10 ways Business Owners can keep calm during the Pandemic

Before I begin, did my smiling face, make you smile? I hope so because that was the point of the picture. I considered going with some eye catching photo of someone freaking out to draw you in but figured, a smile during these uncertain times would suffice. With that said, let's get into it!

1) Don't panic, I know that is easy to say rather than do but it is crucial right now. You must keep a level head and begin to think strategically about your next move.

2) Reach out to your CPA, Attorney and Personal Financial Advisor: There is a lot of legislation being passed and the parameters are changing rapidly. Now is the time to figure out where your company fits into the larger picture and its critical to develop a strategic plan to move forward. 

3) Figure out what you NEED: The gov't recently passed legislation that can be beneficial to you personally, for your business, or for your employees and in many cases all three. So NOW is the time to take advantage of the expertise of your most trusted advisors.

4) If you don't work with a CPA, its okay, I'm going to re-iterate--don't panic. There are a wealth of resources available for you on sba.gov, njeda.com and nyc.gov. If you are not in the tristate area, visit your state website for similar programs. There are loans and grant programs available for you as a business owner, freelancer and sole proprietor. Make sure you take advantage of them. The NJEDA for example, makes this easy for you by offering a Wizard to show you what grants you qualify for. The SBA website also offers a comprehensive layout of what you can apply/qualify for. You shouldn't have to go at this alone, so now is a great time to reach out to some trusted CPA firms to assist. A quick google search of CPA firms should yield some great results!

5) Reach out to your Banker and ask them if your Bank will be participating in the Payment Protection Program. The disaster relief program is already live on SBA.gov! The Payment Protection Program is slated to go live on April 3rd so you still have some time. Some banks may even be providing additional support via SBA 7a or SBA Express Loans which have increased limits. (this may vary by lender to reach out to your individual banker/institution).

6) Plan a path forward: What we've all learned from the sudden onset of this pandemic is that we cannot predict what the future holds but we can however, be better prepared next time. Now is a great time to think about your Business Continuity Plan, Succession Plan, Crisis Management Plan and begin considering remote options for your employees (if applicable).

7) Be vigilant about Fraudsters during this time. Read every email twice and then read it again. Make sure you are responding to who you think you are responding to. Remember, your bank will never reach out to you via email asking for otherwise secure information. If you are in doubt about any emails, call your Banker and ask about its validity.

8) Go Digital: Many banks have cut hours or temporarily closed business locations which means now more than ever you have to consider digital options for your company. Be smart about it but do consider it as a part of your continuity plan.

9) Remember that almost EVERY single company is in the same position and all of us are trying to figure out what to do next so stay positive and believe that you will get through this. 

10) Have a drink water, wine or something stronger--its totally up to you!

-Amirah

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