• MSME Business Continuity Checklist

    Rebooting MSMEs in COVID-19 Era. This checklist is prepared to help MSME to do self-assessment to fight and stand strong in this difficult time of pandemic.
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  • Managing your finances and working capital

    MSMEs should reassess their normal operating cycle and reassess theircurrent and non-current assets and liabilities.
  • Does your Stock require a write-down ?
  • Review the customer to whom you were supplying to assess the future order.

  • Earlier the Debtor repayment cycle was      . After COVID-19, it has increased to      .

    Earlier the Creditors repayment cycle was      . After COVID-19, it can be increased to  and a part of Working capital can be managed through this.

  • Have you analyzed availability of cash flow for next three- six months to sustain even in reduction of turnover ?
  • Have you considered giving discount to your Debtors, if they are willing to make prompt cash payment ?
  • Do you know about the Moratorium RBI is offering and it has been extended till 31st August, i.e. for 6 months?
  • Have you availed the additional 20% guaranteed Loan without any additional collateral as per Government of India COVID-19 measures?

  • Always maitain a Good Credit Score and never default on your EMIs to continue to enjoy Bank loans as and when needed.

  • If you would like to export your goods, consider the below important points.

  • Do you have an IEC Code ?
  • In case you want to start export, do you have GST?
  • Do you know that if you export goods, you will get Refund of GST.
  • Do you know that certification like ISO and converting your MSME in Corporate form like Pvt Ltd. or LLP help in getting recognition in foreign markets?

  • With COVID 19 the changes in the social habits of people have accelerated and online purchases are booming. Would you like to take your business online? If yes, consider the below questions.

  • Do you know that the Government is offering 50% discount on annual membership of MSME Mart online platform ?
  • Make a website or consider using Government E-Commerce Portal.

  • For exports and online selling, many online platforms can be explored. Further, it is suggested to improve your social presence.

  • Are you thinking about serving your customers better? If yes, consider below questions.

  • Have you improved packaging and quality of products ?
  • Is your delivery time reduced and has become more prompt ?
  • Consider asking for customer feedback and post online.

  • Social Distancing, Remote working and taking care of staff.

  • Do you get office premises sanitised from time to time ?
  • Do you ensure use of masks, senitizing and social distancing ?
  • Have you rearranged the office furniture so that a distance of 6 feet is maintained betweenemployees at workplace?
  • Are you allowing work from home to those who have the infrastructure to do so?
  • Do you have online systems and processes to support work from home and have you provided laptops etc to employees for working from home?
  • Do you keep in touch with staff through virtual meetings and training etc.?

  • Data is the new oil- Digitisation, internal controls and risk management

  • Have you assessed the areas in your business which are loose-ended and where, if focused upon, money and time can be saved ?
  • Have you got your Trademark, Patent and Copyright registered ?
  • Do you have a paid anti-virus, firewall and back-up tools installed in your system?
  • Have you taken insurance of all important assets of your business like Stock, Computers etc.?
  • Have you taken enough Health and Life Insurance for Owner / partners of the business ?
  • Have you taken adequate insurance for your Staff?

  • Entering the formal economy

    MSMEs which are part of the formal economy have better access to finance and are able to reap the benefits of export, including refund of GST paid as taxes are not exported.
  • Have your registered your business as MSME?
  • Would like to corporatise your MSME or convert it into LLP ?
  • Do you have GST Registration ?

  • Liquidity is the Lifeline

    In today’s time liquidity is the lifeline. MSMEs need to conserve cash and reduce capex and wastage over wanted or excessive costs. It is time to separate the wheat from the chaff and go lean.
  • List out the expenses which can be reduced or saved ?
  • List our product or production lines which gives more revenue.
  • Have you considered renting out less building space as per your optimum usage ?
  • Have you considered reducing your Capex?
  • Have you considered to remove inefficiencies and reduce your staff and workforce?
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