BUSINESS COMMENT
12 • June 2020
Coast River Business Journal
Navigating through the reopening of your community
Use this checklist for economic recovery and supporting local businesses
By Kevin Leahy
Executive Director
Clatsop Economic Development Resources
The last three months have seemed like an
eternity for our local businesses (and residents!),
but we are starting to see some positive signs in our
local economy, always led by the health and safety
of our entire community.
Gov. Kate Brown’s phase 1 and phase 2 plans
have been very strategic, and we see more and more
businesses reopening every day.
The following checklists help to navigate
through the “recovery” phase most businesses are
now undertaking:
Cash Management
• Prioritize who to pay first.
• Have conversations with your vendors to ask
for longer payment terms or partial payment.
• Have financial records in one, easily accessible
place and review them daily.
• Review financial information and forecast
cash needed to operate your business. Know your
information well. Don’t rely on your accountant or
bookkeeper to tell you how the business is doing.
• Talk to lenders about renegotiating existing
loan terms and interest-only payments for awhile.
• Keep payment promises (don’t make promises
you can’t keep).
• Work with federal and state government
agencies about payment of past due and coming
due taxes.
• Don’t ignore collection letters from federal and
state government agencies. They can freeze your
bank accounts, cutting off access to cash.
• Have a line of credit in place.
At the Clatsop Small Business
Development Center,
We are here to
help you.
—
CLATSOP COMMUNITY
COLLEGE
Our services are designed to help business owners and operators in all
stages from start-ups and businesses in their first year, to mature business
looking to grow.
As an entrepreneur, your path to start, run, and grow a business is likely to
be filled with a variety of challenges that you’ll need to overcome to avoid
costly setbacks or even failure. The journey can sometimes be overwhelming
and risky- but you don’t have to do it alone. The Clatsop SBDC’s team of
professional business advisors are available to help you navigate your way to
success!
For more information visit bizcenter.org/clatsop
• Sell unproductive assets if need be for cash
flow.
• Consider business credit cards, but understand
the risk.
• Understand the Workshare programs with the
Oregon Employment Department.
• Reduce embezzlement opportunities by limiting
check signing to the owner or requiring two check
signers. Examine payroll records for accuracy and
reconcile bank statements and credit card registers
daily. Unfortunately, desperate times can bring out
the worst in employees.
• Understand the ongoing changes of the CARES
Act funding, including the PPP (Payment Protection
Plan). Congress just extended the coverage period
for businesses, which will work to a large advantage
for the businesses in our region who are just allowed
to reopen for phase 1 and phase 2 guidelines, plus
lodging allowed throughout the region. NOTE!
You will file the forgiveness application with your
lender.
Work with a bookkeeper/accountant who is
familiar with the PPP forgiveness application.
• Key an eye out for potential grant programs
being offered to small businesses, like the City
of Seaside and Cannon Beach did recently. We
continue to explore all options available to share
with our chambers and downtown associations, as
well as the business community at large.
Pricing and Cost Containment
• Reduce unnecessary expenses like travel,
entertainment and other areas that do not contribute
to revenue generation.
• Review personnel requirements. This has been
the most difficult decision for most business owners
during covid-19. As we start the recovery, see if
vacant positions are really needed. Can the duties
be divided among other employees?
• Review pricing and value. Don’t cut prices
in panic mode. The price game never results in
anything other than significant financial pain.
• Continue to have rent reduction conversations
with your landlord, but remember they need to
make payments, too.
• Consider renting unused space to other business
owners.
• Negotiate discounts with vendors, when
possible. Remember, trying times impact them, too.
They may be willing to offer short-term discounts
they otherwise wouldn’t.
Marketing
SCHEDULE A FREE AND
CONFIDENTIAL
ADVISING SESSION
Call 503-338-2402 or email sbdc@clatsopcc.edu
Clatsop Community College is an affirmative action, equal opportunity institution. ADA accessible. For the complete Non-Discrimination and Accommodations statements, please visit https://
www.clatsopcc.edu/ada. Clatsop Community College es una institución de igualdad de oportunidades y de discriminación positiva. Para las declaraciones completas de No-discriminacion y de
Ayuda a las personas discapacitadas, por favor visite https://www.clatsopcc.edu/ada.
• Identify your key target customers and focus
first on them.
• Reassess your marketing strategy. Marketing
is still a very important factor in business success.
Remember those marketing partners who gave you
a price break or free business listings during the
darkest times, and work with them on strategies to
re-engage your customer.
• Communicate regularly with your customers
Kevin Leahy
to keep relationships strong. Customer support,
business hours, services, special order needs and
promotions tailored to core customers are all ways
to stay engaged. We are seeing businesses that
have been consistently keeping the awareness up
about their business throughout the pandemic in
traditional, digital and social media are the first to
come back.
• Strengthen digital communication and online
presence. Balance multiple channels to reach your
customer: Email marketing, social media, texts and
websites.
• Update your website. Take more of your
business online if you have products to sell. The
new normal will be not just the traditional brick-
and-mortar business, but online as well.
• Watch for cutting-edge marketing webcasts
from our Clatsop SBDC this summer!
• If you are a chamber or downtown association
member, make sure all your business listings and
information are current and updated.
• Offer ease of shopping and market it.
Curbside pick-up, VIP customer hours, before
normal business hours exclusive promotions, by
appointment. This becomes part of your “Unique
Value Proposition.”
Each individual needs to make the decision at the
right time for them when to start shopping, dining
out and re-engaging with society, but know when
that time comes our local businesses will be ready.
We are so impressed with the steps our small and
large restaurants, craft breweries, retailers, hotels,
hairdressers, barber shops, service provides and so
many others are taking, following the governor’s
guidelines to ensure the safety of their staff, and
customers.
And for our business community, remember that
SAFETY = PROSPERITY.
Please get out and support our local businesses
that we want and need to have around for many
years to come.