COVID-19 Recovery Guide
for Financial Leaders
The plan for a crisis none of us could have planned for. Check out the chart below that reveals practical employee-related actions to consider at each stage of recovery.
EXPLORE THE PLATFORM
WEBINAR RECAP
The State of Scheduling:
"If a post on social media or a video impacts another employee's ability to do their job, then that could be harassment"
Exploring 2020's Labor-Related Challenges
Hire the Right People into Your Business
Reduce Risk and Support Retention
Save you Money in Hiring and Training
Law and Order
"Good turnover is a healthy part of what we do, and we try to address that from day one..."
Number of Team Members
0
250
500
750
1000
Day 1
Day 15
Day 106
Day 121
Day 129
Pre
Impact
Survival
Pre Re-Open
Re-Opening
New Normal
Hospitality Coronavirus Response Center
Together, we are facing a truly unprecedented situation.
Our mission is to support the hospitality community with tangible solutions that can generate positive employee-centric outcomes. Click below to access today.
REQUEST A DEMO
LEARN MORE
Not only will Harri make the hiring process efficient and pleasurable experience, both for your Hiring Managers and candidates, but will also facilitate the entire process to hire the right people into your business, reducing risk and supporting retention, thus saving you money in hiring and training.
Hire the Right People into Your Business
Reduce Risk and Support Retention
Save you Money in Hiring and Training
Law and Order
"Good turnover is a healthy part of what we do, and we try to address that from day one..."
The plan for a crisis none of us could have planned for. Check out the chart below that reveals practical employee-related actions to consider at each stage of recovery.
EXPLORE THE PLATFORM
COVID-19 Recovery Guide for Financial Leaders
Number of Team Members
0
250
500
750
1000
Day 1
Day 15
Day 106
Day 121
Day 129
Pre
Impact
Survival
Pre Re-Open
Reopening
New Normal
Hospitality Coronavirus Response Center
Together, we are facing a truly unprecedented situation. Our mission is to support the hospitality community with tangible solutions that can generate positive employee-centric outcomes. Click below to access today.
LEARN MORE
Evaluate and analyze your business for potential disruption
Can you mobilize certain aspects of your business offsite?
Review your relationships with your current bank and develop new ones so you have options
Do you have 3 months of working capital saved up?
How quickly you react to a situation could be the difference between staying in business and going out of business
Exercise your cash contingency plan
Conserve cash as soon as possible
Immediately evaluate your current business needs
Stay close to your customers. Find ways to keep in touch
Reduce or defer expenses. Review all existing contracts, leases, employment contracts for potential changes and modifications
Communicate with your bankers on loan covenants or payments due. Negotiate deferrals
Evaluating your payroll costs; consider “across the board” pay reductions or reduced work weeks, as opposed to terminations and lay-offs
Evaluating purchase commitments (inventory, capital expenditures, etc.) and consider requesting deferral or cancellation
Filing your Federal tax return earlier than July 15, 2020, the new deadline in light of the coronavirus outbreak, if you are owed a tax refund to get your money on a timely basis
Adjust 2020 estimated tax payments based on projected taxable income for tax year. Take advantage of tax law changes such as the technical correction for qualified improvement property
Cash forecasting (effective use of 13 week cash flow projection). Are historical sources of liquidity still valid?
Reforecasting your old budgets (stress testing for emergencies – run various scenarios)
Consider what optimal level of staffing is needed based on what we have all learned
Can you work more efficiently by utilizing and adopting new technology both onsite and back office functions to reduce space
Considerations given to new employee packages
Being honest with the need to constantly monitor, change and innovate
Do not forget about the budgeting process and continue to calculate cash runway for next week, month and quarter
Plan for the future and establish a “reserve slush fund” for emergencies
How quickly you react to a situation could be the difference between staying in business and going out of business
Exercise your cash contingency plan
Conserve cash as soon as possible
Immediately evaluate your current business needs
Stay close to your customers. Find ways to keep in touch
Reduce or defer expenses. Review all existing contracts, leases, employment contracts for potential changes and modifications
Communicate with your bankers on loan covenants or payments due. Negotiate deferrals
Claiming payroll tax credit for business and self-employed individuals for paid leave for qualifying individuals
Evaluating your payroll costs; consider “across the board” pay reductions or reduced work weeks, as opposed to terminations and lay-offs
Evaluating purchase commitments (inventory, capital expenditures) and consider requesting deferral or cancellation
Filing your Federal tax return earlier than July 15, 2020, the new deadline in light of the coronavirus outbreak, if you are owed a tax refund to get your money on a timely basis
Adjust 2020 estimated tax payments based on
projected taxable income
for tax year. Take advantage of tax law changes such as
the technical correction for qualified improvement property
Cash forecasting (effective use of 13 week cash flow projection). Are historical sources of liquidity still valid?
Reforecasting your old budgets (stress testing for emergencies – run various scenarios)
Consider what optimal level of staffing is needed based on what we have all learned
Can you work more efficiently by utilizing and adopting new technology both onsite and back office functions to reduce space
Considerations given to new employee packages
Being honest with the
need to constantly monitor, change and innovate
Do not forget about the budgeting process and continue to calculate cash runway for next week, month and quarter
Plan for the future and establish a “reserve slush fund” for emergencies
Claiming payroll tax credit for business and self-employed individuals for paid leave for qualifying individuals
For more info contact please contact Mike Iannuzzi at miannuzzi@citrincooperman.com