Filetype Excel XLSX | Posted on 10 Aug 2022 | 3 years ago
Authentication
digital resources
249x Filetype XLSX File size 0.03 MB Source: www.umbrex.com
Sheet 1: Sheet1
| Umbrex Pandemic Checklist for Small Business | ||
| Category | Detail | Status |
| Check health and safety of employees | Confirm employees safe and sheltering at home | |
| Create/update contact list for all employees with cell and personal email | ||
| Gather documentation | Entity formation document | |
| Business tax returns for past three years | ||
| Financial statements for past three years | ||
| Payroll records for past three months | ||
| Accounts receivable report | ||
| Inventory report | ||
| Accounts payable report | ||
| Current balance of all business bank accounts | ||
| Current balance of business credit cards | ||
| Determine personal net worth (assets - liabilities) | ||
| Determine net current assets | Sum of all bank checking account balances | |
| Sum of all accounts receivable | ||
| Less sum of accounts payable | ||
| Less debt payments due | ||
| Equals: net current assets | ||
| Forecast revenue | Estimate revenue next 3 months | |
| Forecast monthly expenses | Rent | |
| Labor | ||
| Utilities | ||
| Raw materials | ||
| Other expenses | ||
| Total monthly expenses | ||
| Determine monthly cash burn | Cash generated minus cash expenses | |
| Determine point of insolvency (if applicable) | Net current assets / monthly cash burn | |
| Understand legal and financial options | Familiarize with options if business headed for insolvency | |
| Explore ways to conserve cash | Rent: negotiate with landlord | |
| Labor: review options | ||
| Utilities: Electricity | ||
| Utilities: Gas | ||
| Utilities: Internet and telecom: if working from home, negotiate with telecom provider | ||
| Raw materials: | ||
| Ask for extended payment terms | ||
| Ask for discount | ||
| Sell off inventory / reduce inventory levels | ||
| Sell fixed assets / equipment | ||
| Cancel unnecessary services | ||
| Review scheduled advertising spending | ||
| Explore alternate business models to generate revenue | See separate sheet for industry-specific ideas | |
| Explore options for loans | Line of credit with bank | |
| Local city agency | ||
| State agency | ||
| U.S. Small Business Administration Economic Injury Disaster Loan Program | ||
| Explore optins for grants | Local city agency | |
| Local state agency | ||
| Determine owner's personal liability for company debts | Review agreements to understand personal liability | |
| Protect physical property and plant | Ensure physical locations are locked, secured | |
| Remove valuable items to secure location | ||
| Protect vital data | Back up vital data to the cloud and external hard drive | |
| Take steps to protect against hacking attempts (increased volume during times of crisis) | ||
| Set up password manager. Ensure that owner and backup have access to access to passwords of all company accounts in event key employee falls sick | ||
| Communicate with customers | Communicate status of business via website, social media, and emails to customers | |
| Communicate status of pending orders from customers | ||
| Communicate with suppliers | Discuss any pending orders with suppliers | |
| Communicate with benefits providers | Confirm coverage of employees | |
| Personal | ||
| Key person risk | Provide guidance to significant other / deputy on how to manage business if owner falls sick. Provide access to keys, passwords | |
| Will and testament / personal estate plan | Update or create will and testament / estate plan | |
| Review entity operating agreement to ensure it allows for orderly succession if owner dies |
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