BCS COVID Helpful Information
There is so much information about COVID-19, so we’ve decided to distill this for you, offering you the most important and relevant information about navigating this from a business perspective. You’ll find resources here on planning financially, working remotely, helping your employees cope, and leading with excellence during a crisis.
We will continue to update the resources found here as there are new developments and programs available.
As always, I’m here to offer any guidance you need on concerns about your business and business continuity.
This too shall pass!
Good News About the COVID-19 Virus from a Nobel laureate
SBA Disaster Loans:
Apply for a loan as soon as its available. After they determine if you qualify, you will receive funds in 2-3 weeks. Apply even if you think you won't need it. You can always say NO.
MultiFunding has also put together a community site to help business owners navigate through the SBA loan process during these confusing times: https://multifunding.tribe.so/
90 Day Financial Planning:
Meet with your CPA and/or Controller/Accountant and create a financial plan for the next 90 days. Re-evaluate this plan every 1-2 weeks to see if you need to adjust.
Stress test your cash! Alan Miltz’ SaaS tool for managing cash – no charge for 3 months – stress test your cash with just 6 numbers from your financials. www.cashflowstory.com/stresstest
Consider adding an expense line item called COVID-19 and dump off all expenses in there including your staff and personal time spent dealing with a crisis – this 30 second video by Ron Lovett, author of Outrageous Empowerment, will explain why it will make it easier to apply for government assistance if and when it comes available. https://www.linkedin.com/posts/ron-lovett_outrageousempowerment-activity-6646137020743761920-N9Uo
Stabilizing Your Business: Improvise, Adapt, Overcome.
With constant changes brought on by the pandemic of COVID-19, your business may be presented with cash flow challenges and opportunities you may have never faced before. To respond to these changes, look no further than a motto with which you are familiar: Improvise, Adapt, Overcome. The slogan used by the United States Marine Corps outlines steps you can take to combat the challenges you are facing as you make decisions that will be key to the survival of your business. Read details on this strategy here: https://www.cricpa.com/stabilizing-your-business/
Financial Crisis Management Templates from My CPA and Author, Greg Crabtree. Will you have the capital needed to get back to pre-Covid19 profitability levels (or better)? Resource here: https://simplenumbers.me/crisismgmt/
Keeping Staff Safe When Going To A Client Site - Boilerplate for Onsite Protocols:
If you have the need to deploy your team into the field for any reason, you NEED to have clear protocols in place to keep them safe and assure everyone has the same level of diligence. Here is a copy of our protocol for going onsite.
BCS COVID-19 Onsite Protocols
Keeping The Office Save - Boilerplate for office Protocols:
If your facility is still operating and you have ANY staff coming onsite, you NEED to have clear protocols in place as to how and when people access the building. Here is a copy ofone of our IT partner's protocols for coming to the office, disinfecting yourself, receiving visitors, and receiving packages/mail.
InTech COVID-19 Onsite Protocols
Top 6 Best Practices For Businesses Amid COVID-19 from a business coach, Ryan Markel
Scan the article for details, but in a nutshell:
- Prioritize Issues of Greatest Urgency
- Triple Your Communication
- Work from Home
- Use Video Conferencing
- Manage Your Cash
- Look for Opportunities to Do Something Extraordinary
A Thought To Keep You Going Through This Time:
This week I have helped dozens of businesses get set up on remote access and given hours of guidance on navigating these uncertain times. We feel battle worn, and there are times when I don’t feel like getting out of bed in the morning.
Do you feel that way? Every time I do, I read this quote from Marcus Aurelius. He had problems getting out of bed, too. If the ruler of the known world could use philosophy to get up and do his duty, so can I. So can you!
“At dawn, when you have trouble getting out of bed, tell yourself: “I have to go to work — as a human being. What do I have to complain of, if I’m going to do what I was born for — the things I was brought into the world to do? Or is this what I was created for? To huddle under the blankets and stay warm?”
…So you were born to feel “nice””? Instead of doing things and experiencing them? Don’t you see the plants, the birds, the ants and spiders and bees going about their individual tasks, putting the world in order, as best they can? And you’re not willing to do your job as a human being? Why aren’t you running to do what your nature demands? You don’t love yourself enough. Or you’d love your nature too, and what it demands of you.”
- Marcus Aurelius
Staying Centered And Grounded - More Important Now Than Ever!
We are in unprecedented times and the pressure on us as leaders has never been as great. Now more than ever we need to assure we take time for centering, grounding, mindfulness.
Our business coach, Ryan Markel, has granted us access to FREE Daily Mindfulness Sessions with Oksana Esberard.
Info on these sessions can be found here: SattvaMe Mindfulness Schedule Pass along to your team!
REMOTE COLLABORATION TOOLS:
Zoom Video Conferencing: www.zoom.us
We use this at BCS.
Slack Instant Messaging: www.slack.com
We also use slack in house to communicate in real time about internal and client facing items. We keep our team communication OUT OF OUR INBOXES. There is enough going on in there!
