Honestly, this is the biggest question we are hearing the most. We highly suggest you sitting down, working with a mentor/coach/someone you trust and strategically consider your next steps. Your next steps should include sales tactics, marketing initiatives, and ultimately how to work with your employees to make sure they are taken care of to the best of your ability. At the end of the day, the answer to this question depends on your business, your situation, and your employees.
Think strategically and get creative. Consider a boutique moving to a virtual platform. Use Instagram, Facebook, and other social platforms to promote your products. Consumers are spending hours upon hours on the web. Use that to your advantage. Consider a therapist. Switching over from all in person meetings to using a new software, such as Zoom.com, to communicate virtually with your clients. All in all, the answer depends on your business but think outside the box.
We suggest you calling your trusted advisors. These advisors can include, but not limited to, Financial Advisor, CPA, Attorney, IT Management Provider, and Allora Solutions Group. Your advisors are there to help you through the ups and the downs. They will provide different perspectives of your business that are critical at this time.
We applaud all business owners for thinking of their staff during this time. Communication is key during this time. Sit down with your employees and have a transparent conversation. Keep their best interests in mind while ensuring that you are doing right for the business too. Again, communication is key.
Yes, Allora is happy to help your staff work through the unemployment process. We will partner with you to act as your outsourced HR partner during this time, specifically focusing on aiding your employees.
Employers will not be charged if an employee receives unemployment benefits because of a coronavirus shutdown. Employers can file claims on behalf of their employees but the employee must still certify the claim.
Yes, the IRS has extended this year’s tax deadline from April 15 to July 15. If you are in South Carolina, SC extended the state tax deadline to June 1, 2020. We encourage you to read the full details from the Treasury Department – click here.
Now is the time to review your benefits. Employers are being encouraged to really take a look at their standard operating procedures and understanding the new normal. It’s time to review leave policies, emergency protocols, and communication policies. If your business is able to work remotely, it’s time. Employers want their employees to feel safe at work and during this pandemic, you certainly don’t want your whole workforce to be out of work. Be realistic, flexible, and transparent with your employees. Now is the time for effective and efficient communication.
Rob Coleman, Wealth Management Advisor at Foster Victor in Greenville, SC, suggests reaching out to your commercial lender as soon as possible. Discuss with your lender your options. Most are suggesting business owners switching over to interest only payments or different payments for 30,60 or 90 days (note – interest will accrue).
If so, contact your Retirement Plan Advisor to discuss your options. All retirement plans are different and have their own set of rules.
If you don’t previously have a work-remote policy in your employee handbook, you can create one pretty quickly. Allora offers a free webinar on how to do this, quickly. Communication, expectations, accountability, and grace will help your culture adapt during this time.
Let’s be honest, we all get frustrated with internet issues, server issues, etc. There is no better time to reach out to your managed IT provider and ask for guidance or best practices during your remote work period. We are dependent on our technology for our day to day lives, so when it doesn’t work, we can’t work. TekSwift is offering all their clients and non-clients alike VPN/Remote access for their employees at a flat rate of $50 per user. Some restrictions may apply, however we highly encourage you to have a tech guru in your trusted advisors.
Yes, it certainly could. All businesses are being affected by COVID-19, however small businesses and non-profits are being hit incredibly hard during this time. The U.S. Small Business Administration (SBA) has approved South Carolina’s small businesses and non-profits for low-interest loans to provide immediate assistance. For more information and to apply online, please visit https://disasterloan.