1 – Safety and Workplace Guidelines

As you continue business operations, a detailed plan should be in place to account for the current situation. Because of the changes COVID-19 has brought about, it is important to not only think about continuing operations, but how to reimagine your business. Begin by reviewing the questions below and then the topic-specific resources.

  • Is attempting to continue operations without any changes possible? If not, what will need to change?
  • Have you familiarized yourself with health/governmental COVID regulations?
  • Are you in compliance with the Virginia Department of Labor Permanent Standards?
  • Have you conducted a job hazard risk assessment specific to COVID-19?
  • Have you updated your policies and to include self-reporting, notification and return-to-work procedures?
  • Have you trained your employees on new policies and procedures?
  • Do you have well-articulated protocols to keep your staff and customers safe?
Safety & Workplace Guidelines

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5 – Business Continuation Assessment

After looking at the entire picture, it is important to make an informed decision about moving forward.

  • After all your considerations, should you continue your business?
  • If you feel you should consider selling or closing your business, please contact your local SBDC advisor for a no-cost, confidential one-on-one appointment. You can also review the Closing Considerations page to prepare for a meeting regarding closing a business.
  • For selling a business, you can download the BizBuySell Guide as a way to prepare for a meeting with an SBDC advisor. Please note that selling a business can be a long process, so proper planning is crucial.
Business Continuation Assessment

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4 – Financial Future Assessment

New financial projections and assessments must be put together based on the current situation. Begin by reviewing the questions below and then the topic-specific resources.

  • Have you completed a cash flow forecast?
  • Have you done financial projections that incorporate the current situation?
  • Will you be able to afford current debt payments?
  • Will you be able to reopen using existing financial resources (from the business or your own)?
  • Will you need to look for additional financial resources from investors, banks, lenders, or a mix?
Personal Assessment
  • If you are seeking debt financing, have you determined for what reason you are seeking the money (i.e. to replace inventory or buy equipment), the length of the loan term, and how much you will need?
  • For existing debt financing arrangements, have these been reviewed to ensure that the finance facility and structure fit the new needs of the business? Can any term be renegotiated?
  • Have you used these forecasts to run ‘what if’ scenarios to measure how your cash flow will be impacted by further unexpected events or limited revenue?
  • Using these financial tools, have you analyzed the business’s financial health? After reopening, how long will current financial resources last if revenue is slow?

Webinars

Beyond Covid-19 Webinar Series: Funding and Financing In-depth Webinar

Webinar Link-Registration Required (Free)

  • Introduction/Agenda/Weekly update – (4.5 min)
  • Howard Pisons, VSBFA Executive Director –VSBFA Overview - (10 min)
  • Zachary Petry, Small Business Lending Manager, VCC – PPP loan
        • Introduction to VCC - (1 min)

Robert Day, Chief Financial Officer - From the perspective of Advantage Engineers, Inc.

  • What was done when COVID-19 began - (3.5 min)
  • PPP loan experience - (4.5 min)
  • Looking forward – (2.5 min)
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Q&A/Closeout - (20 min)

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3 – Cash Flow Assessment

Understanding your current cash flow is an incredibly important factor in assessing your business’s financial health. Begin by reviewing the questions below and then the topic-specific resources.

  • Have you determined how much cash your business currently has available by creating a cash flow statement?
  • Have you created a balance sheet and a profit and loss statement from the beginning of the current fiscal/calendar year?
  • Have you spoken to your landlord about securing more favorable rent or mortgage terms?
  • Have you spoken to your lender to determine if existing loan terms can be renegotiated?
  • Have you evaluated where you can reduce or eliminate costs?
  • Can you afford to reopen your business? If you cannot afford your recovery plan, have you considered exiting the business?
  • Do you have unused assets that should be sold?

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2 – Initial Business Assessment

It is important to look at the impact COVID-19 has had on your business and if you are prepared to move forward.

  • Have you fully considered whether to reopen, close, or sell/merge your business?
  • Are you willing to change your current business model to make it more sustainable long-term?
  • Are you prepared for the extra demands that recovering your business will place on you, both personally and financially?
  • Will there still be a demand for your product during and after the current crisis?
  • Have you investigated the potential liability in reopening?

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1 – Personal Assessment

As business restrictions begin to be lifted, it is important to assess your individual desires about your business. The SBDC is here to help you get back up and running, but it is important for you to know if this is in line with your goals. The questions below are a great way to start thinking about what your goals are, and what value you will receive from continuing to be a business owner.

  • Were you content running the business before the crisis?
  • Were you making the profit you wanted?
  • Did you prefer being your own boss?
  • Have you considered other opportunities?
  • Do you have a desire to reopen the business?
  • Are you ready to potentially change your business model in order to meet the demands of the COVID and post-COVID marketplace?

If you answer “No” to any of the questions, please reach out to your local SBDC to schedule a confidential, one-on-one session with an advisor using the Request Counseling button below. There are a number of important items to prepare if you are considering closing your business.

Personal Assessment

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