Big changes are already taking place during this pandemic. As companies are striving to keep things going at work, this is the best time to rethink business practices. Evidently, things are not going to be the same again. Many businesses have already closed down while others have seen their cash flow dried up. Companies that strive during pandemics all have the following best practices in common:
Evaluate Your Current Financial Position
The first thing to do during this COVID-19 pandemic is to ensure that you are making well-informed decisions that are based on data from your current financial position. The main benefit of knowing your financial position is that it allows you to know to trade through this period, keep employees as well as meet existing loans.
To evaluate your current financial position, you may need to contact your accountant to help you uncover the options you have in minimizing the impact of COVID-19 on your business.
Reach out to Your Banker and Insurer
You may want to reach out to your bank or financial lender to know what loan deferral arrangements they have for your business during this period.
Your business may (or not) be protected by a business insurance policy for COVID-19 related liabilities. Hence, it is important to reach out to your insurer to understand your insurance options. You may also need to consult legal counsel on how to exercise your options under your existing policies, and in light of government orders, which may restrict your business operations.
Communicate with Stakeholders
Everyone is concerned about this COVID-19 development. It is therefore important that you keep all stakeholders informed about what your business is doing during the COVID-19 pandemic. For instance, your employees need to be aware of your business plan as well as the likely effect it will have on them. In addition, you should follow up on your debtors to ensure you get any overdue payments. Since they may also be affected by the COVID-19 crisis, you may have to renegotiate their payment plan. The most important thing is to maximize cash inflow. To minimize cash outflow, you should take to your creditors to figure out which payments you may be able to defer.
Check the Best Options Available for Your Employees
The pandemic has already affected how employees engage with other employees as well as the customers. This will definitely impact workplace productivity.
Other changes that are expected to take place include in-person office meetings, which are expected to drastically reduce. In addition, after staying home for so long, it may affect the already established workplace culture. It is up to you as a business owner to figure out the best available options to engage your employees in order to maximize productivity, happiness and cash flow.
Work With A Tenant Broker
Tenant reps know the market inside and out. They know what a fair rent price is in any given neighborhood or building, and they know what types of terms are standard in the industry. You can be certain that you're not overpaying or being taken advantage of when you have a rep on your side. Engaging a tenant rep broker, like iOptimize Realty®, can help you strategize and help you discover your best options in the future.