Some states are taking steps to reactivate their economies, allowing many businesses to resume activities.
If you are among the small business owners getting ready for reopening, consider the following four aspects to make sure the process is as straightforward as possible.
If you had to lay off or furlough employees, determine the best strategy to bring them back. You can consider offering limited hours to all your staff or giving full hours to some key employees and bring in other workers as activity picks up.
No matter what strategy you choose, make sure to have a plan in place to provide your staff and customers with Personal Protective Equipment (PPE) if your state has issued such requirements.
You’ll probably have to make some adjustments to encourage social distancing in your workplace. The Centers for Disease Control and Prevention (CDC) recommend the following measures, among others:
- Changing layouts to put at least six feet of distance between employees
- Closing communal spaces
- Staggering shifts and breaks to decrease social contacts
- Environmental surface cleaning
Your Supply Chain
Prior to reopening, assess the impact of the coronavirus pandemic on your supply chain. Reach out to vendors and communicate clearly with them. Identify challenges and decide whether it’s necessary to find new suppliers to satisfy your immediate needs.
Get a clear picture of your financial situation before reopening and ask yourself how much capital you can access. As you do this, keep in mind factoring of accounts receivable. This is a quick, convenient option to improve your cash flow.
Factoring means selling your outstanding invoices to a company, or factor, that provides you with a sum upfront and gets paid from your customers, usually between 30 or 60 days. This way you get immediate cash that can be very useful as you reopen your small business.
At ACS Factors we are able to advance cash on receivables for companies anywhere in the US.
We are located in Upland, California, and have many clients in the distribution and logistics corridor which includes Ontario, Riverside, Fontana, Jurupa Valley and Moreno Valley.
Reach out today by email (email@example.com), telephone (909-949-5599) or through our social media accounts on Facebook, Twitter and YouTube to learn more about the benefits of turning your invoices into immediate cash!