Pandemic Survival - Coping with COVID-19 as a Business

Tags: Articles, Pandemic, Covid-19, 2M, Business, Guide

On April 2, 2020 2M Technologies conducted a Webinar presentation for the HIA Manufacturing Committee, discussing Surviving a Pandemic. 

At the conclusion, a Survival Guide was put forward with some hints to help Businesses to survive a Pandemic, specifically the current COVID-19 pandemic.

Below is the Survival Guide; we will update as the situation changes.

Pandemic Survival Guide

  • Assess your 360 Degree Exposure (all aspects)
  • Make a 3-month Financial Plan
  • Establish COVID-19 (or pandemic) policies within your organization
  • Cut all Unnecessary Operations / perform immediate Financial Triage
    Revenue is likely to be curtailed
    Enact Cost Control
    Trim Staff if needed

  • Be honest with your employees 
    Exercise care in the workplace
    Work from Home - facilitate work-from-home systems
    Don't force workers to show up at the workplace
    Distance when together
    Observe safeguards – Masks, Gloves, Wash hands frequently, Clean Equipment Frequently

  • See what Government Help is available (CARE Act, SBA, IDAs, NYS) 
    CARE Act - Apply for Loan / Grant
    SBA Assistance Loan
    Personal Tax Extension to July 15th – take advantage of it
    Here on LI, Campolo, Middleton and McCormick are doing a fantastic job of communicating resources
  • Review your 2020 Strategic Plan (or make one)
  • Maintain Sales / Marketing efforts (things will be leaner, but happening)
  • Might not be getting many new contracts to close for a while – accept it
  • Make your own opportunities (try new things / experiment)
    Shift means to other desired goods or services
    ex: Build PPE and other high-demand medical items
    (Mike, the Pillow Guy...50K masks per day)

  • eCommerce / Online Store should be a priority if it makes sense
    If you don't have a site, create one
    Is there a way to provide your product or service ONLINE?
    What other Skills or (up-sell) product do you have that could be offered online?
  • Revisit unfinished projects / clean up areas that you’ve neglected 
  • Cash rules the roost – protect it 
    Secure Liquidity and Ensure access to Capital
    Apply for Small Business Loan / Grant through US CARES Act
    SBA Loans - fees waived (take it if you need it)
    IDAs (Nassau and Suffolk)

  • Keep a business and/or personal reserve to draw upon in hard times
  • Keep a cache of some basic needs (think TP) – I sound like a survivalist
  • Learn and Adapt (if it doesn't kill you, it makes you stronger)
  • Ask yourself: What can you do better (go for small wins)?
  • Foster Continuous improvement
    Cut waste
    Document process

  • Diversify business 
    Supply chain and Customers
    Products and Services that you offer 
  • Remember to keep going
    Fall ten times, stand eleven
  • Working remotely can have benefits on savings in the workplace (read: an office) 
    More and more companies are looking at this as a long-term option
    It can be a challenge, but you could extend the workday
    BUT: Can you support 90% of your workforce working remotely?
  • Pandemic is accelerating the future of work
    We're having to do some uncomfortable things and change what we've been doing
    That's not necessarily a bad thing!
  • Above all - DON'T PANIC!
    We have nothing to fear but fear itself

Closing Remarks

  • Be considerate and kind to others (think post-911)
  • Remember: Nobody is your competition at a time like this; everyone is just trying to survive
  • Ask for patience (and give it) – things will take longer to do
  • Reflection of the times: Teams and Xbox – cloud services whose subscriptions are soaring
  • Stay alert for the inflection point – this too shall pass 

Planning for the unplannable isn't easy! Respected Sources claim that pandemics will happen again and again; planning will be your best armor against serious disruptions.