Charting New Territory: Business Strategy During the COVID-19 Outbreak

,

All information is based on our current understanding as of the date that it is posted. Please keep in mind this information is changing rapidly – it can and likely will change. Some information becomes outdated the same date it posted. Although we will monitor and update this page as new information becomes available, please do not rely solely on this page. We encourage you to contact your Scott & Company advisor for the latest information.

As the COVID-19 pandemic continues to unfold, business owners are facing a lot of uncertainty. It is not possible to know with confidence how events will continue to evolve over the next days, weeks, and months. However, there are some key steps that business owners can take to strive to mitigate damages and put themselves in the best possible position during this unprecedented time.

  1. Stay Home

Do your part to lessen the spread of COVID-19. This is nothing new, but it certainly bears repeating. As much as possible, limit contact with people outside of your home. If it is possible, work remotely, and have your employees do the same. Lead by example and encourage your team members to follow the COVID-19 protocols outlined by the Centers for Disease Control (CDC).

  1. Stay Informed

It might be tempting to shelter at home and check out of current events, but this is not a good strategy. Rather, you should try to review news on all levels—local, state, national, and world-wide. Compile a list of one or two reputable resources for each category and visit them online each day. Staying informed will help you as you consider what your strategy should be moving forward.

  1. Stay Alert

Focus your attention on developing strategies for maintaining the continuity of your business. Work with your teammates to develop plans for various contingencies that might play out over the next few weeks and months. Consider reaching out to your bank to establish or renew a line of credit to have available in the event that you might need it.

  1. Stay Focused on Your Clients

If your business can function with a remote team, then keep working! Be proactive about finding ways to go the extra mile for your clients. Put yourself in their shoes—what could you be doing for them that would be beneficial? How can you adjust your traditional practices to best meet the evolving needs of your customers and community?

  1. Stay in Contact with Your CPA

Now more than ever, you need good business advice. Do not hesitate to reach out to your accounting advisor in order to determine if they have any suggestions for you. We are partners in this together and our firm is committed to guiding you through these unprecedented times.