5 Questions Every Business Needs to Ask to Prepare for a Second Shutdown
We focused on five questions that we deemed critical for small businesses preparing for a second shutdown. Through interviews with local Detroit and Ann Arbor businesses, we identified these common concerns and developed actionable tools that small businesses anywhere can use. Read on for more information regarding websites, distribution systems, supply and inventory strategies, employees, and applying for aid.
Do I Need to Update My Online Presence?
Are my hours and COVID-19 policies up to date on my website, social media, and Google listings?
Is it easy to buy products from me online?
Do I have open and active lines of communication with my customers?
Can My Distribution System Handle a Second Shutdown?
Should my business temporarily transition to Amazon to sell and ship my items?
Were small businesses successful in the past in running their business on Amazon?
Are My Supply and Inventory as Efficient and Productive as Possible?
Are there any specific products, menu items, or brands that have not performed well recently?
Do I need to change my stocking strategy based off my type of supply (local vs. non-local)?
Can I stock up on certain merchandise that can carry over seasons?
Do I need more shipping materials/supplies?
How Many Employees Can I Afford to Pay?
What are my fixed costs that need to be covered during a second shutdown?
What are my employee costs and non-employee variable costs?
What are my finances like from Sept. 2019 - Feb. 2020?
What Finances Do I Need to Have Ready to Receive Aid?
Do I have all the relevant documents to apply for aid?
Are my financial statements in a presentable format that allows me to apply for grants and loans?
Do I need to apply for grants or loans?