As this pandemic continues to rage across the globe, it’s leaving large-scale personal and business devastation in its wake. The effects of a battered economy are felt at all levels: from individuals and households to enterprises and small businesses.
At Analytix Solutions, we have compiled a concise list of issues and challenges small businesses are likely to encounter. For more guidance on risk mitigation and financial relief, check out our COVID-19 small business planning guide.
Most businesses may need to temporarily shut down per a government order or voluntarily to conserve precious capital. Business interruption insurance can cover loss of income due to a disaster that caused the business to close. It can also be used to assist in rebuilding the business. Check out your current business insurance coverage; if needed, call up the insurance agent to better understand your policy.
Access to Capital
Capital is essential for small businesses and startups that may otherwise not get through this crisis. Whether it’s to ensure your staff is paid or to continue operations to meet committed deliverables, it is important to explore options for raising capital and to understand the requirements to qualify for assistance.
Health and Wellbeing
A crisis like the one caused by the new coronavirus pandemic can drain an individual of enthusiasm. Small business owners must not lose sight of their focus or hopes for the future. Ensure your health does not suffer. Practice social distancing, wash hands diligently and wipe down surfaces that you may be touching. To build mental resilience, reach out to friends and family on the phone and text to stay connected. Remember: a business can be salvaged with aid and restarted for an even brighter future, but you need to be in the right mindset to get started.
Remote Work Capabilities
If any part of your business operates over the internet, modifying to a work-from-home environment is possible. Arrange to provide devices and connectivity to people running the business. This helps ensure social distancing, and if necessary, quarantine efforts, while allowing the business to stay up and running, even if at a smaller percentage of the original.
In this period of financial uncertainty, Analytix stands together with you and your business. To assist small businesses, we provide a range of services, designed specifically to help manage your financial instability and maximize your chances of receiving government relief funding. For more details, email [email protected] or call 781.503.9002.