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The Health of Your

BusinessSmall Business Strategies for dealing with

COVID 19

presented by

Your Wisconsin SCORE Chapters

Webinar Administration• Participants in listen only mode

• Slides and recording will be posted on Score website

• Several resources are hyperlinked

• Please respond to instant polling questions

• Contact your Score mentor to assist you

• Click here to enter your questions during the presentation

SCORE: Who We Are

• National nonprofit dedicated to

small businesses

• Established 1964

• Resource arm of U.S. SBA

• Over 10,000 volunteers

• Education and mentoring

“You get an experienced, successful business person on your team for unlimited

advice…. and it is free!”

Wisconsin Score Contacts

Chapter Website Email Phone

Southeast

Wisconsin

sewisconsin.score.org score.28@scorevolunteer.org (414) 297-3942

West

Central

Wisconsin

centralwisconsin.score.org ch.admin0535@scorevolunteer.org (715) 384-3454

Fox Cities foxcities.score.org score.foxcities@scorevolunteer.org (920) 303-2266

Green Bay greenbay.score.org GreenBayScore@gmail.com (920) 222-2167

Madison madison.score.org Madison.score@scorevolunteer.org (608) 441-2820

Score Webinar SeriesCOVID 19 Strategies for Small Business

1. The Health of Your Business

3. Business Model Adaptations

2. Finances & Staying Alive

4. Marketing in a Crisis

Ken Wundrow

Certified Mentor, SCORE Madison

kenneth.wundrow@scorevolunteer.org

608-516-7486

Presenters

Kristine M. Eiring

Psychologist, PhD, CMPC

dreiring@dreiring.us

608-480-5543

The Health of Your Business

❏COVID 19 Update

❏Safer at Home Order

❏Dealing with Anxiety

❏The New Normal

COVID 19 Factsmcw.edu/covid-19

COVID 19 Update

❏ When will this be over?– The CDC is predicting 8 weeks from onset…... May 1st ?

– Currently seeing event cancellations through.... May 31st

– WI Stay at Home Order lasts until April 24th

❏ Stay Current – https://www.dhs.wisconsin.gov/disease/coronavirus.htm

Safer at Home Rules

• WI Safer at Home Order (FAQ)

• Nonessential businesses– Employees working from home

– Conducting meetings via internet

– Methods of delivering services or products

online

• Essential Businesses– Keep workplace safe for employees and

customers.

– Physical distancing provisions

Dealing with Anxiety

Anxiety Issues

● Will my business survive?

● What about my employees?

● Will my clients come back if I do survive?

Emotional and Psychological Effects

Two Themes:

1. Griefa. Shock, anxiety, depression, anger, bargaining

b. Seek support

2. Anxiety: uncertain outcomes1. Focus on what you can control, even is small

2. Daily schedule (to-do list) and anchors (routine)

Generalized Anxiety

Keywords: intensity and frequency

Symptoms:

1. Physical (headaches, nauseous, hot/cold, sweating)

2. Emotional (irritable, sad, stressed, anxious)

3. Mental (concentration and focus decrease)

Communication:

– Be aware of words and tone with staff and family

Dealing with Anxiety

It Starts with taking care of yourself• 9 stress reducing resources

• Sanvello: App for dealing with stress, anxiety and depression

• Score Webinar: Building Resilience After a Business Setback

• HBR Webinar: Managing the Stress and Uncertainty of Coronavirus

• Business 2 Community: How Coronavirus is Impacting Small Businesses

Calming My Customers

Your clients are in the dark…

● Communicate your plans

• What are your hours / locations

• If you closed, when do you plan to reopen

● Explain alternative business models• Working from home

• Online sales

• Take out / Delivery

Calming My Customers

How are you protecting them if business is

still being carried on? Let them know….• Your business is not alone, everyone is

affected

• You are respecting their safety needs

• Quarantine, distancing and public health

strategies you are incorporating

Reducing My Employees Anxiety

Your most valuable assets

• Involve them in your strategy planning

• This is not the time to keep them in the dark

• Be transparent in the actions you are taking

• What are your rehiring plans ?• Don’t leave them guessing

• If planning to rehire, reassure them

Reducing My Employees Anxiety

If still open, provide a safe environment• Provide for work from home options

• Provide for physical distancing

If furloughed, assist with unemployment

benefits• Provide information: https://dwd.wisconsin.gov/uiben/

• If you have an HR person, set up consultation

meetings

What if I have a COVID 19 positive employee?

1. Express sympathy

2. Act quickly to minimize risk of disease spreading

– Coworkers in “close contact” within prior two weeks?

– Self isolation; call doctor; consult CDC website

3. Alert coworkers by video or phone

– Do not identify COVID 19 employee

– Same advice as given to COVID 19 employee

– Follow up conversation by email

4. Alert other employees

5. Senior leader check in on COVID 19 employee

HBR: Your Employee Tested Positive for Covid-19. What Do You Do?

Reducing My Employees Anxiety

One last thought for employees

• Employees may be craving social interaction

– Invite employees into a “social only” online

gathering

Crisis Planning

Be proactive….Make Decisions• Cash flow analysis

– How much do you have and how long will your cash

reserves cover you?

• Map out fixed vs. discretionary expenses– Consider cutting or renegotiating your discretionary

expenses

Crisis Planning

Find your safety net– Business disruption insurance

• Did you have it and will it kick in?

– SBA disaster loans assistance• 12 month deferral on payments

• 3.75% interest rates

– Coronavirus Aid, Relief, and Economic Security

(CARES) Act

The New NormalWorking Online

• Free Solutions (Zoom, Google Hangouts, Duo App, Facetime, Skype)

– Limited on participant numbers, time and features

• Subscriptions– More features, less restrictions… consider cost

• What happens when you return to business as usual– Will online be more in demand than in past

– Prepare for new normal going forward

HBR: A Guide to Managing Your (Newly) Remote Workers

What if I have to close?

• Secure your building

• Post signage for the public– “closed until”

– contact information

• Renegotiate the lease or the mortgage– Can payments be deferred, delayed or forgiven

– Can payments be reduced or prorated

– Can I refinance

Ken Wundrow

Certified Mentor, SCORE Madison

kenneth.wundrow@scorevolunteer.org

608-516-7486

Questions?

Kristine M. Eiring

Psychologist, PhD, CMPC

dreiring@dreiring.us

608-480-5543

Upcoming Webinars

• SBA (www.sba.gov/wi)

– Disaster Loan program and Updates webinar; Apr 1-10 at 2:00p

CDT (here)

• Score (www.score.org/coronavirus)

– Coronavirus and Your Small Business - A Live Q&A with SCORE Mentors; April 9 at 12:00p CDT (here).

– Marketing Advice to Combat an Economic Downturn; April 28 at

12:00p CDT (here)

Additional Resourcesscore.org/coronavirus

Additional Resourceshttps://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Additional Resourceshttps://www.uschamber.com/co/small-business-coronavirus

COVID 19 Factsmcw.edu/covid-19

COVID 19 Factsmcw.edu/covid-19

Centers for Disease Control and Prevention: cdc.gov/coronavirus/2019-ncov/index.html

World Health Organization: who.int/emergencies/diseases/novel-coronavirus-2019

WI Dept of Health Services: dhs.wisconsin.gov/disease/coronavirus.htm

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THANK YOU