Today our community began a series from the University of Utah’s Eccles School of Business, “Save Your Business”. The class is FREE, register here.
Join this call every Tuesday and Friday for an urgent and compelling forum that will provide clear and actionable direction to help local businesses navigate the COVID-19 health and economic crisis.
Thank you to the George S. and Dolores Doré Eccles Foundation who is generously underwriting this lecture series so it can be offered free of charge to all interested business participants.
Former Utah Governor Mike Leavitt led the session and offered these thoughts:
- First, start thinking about COVID-19 as a long-term risk that needs to be managed, not a short-term issue that we can immediately solve.
- Study the CARES Act. There’s a lot there. And it will affect your business and your capacity to save your business. Become a student.
- Contact your banker and the people who are important in the context of financing your business. Be direct with them, be up front with them, show them a plan, make them your partner.
- Understand your cash position as it relates to your supply chain and begin to think long-term. How will my supply chain need to be different than it has in the past because of these unique circumstances?
- Make decisions regarding your work force. These are hard. We live in a place where in fact we have a country that is offering that kind of support.
This will end. We’re going to get through it and we’ll be stronger as a country.
Be decisive. You don’t have to be perfect, but you do have to be moving. Decisions are made when they’re directionally correct.
Moments of crisis require that we’re constantly re-framing our plan based on the best information, but move forward.
Thank you to the University of Utah and all of today’s participants for helping our local businesses navigate this challenge!
Our key takeaways from today’s session:
Utah Leads Together intro – Gov. Herbert
Gov. Mike Levitt
- Many unprepared
- Bold action must be taken that hurt economy
- Utah is responding
Steve Alder, PhD, Health Ecologist
- We’re past containment, we’re managing virus spread
- Take measures – Social distancing, stay at home
- Most infections will be mild
- Need herd immunity ultimately
Miles Hansen, Federal Programs
- SBA – PPP, EIDL
- Amend your tax returns
Scott Schaefer, U of U, Workforce
- CARES Act – Look at ways to support your workforce
- Decide on layoffs or furlough
- Stop and start economy coming – Plan for flexibility
Taylor Randall, Business School, Supply Chain
- Urgent Phase – Communicate with suppliers and customers
- Extend payments to suppliers/customers
- Discounts for customers
- Turn inventory into cash
- Address every link in the chain
- Prepare financial statements
- Prepare business projections
- Banks are prepared to help
- Work with your customers
- Prepare a plan
Andrea Thomas, Customer Relations
- Be empathetic and patient with customers
- Change your marketing and tone
- Emotional connection to customers
- Move to online, social media
- Use new technologies
- Don’t panic
- Cut costs
- Focus on sales
- Divide and delegate – Build task force for each need
- Payables perspective – who gets paid? Work with suppliers
- Defer your own A/R
- Talk to your bankers, suppliers, employees, customers
- Maintain credibility, no not over promise/under deliver
- Utah is getting it right
See you at the next session! Register here.