free to use the below for inspiration.
— Consider putting of any investments or repairs you were considering. This includes things like new signs, painting the store front, fixing a leaky faucet, building an addition, etc. If it isn’t absolutely vital, don’t do it right now.
— Look at your monthly expenses, and consider cutting anything that isn’t absolutely vital.
— Ask your landlord for a “rent holiday”. During this COVID crisis, some landlords are allowing tenants to skip a month of rent in exchange for extending the lease a month, essentially allowing businesses to buy some time in exchange for a longer commitment.
Remember Your Employees
Communicate with your employees about what is happening with your business. If you need to cut expenses but are looking for ways to keep employees, here are some ideas:
— Ask your employees if any of them can work less – offer voluntary un-paid leaves of absence.
— Consider cutting pay across all employees, rather than cutting a job – this allows the burden to be spread while keeping your staff on board and ready to go when things improve.
— Some cuts might not be avoidable, which can be hard if your employees are a tight-knit team. If you do need to cut an employee, help connect them to unemployment resources from the DOL.
Get Creative on Making Money
There has never been a better time to get creative with your business. Focus on the opportunity to do something new, and different, and maybe even better. Some questions to get you thinking:
— Can you sell via phone, web, or Facebook and ship items to customers?
— Are there services or products you can offer online?
— Can you sell items for pick up?
— Can you offer “social sales” on FaceBook Live, and walk shoppers through your store?
— Can you sell gift certificates to be used at a later date?
Block out an hour a day to Learn
Running out of ideas on what to do? Not even the best CEO’s out there know everything there is to know about business, so if you have extra time on your hands, seize the opportunity to get better at what you do.
Find ways to learn about your business, about business in general, about financial statements, about HR policies, about taxes – whatever thing you’ve been wishing you were better at, use this opportunity to get better.
There are a bazillion options out there, here are two to start:
Coursera – online programs, some free, some paid, some as certificate programs.
Udemy – Choose from over 100,000 online video courses with new additions published every month
Block out time away from Business
It’s important that you take time away from the stress of business and give yourself a chance to relax. It’ll help you tackle the work in front of you with more enthusiasm when you come back to it.
Go on walks, call friends and talk about happy things, or watch a movie. Eat pop corn, work out, write a poem, and have a living room dance party. The options are endless!