Unfortunately, we are living in uncertain times. The only choice we have is how we are going to respond.
Here are some suggestions that might help as you continue to try and do business.
Be Clear With Your Employees
No one wants anyone else to get sick or even worse. The way this is playing out, it’s important that action is taken sooner rather than later.
If an employee feels unwell, don’t let them come to work. If an employee is at work and they don’t look well to those they are working with, the employee should be sent home. They may not have coronavirus, but it’s better to be safe than sorry.
The basics that the Center for Disease Control has laid out must be observed. Go here for the information you need.
Be Clear With Your Clients
Talk to your current clients. Find out their concerns.
If they want to have the project stop, respect their wishes. Button it up and commit to staying in touch with them. If your client or clients are elderly, this might be the safest way to go, given that they are the most vulnerable.
If the client wants the project to continue, then set up very strict boundaries between them and the work area. Be clear with the client that they are not to enter the work area and your employees will not enter the client’s space. By setting up this agreement, you will make it more likely that the client will not be exposed to any of your workers and vice versa.
Along with the most effective dust barriers you’ve ever erected, set up a negative atmosphere in your work area. Mounting a large fan at open windows, with the fan blowing air out of the work area and out of the house, will reduce the chances of air and dust from the work area affecting the client.
Reduce Your Overhead
When cash flow starts to slow down, you need to reduce your overhead accordingly.
Yes, your marketing program has produced good results, but if you are not able to do any remodeling work, you don’t need new leads.
The new truck that was in the business plan for this year might not be necessary if there is little or no work.
As an owner, reduce your compensation as soon as possible. This will allow you to continue to pay the good employees that make your company successful. We did this when needed, keeping track of what the company owed us when times were better.
If you don’t reduce the company’s overhead sooner rather than later, you will likely drive the company out of business.
Your Employees and Their Economic Needs
If none of your clients want their projects to be worked on, your field employees will be out of work. Yes, the shop can be cleaned and materials that have piled can be sorted through, but that kind of work is quickly all done.
As we ourselves did in past situations when there was little or no work, you will be tempted to keep on paying your employees. If you are going to do this, set a limit on the company’s assets that you will spend doing so. Without doing this, you risk running through all your cash-on-hand very quickly.
If you are paying your employees, pay them less than the company would ordinarily pay them if they were working. Everyone, including the business, is operating on less income than expected. It is only reasonable that the employees’ compensation reflects that.
At some point, when you have no work for an employee and your partial pay limit has been reached, lay them off and encourage them to apply for unemployment insurance. Check with your state to get clear on the rules and laws.
Maintain contact with them. When business starts to become normal, you want to have them back. Reach out regularly so the relationships are preserved.
Stay in Touch Remotely
Companies function by being connected to their employees and their clients.
Right now, literally “being in touch” is not a good idea. So, what to do?
Communicate using electronic tools, such as FaceTime and Zoom. Still have scheduled meetings, but conduct them virtually.
Doing so will take some getting used to. Just like a lot of other changes in the way we do things are needed right now.
Maintain a Long-Term Perspective
A lot of us have been through unexpected events that caused us much worry, grief, and stress.
The thing about the coronavirus is that it is not yet an “event,” with a beginning, middle, and end all occurring in a finite area and a fixed amount of time. It is unfolding, creating challenges over much of the globe, with no one having any idea of how bad it is going to be for where they live.
Acknowledge that and control what you can. Deal with what comes when it comes.
Most of us will still be alive after the pandemic is over. And will live to talk about it going forward.
Hang in there. Do what you can do and do it rigorously.
I’m looking forward to looking back.