COVID-19 Has Proved That All Businesses Need a Backup Plan. Here's How to Put Yours in Place
It's estimated that more than 100,000 small businesses have permanently closed their doors in the wake of COVID-19, and many more have no doubt come close. Thankfully, there's been some relief for small businesses during the ongoing crisis and recession. Paycheck Protection Program loans, for example, have been instrumental in helping companies retain staff and prevent layoffs, while Economic Injury Disaster Loans have been a lifeline for businesses that needed money to keep up with their expenses and financial obligations.
But if there's one thing the COVID-19 crisis has taught business owners, it's that they need a backup plan in case disaster strikes. In fact, in a survey of over 500 business owners by payroll and HR solution company Paychex, roughly 54% say they intend to create a crisis management plan once the pandemic is over. If your business is in need of such a plan, here's how to go about putting one together.
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Source Fool.com
