Five New Normal Expenses for Small Business post-COVID-19
Economies around the world are reopening and businesses have made the necessary adjustments to the ‘new normal’ for the post-COVID-19 period. These adjustments will be with us for quite some time and it is important for small businesses to keep track of the expenses associated with them.
Here are five additional small business expenses that you should track as we work during the COVID-19 pandemic:
1. Deliveries and Logistics
People working in different locations have altered the way we do business. While communication tools and software have kept us connected for the most part, there are still some items that need to be delivered from one place (or person) to another. While both air and sea cargo are experiencing challenges due to the different freight measures in place, inland deliveries have increased in the past few months.
From device purchases to document processing and transfers, businesses have increased their demand for inland delivery and logistics services to meet different needs. Including the delivery charges in your budget will help you map out your expenses better.
2. Internet and connection expenses
The internet is important now more than ever in keeping our businesses running and our teams connected. A number of business owners have boosted their internet plans given the demand for more bandwidth to help them get stable connections for video meetings and other business processes. Aside from your own connections, some organizations have started providing employees with connection allowances to help them connect and manage their remote teams better.
3. Work devices and peripherals purchase
As you move out of the office temporarily, you begin to account for the devices that you can move and those that you cannot for a number of specific reasons. Some of these devices are essential in your work and you might need to purchase mobile versions of these devices. Additionally, your employees might also need peripherals (e.g., webcams, headsets, etc.) in order for them to adjust properly to their new working arrangements.
4. Healthcare and wellness benefits
The ongoing global health crisis has placed the health and wellness of employees in the business spotlight. Aside from health insurance coverage, you can also help your employees (especially those who are reporting on-site) by providing them with wellness benefits to help them boost their immunity against COVID-19 and other infectious diseases.
5. Testing, sanitation, and other precautionary measures
If you are reopening your office anytime soon, you might be required by health authorities to implement additional measures before you are allowed to do so. This may include deep cleaning and disinfection, social distancing measures, procurement of sanitary equipment (e.g., thermometers, face masks, disinfectants), and even COVID-19 testing for your employees, depending on your government. Aside from which, it is best to prepare for the full cost of compliance with these measures so you would not end up short-handed.
While the transition to new working arrangements and business reopening comes with these additional costs, they are all worth every cent if it means keeping everyone healthy and safe from the Coronavirus threat. Fortunately, there are government support schemes available to help small businesses cope with the ongoing crisis.
Need help in managing your finances during the global pandemic? Talk to D&V Philippines and learn how our an help you transition to the new normal for small businesses during and after the COVID-19 crisis. Download our "Outsourcing: How to Make it Work" to help you get started.
This article was first published 30 May 2020 and edited 27 August 2020.