HOW TO 'QUARANTINE' YOUR BUSINESS.

• Author: Hicks, Byron

We are receiving continuous information On how to manage staying at home, exercise, family time, keeping a schedule, and practicing social distancing. But, how do you "quarantine" your business?

As a business owner, you have so many issues to deal with:

1) How do I provide for my employees?

2) How do I keep my business open to support many families, including my own?

3) How do I access money to run my business?

4) How will my customers get the product or service my business provides?

5) Do they need my product or service right now?

6) How can I pay my bills?

7) What are my options?

8) How do I prioritize all of this?

And many, many more.

SO, WHERE DO YOU START?

First, go ahead and explore available federal, state, and local Coronavirus relief funding options. It will not be an immediate solution, nor will it solve all of your issues. The process can be frustrating, the system can be overwhelming, but this is a first step in starting to move your business forward. Getting started is key!

Secondly, evaluate what is within your control and what is not. Can you control "stay at home" orders--NO. Can you control orders to close specific industries--NO. Can you control federal, state, and local government actions--NO.

What can you control? A good attitude, a sense of community, a focus on the common good, and a confidence that you built a good business. Some of these are a total shift from the day-to-day way you have been running your business.

You CAN control your message. You CAN control transparency with your employees. You CAN control communication with your suppliers, customers, and bankers. Start communicating clearly and often. Remember, you are not in this alone. Your family, employees, partners, and customers are all invested in your business.

LET'S FOCUS ON THE BUSINESS

Assuming no one is going to knock on your door with a large cardboard check with a lot of zeros on it, what should you do?

Set aside time to analyze your business. Decisions about your business need to be made with solid analysis and information.

If your customers are still in need of your product or service:

1) What level of sales can you expect to continue?

2) What is the minimum staff and materials you need to supply these customers?

3) Will these sales be enough to continue operations?

4) Is it worth turning on the lights to make these sales?

Answers to these questions will lead to more questions:

1) Do you have enough cash to make this happen?

2) Do you have access...