Resource
PANDEMIC PLAYBOOK
Umbrex has established a Pandemic Task Force which is providing pro bono coaching to owners of small businesses and directors of non-profits affected by COVID-19.
See coverage of our efforts in The Wall Street Journal and on 1010WINS.
Volunteers on the Umbrex Pandemic Task Force are available to coach owners and managers of small businesses and non-profits.
VOLUNTEER to serve as an advisor
REQUEST SUPPORT for your organization
UMBREX SMALL BUSINESS PANDEMIC CHECKLIST:
Umbrex Pandemic Checklist for Small Business (Download PDF)
Umbrex Pandemic Checklist for Small Business (Download Excel)
KEY RESOURCES
Upcoming online events and seminars on coronavirus relevant to small business owners
Federal loans: The federal government offers two programs. One is the Paycheck Protection Program (PPP) and the other is the SBA Economic Injury Disaster Loan (EIDL).
View a legal summary explaining key provisions of the CARES act
PLAYBOOK CONTENTS:
- STEP ONE: ASSESS
- Take immediate steps to ensure the safety of employees
- Gather financial records and management reports
- Determine current cash on hand
- Forecast cash receipts, cash needs, and cash balance, by week
- Gather and review contracts with landlord, lenders, suppliers
- Identify key person risks
- Review existing operations vs. CDC recommendations
- Determine your personal financial position
- STEP TWO: PLAN
- Identify ways to protect existing revenue and find alternative sources of revenue
- Review staffing needs and develop a plan to protect employees; understand labor laws
- Review lease and develop a proposal for landlord
- Review debt obligations and develop proposals for lenders
- Review accounts payable and develop proposals for vendors
- Review utilities and prepare request
- Review all other subscriptions, services, and other spending for savings opportunities
- Explore eligibility for loans and grants: U.S. businesses – bank, city agency, state agency, and private sources
- Explore Paycheck Protection Program eligibility and/or SBA Economic Injury Disaster Loans (EIDL)
- Explore eligibility for loans and grants: Business outside the U.S. – list of resources
- Identify actions to mitigate the impact in event key persons become sick
- Seek legal counsel. We recommend taking advantage of pro bono initiatives from Paul, Weiss, Rifkind, Wharton & Garrison.
- Create a comprehensive action plan
- STEP THREE: COMMUNICATE
- Create a stakeholder list for communications
- Prepare communications: what to say and when
- Communicate regularly and track
- STEP FOUR: IMPLEMENT
- Apply for loans and grants (bank, city agency, state agency, SBA, other sources)
- Take steps to secure existing revenue / build alternate sources
- Adjust staffing levels while seeking to protect employees
- Discuss options with landlord
- Discuss options with lenders
- Discuss options with suppliers
- Discuss options with utilities
- Reduce unnecessary subscriptions, services, and other miscellaneous spending
- Protect data and manage passwords
- STEP FIVE: OPERATE
- Ensure employees have access and tools to work from home
- Establish guidelines for the new way of working
- Restructure any on-site work to comply with the latest CDC guidance
- If unable to avoid insolvency
- Communicate with landlord, lenders, employees, customers, accountant, suppliers
- Sell any inventory, equipment, or other assets that retains value
- Negotiate payments to settle debts / seek waiver on claims against personal assets
- Backup and protect company data
- If required, prepare to file for bankruptcy
Please send suggestions to improve this playbook to pandemic@umbrex.com
COUNTRY-SPECIFIC RESOURCES FOR ORGANIZATIONS OUTSIDE THE U.S.:
GENERAL RESOURCES:
- Economic Environment and Impact
- Daily reports on the number of cases in the US, per region and globally from the NY Times
- The Small Business Administration (SBA) provides local assistance
- Johns Hopkins provides updated data and global maps to track COVID-19
- Global updates are provided in multiple languages by Next Strain
- Thought leadership and checklists from other consulting firms (including McKinsey, Bain, BCG)
- Advice on leading in challenging times
THANKS TO THE CONTRIBUTORS:
Project Leads: Will Bachman and Margarita Soto
