With so many businesses resuming operations, I believe it is essential to place focus on some key areas.

A return to normalcy requires collaboration among employees, suppliers, vendors, customers, insurance companies, insurance agents and brokers, government agencies and financial institutions.

COMMUNICATION with ALL stakeholders.

Employees and Customers

Early messages should come from top management to provide reassurance and share restoration plans. Even if none of your operations are affected notify all customers of your availability.

Suppliers and Vendors

Some vendors may be in a similar position trying to restore operations. Request flexibility. They may be willing to establish alternative billing or delivery options. Also ensure they are able to provide required software or machinery.

Government Agencies & Regulatory Agencies

Establish regular communication to obtain approvals for resuming occupancy of the building or to reconstruct the facility. Ensure to contact tax agencies to discuss due dates and deadlines for payment & submission.

Sources of Funding

If applicable, contact your company’s sources of funding for restoration activities, beginning with your insurance advisor or insurance carriers for property, business income/extra expense workers compensation information. Also call your financial institutions to activate any pre-arranged secured line of credit and access any funds set aside for emergencies.

Read more: Part 2 | Part 3

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Finance Focus serves as a medium to help individuals realize their financial objectives. Advice will be provided on personal finance including budgeting, investment strategies, savings and available financial products. Financial news will also be discussed.

 

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