COVID-19 pandemics is a powerful blow to all sorts of businesses around the world. And even though we can’t do much to mitigate its grave effect, we can monitor the global quarantine’s influence, which can be of help in the future.
A great idea is to keep track of any virus-related costs, by adding a new ‘COVID-19’ expense item into your list of expenses. You should put in this item not only costs of supplies and additional measures required to fight the situation but also the costs of time that individual employees spend on meetings implemented out of necessity. It’s better to monitor the costs of new security meetings as well as the costs of daily meetings conducted to keep remotely-working people on the same page and their team spirits up.
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What’s the benefit?
On one hand, in case, the government will provide financial aid, you will have exact numbers that will reflect the graveness (or the lack thereof) of your situation. These numbers will be helpful when you go to a bank as well.
On the other hand, if a similar situation will happen in the future, you’ll already have approximate costs your business will have to deal with. As a result, you’ll be able to better plan your emergency funds. Remember that forewarned is forearmed.
Good luck to all of us, we’ll deal with it.
Yuriy Gnatyuk, COO at KindGeek
