

Depending on where your small business is located, you might be running your company in as normal a way as possible during this coronavirus crisis. You may be operating under new, hopefully temporary, regulations from your local or state government, or you might be cooling your heels at home, waiting for your area to be given the word you can reopen your business.
Whatever your particular circumstance, most small business owners were surprised by the impact the coronavirus had on their businesses. Now that we are at least a bit more informed, we can better prepare for what may come next and manage any risks our businesses face.
First, assess your company’s risk exposure. Be as broad you can. Look at all the areas that can possibly be affected:
If you have employees, involve your top staff in this process. Include your accountant in the discussion at some point. It might be smart to assign a point person who is responsible for keeping up with Covid-19 news, especially any regulations.
After you have a better understanding of what risks your business faces, create a contingency plan (Plan B). Start by asking yourself, “What will I do if…?” and then list the alternatives.
This is where you get specific and come up with detailed solutions. For instance, if your city gets shut down, how fast can you deploy virtual solutions? That may not be as easy as you think. Sure, it’s likely your entire staff have computers they can use. But are they secure? Do they have adequate internet coverage at home so productivity doesn’t lag?
Some of you may own businesses that can’t be run virtually. Your contingency plan needs to cover possible other ways to earn money, in case of a shutdown. We learned a lot from the safer-at-home policies that went into effect earlier.
Restaurant owners, for example, explored various alternative solutions:
You can keep up with industry regulations at the Coronavirus Update section on the website Nation’s Restaurant News.
For retailers who have to temporarily close their brick-and-mortar, consider:
Are you an accountant, therapist, or consultant? Your Plan B may entail forgoing in-person consultations and meeting with clients using video conferencing tools.
You might need contingency plans for employees who depend on travel to service clients or meet prospective customers. Create new travel policies, include them in your employee handbook, and make sure everyone understands the new rules.
Even if your business is open, you need to develop new company policies.
Whatever plan you come up with, it needs to be flexible and one you can implement or change quickly.
Communications are more important than ever for small businesses these days. It is essential you communicate frequently with:
All businesses need to maintain strict cleaning and maintenance standards. The Centers for Disease Control has some guidelines you should check out. OSHA also has COVID-19 updates. And SCORE’s Small Business Resilience Hub has a lot of helpful information.
The coronavirus has deposited a lot more work on business owners’ plates these days. There’s more to know and more to do. It’s imperative you do whatever you can to protect the business you worked so hard to build.
Learn more about how to manage other critical risks in Progressive’s e-guide, Prepare and Protect: The Small Business Owner’s Guide to Identifying and Managing Risks.
With over 50 years of experience, Progressive Commercial Insurance offers a full range of business insurance products featuring competitive rates and first-class service. They offer customized insurance solutions for both heavy and light commercial vehicles, as well as business insurance coverages including general and professional liability, workers’ compensation, business owners’ policies and more. Progressive is a Fortune 100 company and trusted by thousands of small business owners to protect their livelihood.
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Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.