The national tax incentive and economic development consulting firm, Montrose Group, released the COVID 19 Business Survival Guide to help companies navigate this unprecedented public health crisis. Amid the negative news stories, skyrocketing unemployment numbers and a myriad of webinars and video conference calls, companies across America are working to figure out how to survive COVID 19. The Montrose Group recommends business survival strategies focused on five key steps: identify short-term financing; return to work; renegotiate existing tax incentives; implement automation strategies; and address current supply chain challenges.
The Montrose Group recommends a five-step process for COVID 19 businesses survival:
- Short Term Financing. Companies will need to utilize a range of local, state and federal government programs recently created to provide near term financing to survive the government imposed economic slowdown.
- Return to Work. Companies need to push for a return to work understanding their own market needs and local and state regulations, and federal government recommendations.
- Gaining and Keeping Economic Development Incentives. Companies should gain or renegotiate tax incentives through a multi-state tax economic development incentive process or renegotiate for added flexibility to existing tax incentives if they will not meet job creation and capital investment goals due to COVID 19.
- Automation. No matter the industry, implementing automation strategies is an activity successful Post-COVID 19 companies will be addressing.
- Address Supply Chain. Companies should bring their supply chain closer to their U.S. facilities by supporting their supply chain investments in markets near company facilities through a site development process that illustrates the long-term growth potential of the market and negotiating of tax incentives to address regional cost of doing business issues.
The complete version of the Montrose Group’s COVID 19 Business Survival Guide can be found at https://montrosegroupllc.com/covid-19-business-survival-action-center/.