Small Businesses are vital to our economy, use the following key strategies to navigate the corona virus crisis, and help you mitigate any negative impacts from this emerging public health threat.
Take Meaningful Action
Ensure the safety of your people. Restrict travel, implement screening protocols, increase workforce hygiene standards, and promote telecommuting and other flexible arrangements. Shift to remote work if possible. Follow the Centers for Disease Control and Prevention guidelines.
Please refer to the additional links for the most up-to-date information about COVID-19:
- General Info & FAQs
- Steps to Preventing Illness
- Preventing COVID-19 Spread in Communities
Identify key suppliers for your business in affected areas, anticipate disruptions and secure alternative sources of supply.
Forecast your free cashflow for at least 3 month. Calculate and manage your cash conversion cycle, taking into consideration receivables, days of supply plus inventory and days of supply minus payables days.
If possible use emerging technologies including the internet of things, artificial intelligence and machine learning in your business.
Depending on your business, some demand will likely shift to online channels. Ensure you have the capacity to handle the volume coming into your distribution centers, as well as the last-mile capacity.
To ensure liquidity, stop discretionary spending and activate your supply chain disruption insurance if previously purchased.
Make supply chain risk management a priority.
The following resources are available to you and your business to help you thru this tough times.
SBA Disaster Assistance
- The U.S. Small Business Administration (SBA) will be providing up to $2 million in low-interest Disaster Loans in designated states and territories for business impacted by COVID-19.
- The loans will be available for economic injury caused by COVID-19. Small businesses can use loan proceeds to help overcome the temporary loss of revenue they are experiencing. Eligible uses include paying fixed debts, payroll, accounts receivable, and other bills that cannot be paid because of COVID-19 impacts.
- Loan terms can be up to 30 years and the interest rate is 3.75% for businesses determined to not have credit available elsewhere. Nonprofits are eligible for loans at 2.75%. More information is available here: https://www.sba.gov/disaster-assistance/coronavirus-covid-19
- Although the program has been activated, businesses cannot apply for assistance yet. The next step will be for the Governor to request an Economic Injury Disaster Declaration after conducting a business damage assessment survey of the state’s businesses.
FOR FLORIDA BUSINESSES
Take the Economic Impact Survey
- The State of Florida has activated a survey which will help determine the economic impact of COVID-19 on the state's businesses.
- This survey is now live. If your business has been impacted by COVID-19, we encourage you to fill out the survey. This will assist State/local authorities in determining the scope of impact and what type of financial assistance to provide to businesses.
- The survey is available online here: https://floridadisaster.biz/BusinessDamageAssessments
- The Short Term Compensation Program is a voluntary employer program designed to help employers maintain their staff by reducing the weekly working hours during temporary slowdowns instead of temporarily laying off employees. More information is available here: http://www.floridajobs.org/office-directory/division-of-workforce-services/reemployment-assistance-programs/short-time-compensation-program-for-employers
- Career Source South Florida administers programs to assist businesses with training needs and employees with re-employment. Contact Career Source South Florida to learn more about its One-Stop services that may help you. More information is available here: http://www.careersourcesfl.com
Keep in mind that we will eventually recover!!!
About Niurka Castaneda
Niurka Castaneda is a Veteran, an author, a professional logistician, an Entrepreneur and the Founder of Amor Umbrella. She is also a world traveler, and a dog & cat lover.
Check more about her and about her entrepreneurial mission.
Visit us @ Amor Umbrella