Top 5 Business Considerations During COVID-19April 17, 2020
As business leaders grapple with the impact of COVID-19 on the economy, employment and federal and state policy, clear direction is needed to inform a long-term path forward. At Rehmann, we are here to provide solutions and help the community navigate this uncertainty. In response to clients’ common concerns and questions, Rehmann developed a robust online COVID-19 knowledge center. We have also identified the top five tips you’ll need to weather the current climate below.
Prepare for Your Stimulus Check
Starting this week, stimulus checks will begin hitting bank accounts. As you prepare for the incoming cash flow, have you identified a plan of action? While many will be tempted to spend the money on bills and other incurred charges, it is important to first take a step back and assess where your money can best be used. Have some of your apparent “needs” become “wants” amid these uncertain times?
Remember, cash is king. Liquidity is preferred and offers a sense of security. You might not need to spend the money now, but this may change in the coming weeks. If you are able, hold on to your stimulus dollars so you have cash on hand when essential.
Understand Changes in Legislation, Taxes, and Loans
Newly passed legislation stands to benefit individuals and businesses alike. Many federal, state, and local stimulus relief packages offer support. Take time to understand the CARES Act, which provides significant relief for individuals, families, and businesses affected by the pandemic. When reviewing the legislation, determine how you can take advantage of its various provisions to combat issues like job loss and cash flow shortages.
Increase Your Cyber Security Defenses to Prevent Hackers
Many organizations have shifted employees from the office to remote work, increasing opportunities for cybersecurity breaches. As an employer, you should advise employees to do their part to protect data and information. Encourage employees to avoid using their personal computer for work which typically does not have security and policy protections and use a unique password across all platforms and ensure all passwords include at least 12-16 random characters. Users should scrutinize unsolicited emails, enable software updates when given the option, and lock their computers when stepping away.
Know Where Reliable Resources Live
There is an insurmountable influx of information and well-meaning advice circling the internet. With so much to digest, it is hard to know where to find the best information. Start by turning to trusted resources such as the IRS website, experts at the Detroit Regional Chamber, and experienced business solutions providers such as Rehmann. Leverage reliable sources, fact check information, and tune out the noise from non-credible sources.
Stay the Course
The current climate can cause extreme anxiety as it relates to finances. However, it’s important to remember the market will eventually recover. Avoid reacting too quickly and try to think long-term—at least 12 to 24 months out—rather than focusing only on the next few months. Find a reliable resource, whether it be a trusted business partner, financial advisor, or a life partner, and plan for the long haul.
As COVID-19 continues to impact our lives in an unpredictable manner, we must rely on the experts and avoid unhelpful distractions. Stay calm, stay the course and plan for what’s next. To contact Rehmann and connect with an advisor, visit Rehmann.com.