Microsoft Teams for Instant Messaging and Video Conferencing:
This tool is Included in your Microsoft Office 365 Licensing at the Business Essentials, Business Premium, E1, and E3 levels.
Free Microsoft TEAMS Training
Bigger Brains has moved their Teams training over to YouTube as a resource for companies who need to learn collaboration in a hurry.
SANS Security Awareness Work-from-Home Deployment Kit - FREE
The SANS Institute put out a free deployment toolkit/security awareness for working from home.
PODCAST: Mindsets for Scary Times
So, how is all of this affecting business?
So, how is all of this affecting business?
And how will it affect YOUR business?
While many people are in a panic, Jay Abraham, and Phoenix’s own Dean Jackson, and Joe Polish are NOT panicking at all, and you should know why. The three of them just had one of the most insightful, calm, and important conversations ever about succeeding in business in scary times such as what we’re experiencing right now.
They recorded the conversation and it is available for you to listen as I Love Marketing podcast Episode #362.
Of all the podcast episodes they've ever done, this will be one of the most important you’ll ever listen to.
Links to More Helpful Information:
COVID-19 live tracker – ‘This is a comprehensive, as close to real time as I have found, tracker of the global to local impact’
- I suggest you book mark this so you have access to data should there be a need -https://ncov2019.live/data
McKinsey – ‘This is the single most comprehensive set of information I have found on this topic including actionable insights’
- There is a lot in this so take it slow, but look for things that may apply to you and specifically look at the ‘actions’ that are suggested’ https://www.mckinsey.com/~/media/mckinsey/business%20functions/risk/our%20insights/covid%2019%20implications%20for%20business/covid%2019%20march%209/covid-19-facts-and-insights-march-9-2020-v2.ashx
Littler – ‘What we should be doing with teams during this time’
- Take a look, there is a ton of information in here, find the ones that meet your needs right now. https://www.littler.com/publication-press/publication/coronavirus-employer-action-items
CDC – ‘What to do if you think you may have COVID-19’
- This should likely be in everyone’s communication to their teams - https://mcusercontent.com/ae46b0c2f82c481bb31830fbd/files/1ceb0f7c-c298-47dc-9e66-7916c4c61dd7/Sick_with_COVID_19_sheet.pdf
Health.net – ‘High dose Vitamin C and a prevention and/or a treatment’
- Obviously we are not medical professionals, but in my personal opinion I believe that High Dose Vitamin C is a preventative in general by boosting the immune system. Judge completely for yourself but here is some data. https://worldhealth.net/news/official-statement-china-recommended-treatment-covid-19/
OSHA – ‘Guidance on preparing the workplace for COVID-19’
- Leadership teams should review this and ensure they are doing what is needed to be prepared - https://www.osha.gov/Publications/OSHA3990.pdf
Asaf Bitton, MD, MPH – ‘Why social distancing is needed and how to best go about it’
- Consider the impact of being a ‘node’ in the distribution of the virus and how you can limit the spread. https://medium.com/@ariadnelabs/social-distancing-this-is-not-a-snow-day-ac21d7fa78b4
NBC News – ‘Video covering several areas of the virus – overall very good information’
- Consider sharing or even watching this as part of your meeting rhythms – you can do this virtually as well. https://www.youtube.com/watch?v=HSVqpWkoK30
Fast Company & A LOT MORE – ‘How to manage virtual meetings – best practices’
As we move to more remote working have ‘good’ and ‘frequent’ meetings will become highly valuable.
US Chamber of Commerce – ‘Top 20 Tips for building business resilience’
- Take a look at this list, not all will apply to you and your business but some will and some will just spur your thinking. Biggest take away is that you need to create a plan of action and, in my opinion, update it frequently, maybe daily in some cases. https://www.uschamberfoundation.org/sites/default/files/media-uploads/3-RiaB_BASIC-Top-20-Tips-for-Biz-Prep-ENG.pdf
Medium – ‘What is flattening the curve and why it is important’
- This is a long one and it’s is a few days old but it is full of data with graphs and gives a good overview including data from China and Europe for better understanding of what could happen in the US’ https://medium.com/@tomaspueyo/coronavirus-act-today-or-people-will-die-f4d3d9cd99ca
Sequoia Capital – ‘A look at the financial implications of COVID-19 from a business perspective’
- Managing the financial health of your business is paramount. This article gives some good insights on how to think about doing this. https://medium.com/sequoia-capital/coronavirus-the-black-swan-of-2020-7c72bdeb9753
McKinsey – ‘General implications for Business’
- This is a few days old but after rereading this weekend I felt it is still very relevant and is one of the most comprehensive overviews I have seen to date. There is a checklist at the end of the article that gives a very good overview of what to be doing to mitigate risk. https://www.mckinsey.com/business-functions/risk/our-insights/covid-19-implications-for-business