1. Follow notice requirements that are listed in your contracts. Your rights depend on adhering to the contract.
2. Make at least one person in your company responsible to keep track of changes that could be announced multiple times per day.
3. Include the cost of dealing with the COVID scenario in your quotes for work. These costs might include changes in productivity plus the cost of accommodating requirements like health documentation, limited access and screenings.
4. Make sure the delay and Force Majeure clauses in your contracts are fair and that you understand what you’re committing to.
5. If you’re not working on a COD basis, follow up on your accounts receivable promptly. Things can change for some companies overnight, and you could be left with an uncollectible account.
6. Take an active role in managing your company’s cash flow. Check into programs that might allow you to borrow or defer payments. Negotiate with your bank for better terms on your line-of-credit.
7. Make time to manage your business – especially if it’s small – when information is changing rapidly.
8. Save money on technology by planning ahead for employees to work remotely. Don’t wait until the last minute and be forced to purchase laptops and software at higher prices.
9. Diversify your business in more than one market segment to lessen the impact when hard times hit.
10. To make compliance easier in the future, maintain a supply of personal protective equipment and supplies for your staff, i.e. cleaning solutions, face shields, gloves, and masks.
11. Keep the line of communications open for your staff in order to maintain corporate morale. Let them know how you’re going to ride this out.
12. Provide online events to engage your employees, clients and even suppliers during slowdowns. The report used “lunch and learn” events as an example.