Businesses have shut down, offices are closed, and production has come to a halt. In some cases, billing for products and services has ceased for many businesses. Clients have been lost, and critical past receivables are no longer coming in. 

Of course, things are more than likely going to turn around eventually, however, no one knows when this might happen. The uncertainty is what makes it difficult to plan or strategically budget to stay above water properly. 

Instead of panicking, businesses must work proactively to avert disaster by conducting six conversation categories. The following conversations are likely to be uneasy or uncomfortable to have, but for your business's sake, they should be considered:

With small-business-bailout programs

We advise talking to any local officials to learn about securing low-interest loans, grants and any other resources which could help keep your lights on. Take the time to find any business resources available that run donation relief programs for small businesses. Apply for any financial support opportunities that are offered by the government. 

With your network: 

It's never wise to suffer in silence. Reach out to other business owners, family and friends, professional counsellors and any other individuals you've collaborated with before.  

With your suppliers, landlords and lenders. 

During times of crisis and recession, it's a crucial time to have conversations with the people whom you owe money.  Send out emails, request calls, or have virtual meetings to ask for loan relief, payment holidays, no repayment periods, interest-only terms, a more extended loan amortisation (the period for repayment); rent abatement or deferral; discounts; and additional lines of credit. 

With your insurance broker. 

If you have any business insurance policies, take the time to review your plan and make the call to your agent to determine whether you can file a claim for business interruption.

With your customer base. 

Ensure that you're effectively communicating about any brand repositioning or new products or services you might be offering that will meet your customer's needs.  Pivoting in this fashion is essential to remain commercially relevant as well as for maintaining your reputation in the market. Conduct meetings with your team to devise new, legal revenue streams. 

With your employees.

Perhaps most importantly, we advise continually communicating with your employees. Be as transparent as possible.  In the worst-case scenario of having to lay people off, it's sometimes an inevitable task to reduce payroll costs when revenue takes a knock. Offer severance packages wherever possible and offer to help your employees find government resources and recommend that they apply for unemployment or UIF immediately. 

Conclusion

If you haven't already taken these steps, we recommended doing it quickly. Ensure that your business is safe and ready to conduct business as usual once these trying times end.