The suddenness of how the COVID-19 pandemic took root in North America and the speed with which local, state, and federal government reacted has left many foodservice equipment dealers and distributors understandably unprepared and uncertain about how to proceed in this new environment. The messaging and predictions about the pandemic are changing nearly every day as new information comes to light and scientific models are updated accordingly. Keeping up with it all is a necessity to make informed decisions, but the task can appear daunting with so much information to sift through. To help our members make sense of it all, FEDA has compiled a list of key resources that are providing critical information and best practices that companies can use to remain strong during this challenging period.
One of the most significant challenges businesses face during the
COVID-19 crisis is securing their cash flow. Aprio, a CPA-led business
advisory firm, has published a free webinar to teach cash flow survival strategies for making it through the pandemic. The webinar includes actionable advice on short and long-term cash flow solutions, including:
- Valuable cash flow strategies that businesses can apply immediately.
- How to subsidize employee payroll and retain more employees by taking advantage of the new payroll tax credit.
- How to leverage R&D tax credits as a source of cash flow for business.
- How companies can take advantage of SBA loans to recover faster.
- Strategies to reduce banking and merchant fees to drive increased cash flow.
Additionally, Apiro offers several other free webinars about managing the impact of COVID-19, such as how businesses can remain in operation, state and local tax implications, stimulus funding, and managing short-term cash positions.
The Foodservice COVID Impact Model
Understanding the extent of the conronavirus’ effect on a business is necessary to survive this period and to be prepared for the recovery that will follow. To help companies better prepare for the months ahead, market research firm Datassential has teamed with the International Foodservice Manufacturers Association to release a free tool for modeling the impact of COVID-19 on individual businesses.
The tool enables companies to:
- Customize an analysis for their own business.
- Calculate operator and consumer spend by
segment and in total.
- Plug in assumptions or use Datassential’s recommended
- Compare the new 2020 forecast against the 2019 actual,
or how a non-COVID-19 2020 would have looked.
- Model the impact of a potential second wave of the virus
- Download an Excel-based version of the tool.
Six Ways HR Can Manage the Experience of On-Site Employees During the Coronavirus Pandemic
Although many offices and facilities are closed and 20 percent of U.S. workers are now working from home, according to an April poll by Statista, others, such as warehouse employees, still must be on-site to keep their business running. Managing those team members in the age of COVID-19 requires additional precautions to ensure health and safety and many companies are turning to their HR staff for guidance. Research firm Gartner has identified and shared six ways HR leaders can improve the experience of on-site employees through the duration of the pandemic.
The six tips include:
- Ensure employee safety, including screening every team member before they enter the premises and encouraging employees who experience symptoms to stay home.
- Maintain regular communication with employees and share relevant, fact-based information through the organization’s internal employee portal or virtual town halls.
- Ensure equitable employee policies by reviewing whether all employees have equal access to healthcare policies and that employees coming to work can use their sick leave or PTO.
- Develop employee-support solutions, such as dividing employees into teams that work alternate days of the week or providing free on-site food.
- Seek employee feedback on the company’s response to COVID-19 and use that information to drive decision-making.
- Reward and recognize employees. Some CEOs have taken pay cuts to limit the financial impact to employees while other organizations have encouraged c-suit executives to donate to an “on-site employee corpus fund” for employee-bonuses.
Warehousing Education and Research Council
How Supply Chain Leaders are Keeping Staff & Customers Safe and Healthy
As part of its focus on the role of logistics management in the supply chain, the Warehousing Education Research Council held a free webinar detailing how warehousing businesses can maintain operations while communicating with employees and customers during the COVID-19 emergency. The webinar features a panel of industry leaders and touches on topics such as labor management, customer assurance, communications, safety measures, and government regulations.
7 Supply Chain Management Best Practices in a COVID-19 World
COVID-19 has disrupted supply chain operations across the world and companies need to adapt to ensure they can secure the goods they need and ship their products out to customers. As this article from TechTarget states, businesses can no longer make supply chain decisions based purely on economics, they must consider how external events affect supply chain production. To help businesses adapt, TechTarget has detailed seven supply chain management best practices for the COVID-19 era.