Small Businesses: 5 Survival Tips for the COVID Crisis

Small Businesses: 5 Survival Tips for the COVID Crisis

Preparing for the Next Normal

As far as the COVID crisis is concerned, we're seeing the tip of the iceberg. Your community may or may not see an acceleration phase to the illness but no community is immune to the effects of the economic contagion.

Individuals are being asked to make larger-than-life sacrifices and most seem willing to accept the responsibility. Unfortunately, the Government is rolling this out as it does every other initiative - poorly. Small business owners have fixed costs that don't pause because of the sudden economic stoppages. For this reason, I am including 5 hacks you can undertake immediately with actionable steps to get your business through this crisis.

“In Canada public health should never hinge on financial considerations.” — Justin Trudeau, Prime Minister
Help with the next normal

Move Your Employees to the Cloud

In order to do this, you need to immediately:

- Swap desktop computers for high grade laptops.

- High grade laptops should have 8-16 GB of RAM and solid state hard drive (SSDs);

- Transition all data storage to the cloud using third party storage as a service (MS Azure, DropBox, Google Drive, etc.);

- Quickly develop paperless processes such as email- or PDF-based work orders, automate invoicing and payment, and deploy scanners at employee households to convert paper to PDF);

- Deploy intra-office communication tools such as Slack or MS Teams.

Contact your advisors and enquire how they can assist

Thank you for shopping local

Consider the following:

- Certain lenders are curtailing principal repayments on loans in order to reduce cash outflows for small businesses;

- Law and accounting firms are working remotely and available to assist with business planning;

- Insurance may cover business interruption - check with your agent.

Contact your advisors and enquire how they can assist

Undertake the following steps:

- Reduce all discretionary fixed costs by the end of the week;

- Increase your line of credit and ensure you have current financial statements on hand for your banker;

- Consider taking payment upfront if particular customers are expected to struggle or do not have the character to pay you on your terms.

Develop a simple communication process on how social distancing is affecting your customers and employees

These simple steps will help keep your collaborators informed:

- Use dropboxes to eliminate outside visitors;

- Provide a simple letter to clients as to how business processes have been revised;

- Use social media and email to keep stakeholders engaged and show them that you're concerned about them, not just yourself.

“Good things come to those who shop local” — Melinda Lemay

Buy local!

Substitute small, independent businesses for larger businesses any chance that you get and request that they support you in return.

The weeks and months ahead will be challenging regardless of how this virus evolves over time. Our economy is not designed for complete stoppages so immediate planning should be undertaken to ensure your business remains viable in the months ahead.

If you want assistance with specific operational or business strategies, please call my office at (519) 397-5500 and I will be delighted to help you.

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Rebecca Scott
Web Designer

Rebecca is a Web Designer at BluePrint CPAs. She is a graduate of St. Clair College’s Internet Applications and Web Development Program and has worked as a freelance web designer before joining the BluePrint team.

BluePrint CPAs is a management consultancy that simplifies digital, financial and talent strategies. Our team helps entrepreneurs and their teams grow profitable and modern businesses.

Kit Moore, BluePrint CPAs President & Lead Tax Advisor
Kit Moore, CPA, CA
President & Lead Tax Advisor

Kit Moore, is an entrepreneur that simplifies digital strategy for other business owners. The team at BluePrint CPAs can assist you with web design, development, analytics, management systems and, more importantly, your overall business strategy. The toughest part of digital transformation is re-training your team - and we have pros to help with that as well.

BluePrint CPAs is a management consultancy that simplifies digital, financial and talent strategies. Our team helps entrepreneurs and their teams grow profitable and modern businesses.

Kit Moore, BluePrint CPAs President & Lead Tax Advisor
Kit Moore, CPA, CA
President & Lead Tax Advisor

Kit Moore, is an entrepreneur that simplifies tax and financial strategy for other business owners. The team at BluePrint CPAs can assist you with financial technology, tax strategies, mergers & acquisitions, succession & exit planning and, more importantly, your overall business strategy.

BluePrint CPAs is a management consultancy that simplifies digital, financial and talent strategies. Our team helps entrepreneurs and their teams grow profitable and modern businesses.

Joe Marra, MBA
Senior Associate, Strategy Consulting

Joe is a Senior Associate, Strategy Consulting at BluePrint CPAs. He is a recent graduate of the MBA Program at the Schulich School of Business and has most recently worked for Bayer Inc and the Ford Motor Company of Canada. His experience in marketing, sales, and human resources spans various industries including hospitality, logistics, life sciences and automotive manufacturing. Joe loves working with entrepreneurs to develop their digital strategies and help them grow their business.

BluePrint CPAs is a management consultancy that simplifies digital, financial and talent strategies. Our team helps entrepreneurs and their teams grow profitable and modern businesses.

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