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Tips and action items for business owners in times of corona

Publishing date: 15 April 2020

What can you, as a business owner, do to limit the impact of the coronavirus crisis on your company? And what opportunities does this crisis offer for your business? Read our article in the newsletter for SME by Hét Ondernemersbelang:

The corona crisis forces many businesses to mark time. However, the corona crisis also gives companies the opportunity to pick up overdue projects, freshen up your business juridically and to prepare thoroughly for what is yet to come. What can you do to limit the impact on your company and which actions can you take in times of corona?
 

Personnel

  • Do you opt for support measures such as the NOW in the event of loss of turnover, or is it necessary to carry out a reorganisation now? Weigh the pros and cons and make a good choice, you can’t do both!
  • Take the time to update your employment contracts and employee handbook.
  • Look for opportunities to save on wage costs: working time reduction, non-renewal of temporary contracts and termination of allowances.
  • See if your employees agree to take holidays.
  • How can you prevent your personnel from wanting to go on holiday at the same time after the crisis?
  • How can you prevent your employees from (later) not wanting to return to work?
  • As a good employer, take measures to protects employees as much as possible to avoid liability. This also applies to the workplace at home.
  • Ensure that confidential information of clients and employees is well-protected when working from home.
  • See what possibilities there are to monitor homeworking personnel.
     

Expats

  • Review your scheme for trips abroad.
  • Watch the visas of your employees from outside the EU. They will not be renewed if they are not used because of the corona crisis.
     

Business

  • Make use of support schemes, such as the SME credit guarantee scheme (BMKB) and the one-off payment from the Noodloket.
  • Keep in mind tax deferral schemes.
  • Take measures in case the annual meeting cannot take place (in time).
  • Report inability to pay in time and do not forget to deposit your annual report and accounts in time.
  • Take into account the rights of your works council, also during the corona crisis.
     

Contracts

  • Check your contracts for force majeure arrangements. Does your counterparty invoke it rightly? Can you invoke it yourself?
  • Check whether your insurance covers damage as a result of force majeure and if the corona crisis qualifies as such.
  • Investigate whether you can claim damages from your supplier if he does not deliver.
  • Have your General Terms & Conditions and standard contracts checked.
  • Make clear arrangements with your provider and software supplier about liability for hacking when working from home.
     

Real estate

  • Ask for rent reduction.
  • Check whether your shop must stay open, even if you have hardly any turnover.  
  • Take measures to keep your shop or office safe for your employees and visitors.
     

Do you need advice?

Russell Advocaten is happy to assist you with more advice that is tailored for your business. Please contact our corona crisis team:

Or call 020-301 55 55. More information about our tips can also be found on our Q&A page about the corona crisis and in our brochure for entrepreneurs.
 

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