I run a small restaurant – we have strict health policies + recently set up a paid sick leave fund. We are a low-risk space in a community with no outbreaks. And yet, the crunch is here. If you are a small business here are some lessons learned and actions I’d recommend [thread]
We have seen an immediate loss of business and cancellation of future private bookings (April is our busiest month!) While we have not cancelled any programming or operations, I’m preparing for potential changes. #COVID19
I’ve spent the last 48 hours on the phone with our insurance company, our bank, SBA, NH Bureau of Economic Affairs and NH Works, Chamber of Commerce, Governor’s office, and elected representatives from local to federal level. From the sounds of it, many other biz are in the dark.
DOCUMENT EVERYTHING:
Being organized isn't easy with the stresses of running a kitchen, I get it – start a spreadsheet of every expense, every phone call, every canceled order. It will matter. Whether small biz loans or insurance claims, having documentation will be crucial
Being organized isn't easy with the stresses of running a kitchen, I get it – start a spreadsheet of every expense, every phone call, every canceled order. It will matter. Whether small biz loans or insurance claims, having documentation will be crucial
MAKE A CLAIM:
Gov uses real data to back up decisions. In particular, your claim (takes 5 min!) of economic injury supports state wide declarations that can *potentially* free up funding. Call the Joint Information Center for NH’s Department of Homeland Security: 603 223 6169
Gov uses real data to back up decisions. In particular, your claim (takes 5 min!) of economic injury supports state wide declarations that can *potentially* free up funding. Call the Joint Information Center for NH’s Department of Homeland Security: 603 223 6169
ONLINE STRATEGY
The front page of your website needs to say something. In the food service biz we always keep challenges close to our chest for fear of spreading concern. Now is the time to share the tribulations of your business.
The front page of your website needs to say something. In the food service biz we always keep challenges close to our chest for fear of spreading concern. Now is the time to share the tribulations of your business.
Furthermore, consider an online portion of your business – offer eGift Cards and put it at the front of your business. Consider selling things online. Many sites make this easy and free (I use WordPress/Woocommerce).
Drop a link in comments here!
Drop a link in comments here!
PROVIDING FOR YOUR CREW
NH is currently assessing changes to unemployment coverage. If someone works in NH, they qualify (YES, even if they live in Maine/Mass, YES even if they are a service worker/part-time). Be prepared to encourage your team to apply for unemployment
NH is currently assessing changes to unemployment coverage. If someone works in NH, they qualify (YES, even if they live in Maine/Mass, YES even if they are a service worker/part-time). Be prepared to encourage your team to apply for unemployment
YOU *MAY* HAVE AN INSURANCE CLAIM
Call yr insurance agent (not carrier – their interest isnt to give you most favorable reading of your contract!) Tell them your situation + ask them to advocate for the best solution given your policy. If you need to file a business income claim
Call yr insurance agent (not carrier – their interest isnt to give you most favorable reading of your contract!) Tell them your situation + ask them to advocate for the best solution given your policy. If you need to file a business income claim
All BOP are different bt most have exclusions for “virus." presumably your damage doesn’t relate to the virus (e.g. manager got sick), but due to CIVIL AUTHORITY (e.g. state declaration of emergency, WHO pandemic declaration) This is no guarantee bt is a better defense to damages
LET YOUR CUSTOMERS KNOW
Now is not the time to feel awkward asking for help! Draft an email to your customer base (if you aren’t keeping a list of customer emails, now is a great time to start with services like @Mailchimp)
Now is not the time to feel awkward asking for help! Draft an email to your customer base (if you aren’t keeping a list of customer emails, now is a great time to start with services like @Mailchimp)
We use @Square: they have a built in marketing tool that can send a message to all customers. Recognize that your customers are receiving a LOT of notices right now, so mix up the subject line, + consider offering an incentive e.g. “buy a $100 gift card and get 10% off now!”
CONTACT YOUR LANDLORD
You shld ask them what they can help you with. Give them assurances this is temporary + you need help. They often make decisions based on their proforma and what their banks look for. Banks will *hopefully* be lenient w temporary rent abatements (so ask!)
You shld ask them what they can help you with. Give them assurances this is temporary + you need help. They often make decisions based on their proforma and what their banks look for. Banks will *hopefully* be lenient w temporary rent abatements (so ask!)
CONTACT YOUR BANK
Ask what they are doing to help you, a long-standing customer. Ask if they are waiving overdraft fees, if they are halting loan payments or interest. In the worst case, ask if they will honor payroll checks in an instance of overdraft
Ask what they are doing to help you, a long-standing customer. Ask if they are waiving overdraft fees, if they are halting loan payments or interest. In the worst case, ask if they will honor payroll checks in an instance of overdraft
CONTACT UTILITIES
No utility should be shutting you off/down for non-payment during emergency. If you are concerned, ask for forbearance – ask if they will agree to not report non-payments to credit score agencies.
No utility should be shutting you off/down for non-payment during emergency. If you are concerned, ask for forbearance – ask if they will agree to not report non-payments to credit score agencies.
SHARE YOUR STORIES
I set up a google form to collect and share best practices and ways other small business owners are coping and responding to market changes and public health. Please add your ideas! forms.gle/MBsXictRKn24w6…
I set up a google form to collect and share best practices and ways other small business owners are coping and responding to market changes and public health. Please add your ideas! forms.gle/MBsXictRKn24w6…
ASK FOR HELP
Doing this work upfront has left me with a little time on my hands. I’m committed to helping any small business owner – no matter where – design and implement their own plan. I’ll do everything I can. pls reach out w questions or if you need support. My DMs are open
Doing this work upfront has left me with a little time on my hands. I’m committed to helping any small business owner – no matter where – design and implement their own plan. I’ll do everything I can. pls reach out w questions or if you need support. My DMs are open
