During times of crisis, it’s important to think about how it might affect your business, then make a smart plan.
We can help.
First things first — consider the overall effects on:
- Employee wellbeing and safety. Give your employees advance notice about your business continuity plans to boost their confidence and help them plan. If business interruption is due to a widespread illness, minimize in-person meetings as much as you can, keep work areas clean and sanitized, and encourage people to stay home if they’re sick. And, consider relaxing requirements around doctor notes for absences, since local healthcare facilities may be overwhelmed.
- Staff levels. Plan for illness and quarantines when you think about staffing options.
- Productivity. If working remotely is an option, make sure your staff can access important documents and information from home. You may need to account for a period of time when business is slower than usual.
- Inventory shortage. Prioritize for timing, quality and cost factors. Should there be a temporary shift in vendors to keep things running more smoothly? Or is it best to wait for inventory from your standard vendors to maintain quality control?
- Business insurance effectiveness. Understand your coverage and make appropriate policy updates, if possible.
- Expenses. Identify ongoing overhead expenses and find out if you have flexibility to cover them. Consider deferring any optional expenses.
- Client outreach. Let your clients know that you’re still open or available, and what you’re doing to protect their interests. Be clear about the service level they can expect from your business during the crisis.
- Your business’s online presence. To accommodate clients who may not be able to visit you in person, consider boosting your online capabilities.
Next, make sure you have reliable access to your banking accounts from wherever you are
- Make sure you’re enrolled in Chase online banking and download the Chase Mobile® app. Remember your username and password.
- Deposit checks remotely using Chase QuickDepositSM on the Chase Mobile® app; deposits we receive before 11 p.m. ET will be processed the same business day, and you can withdraw the money by the second business day after the deposit.
Payments (payables and receivables):
- Use ACH or wire transfers for payments and collections.
- Use bill pay or Chase QuickPay® with Zelle® on chase.com and the Chase Mobile app to send and receive payments so you can control timing and hold on to cash as long as possible.
- Add your business to the Chase Bill Pay Directory on chase.com so people can pay you from their Chase account electronically.
- Review your signers to ensure that they are up to date and get Business Employee Deposit/ATM cards so you have greater flexibility.
Access to Cash:
- Evaluate lending/credit card options
- Link your business checking account to your business savings to prevent an overdraft fee, just in case.
Account Monitoring and Security:
- Monitor your account balance, transactions and overdrafts with text or email alerts and notifications.
- Review, pay and reject checks quickly with Chase Reverse Positive Pay.
- Use strong passwords. Make your password long and include a mix of numbers, symbols and upper/lowercase letters. Require your employees to do the same.
- Use the latest anti-virus software, and ensure it is updated.