This is not legal advice, just friendly information :)

How Tour Operators Can Lower Monthly Business Expenses During COVID-19

Reduce expenses, lower stress, weather the storm. Here's the game plan.

The goal of this article is to give you ideas/methods to help lower your monthly business expenses during this COVID-19 pandemic.

First, Prioritize Your Spending

What is absolutely necessary for your business?
Fixed Office Expenses
  • Office coffee subscription.
  • Copier/Xerox maintenance and/or lease.
  • Office lunches, client lunches.
  • Office space lease. Do you want to stay a remote company?
  • Office cleaning. Call your office cleaners and cancel their service.
  • Office supplies. Cut them all.
  • Consider canceling your internet connection.
  • Turn your office HVAC to 78 degrees.
  • What other office equipment do you rent?
Variable Business Expenses
  • Don't order more customer swag.
  • Reduce/cut marketing budgets.
  • Freeze any purchasing budgets by employees.
Employee Benefits
  • Gym memberships.
  • Consider shifting money into more usable benefits. Consider purchasing a subscription of Headspace or Freshbenies for employees.

We strongly suggest looking into the Payroll Protection Program (PPP) which is available from the SBA through your local bank. Please contact your local bank & start the application.

Second, Renegotiate Your Contracts

Now is the time to renegotiate your contracts.
Possible Contracts to Renegotiate

There are great articles on "How to Lower Your Monthly Bills" and "How to Negotiate Rent."

If your business has suffered a "financial hardship," consider applying for the Economic Injury Disaster Loan Emergency Advance, which is a loan through the SBA.

Before You Start Employee Layoffs

Here are things to do before you reach the worst-case scenario.
Ugh, last resort.

Laying off employees might be your last resort. Here are a few things you can do before laying off staff. Be sure to investigate your state's Office of Economic Opportunity or Department of Labor websites for more information on specific state programs. There are also federal and state loans and grants available for this situation.

Do these before layoffs:
  • Reduce employee hours.
  • Ask for a reduction of wages.
  • Eliminate overtime.
  • Reduce your personal salary.
  • Talk to your banker about the Payroll Protection Program (P3) in the CARES Act.

Did we miss any tips? Do you have suggestions? Email Camille

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