The Small Business Continuity Checklist

Small businesses have been disproportionately affected by the COVID-19 pandemic, also in Suriname.  Most organizations worldwide are small in size, and the importance of small businesses to the global economy is indisputable. The Small Business Continuity Checklist will help small businesses navigate today’s crisis and plan for tomorrow’s “new normal”.

For many small businesses, having a trusted advisor that they can turn to for help and guidance through this crisis is incredibly important.

The nature and extent of the advice needed will depend on a variety of factors, including the industry, cash reserves and the performance of the business prior to the COVID-19 outbreak. In the early stages of the crisis, guidance was needed to access government grants and subsidies. Many businesses now face a prolonged period of changing circumstances (i.e. the “next normal”) and continue to require assistance and sound advice. A professional accountant can help effectively manage and reduce risk, explain how to take appropriate actions and fortify the business for the medium to long-term.

The Small Business Continuity Checklist is a diagnostic tool to navigate times of disruption, covering two key areas of Financial Management Tasks and Strategic Management Tasks.

Some of the Financial management tasks:

• Prepare, review and analyze the financial statements
• Prepare and review 3, 6 and 12-month cash flow forecasts using best, worst and expected case scenarios
• Determine whether the business activities are eligible for a government Covid- 19 grant or subsidy
• Undertake a sensitivity analysis with changes in assumptions to prepare forecasts
• Review the market valuation of certain assets
• Review bank loans, leases, credit cards or other finance

Some of the Strategic Management tasks:

• Ensure health and safety of staff
• Enable remote working where possible
• Provide leadership and clear communication to staff
• Undertake a Strengths, Weaknesses, Opportunities, Threats (SWOT) Analysis
• Create or increase the online presence of the business
• Stay close with customers, how the business responds will be critical for long- term loyalty and risk of reputational damage

Source: IFAC.ORG