Well, it sucks, but the number of Covid cases continues to rise. As I sit down to write this article, we are now averaging over 500 new cases per day and even crossed over the 700 number a couple of times. With the rising number of cases, we are getting a lot of calls about how best to handle employee issues. The problem is that there are a lot of facts that go into how best to handle your business during the Covid era.
I know what you are thinking, “So are you going to tell us what to do?” Unfortunately, I cannot tell you what to do because the response is based on your given set of facts. So, what should you do? Be prepared! How can you be prepared?
First and foremost, get with your professional advisors so that you are ready for almost anything that comes your way. There is a reason the military runs constant drills. This way, when bad things happen on the field, they are ready and can react off of instinct, rather than spending precious time asking the question of what to do in response to the events that are occurring before their eyes.
I once heard a phrase that has stuck with me when it comes to business: “Luck is the convergence of preparedness and events.” You have to be prepared to take advantage of the events that are thrown at your business. Whether the event is good or bad does not matter, because you will handle either type of event better than others if you are prepared.
How about a good example about being prepared? I was just working with a business owner regarding their finances. One of the issues that we discovered was that he had a large financial risk in his business because he did not have a line of credit. An operating line of credit allows a business to have access to cash from their financial institution, to handle any sort of financial need within the business. You can dip into the line of credit to cover payroll or even to make improvements to your business. Additionally, you can use the line of credit to pay for a business opportunity that may come your way. However, if you do not have the line of credit, or the cash on hand, you could find yourself scrambling just to keep your business afloat.
What can you be doing right now so that you are prepared to ward off trouble or to take advantage of an opportunity? Well, with the rising number of Covid cases, we are all worried about another shutdown or reduced hours or other possible measures limiting non-essential businesses. I have been preaching for months that we all should be holding extra cash in our businesses. Have you taken steps to get an operating line of credit from your bank? Did you take advantage of the government financial programs to help your business? Have you applied for the PPP loan forgiveness?
As usual, it is time. We all need to be hyper focused on how we can survive these crazy times. Think of the various scenarios that could positively and negatively affect your business and what you need to do to be prepared. The easiest question you can ask yourself is, “What would I need to do to make my current business become my ideal business.” I will guarantee that if you ask yourself that question, and seriously think about it, then you will find ways to improve your business. Please, put some thinking time into your businesses so you, your family, your team and the family of your teams can continue to thrive during these trying times.