We talked with Samantha Leonard of Stream Dental HR about the upcoming government stimulus bill, and all things human resources for practice owners during COVID-19.
“There’s the waiting game, but now’s the time for everybody to be proactive.”
On wednesday the Senate approved the $2 trillion stimulus package, now expected to move to the House this Friday. The stimulus could provide huge financial assistance to practice owners in the way of payroll, mortgage, rent and utilities. However, it may take two weeks after the bill is signed for it to come into effect, so what are the options in the meantime?
S.B.A. Loans
The U.S. Small Business Association is offering various loans right now for business owners trying to make ends meet. This can be the cash flow boost that many owners may be needing.
Unemployment Benefits
States are offering additional unemployment options right now to help alleviate the financial strain of trying to maintain payroll. Any staff experiencing significant reduction in hours (full-time to salary, furlough, or lay-offs) could qualify for assistance.
“Let’s prepare for the worst, but hope for the best”
Depending on your current financial reserves, you may be able to weather the financial burden until things move on the upcoming stimulus. Samantha recommends that it’s best to be prepared for the worst case scenario in which the stimulus is delayed, or for some reason you aren’t able to receive the financial assistance it offers. By staying proactive, you can maintain peace of mind knowing you’ve got all your bases covered.
“How we handle this short term could either be a band-aide situation or it can really help us see how we can come out of this even stronger”
As with many of the guests we’ve had on our GO LIVES this far, there is a common theme of taking a self reflection of your business during this crisis; the same goes for your HR department.
Mission Statement
Now is the best time to ask yourself why you got into dentistry in the first place. Business ownership is a huge risk, and we can feel the consequences of that now. Reminding yourself of why you took the leap in the first place might be exactly what you need to rekindle that fire.
PRO TIP: Take some time to review your current mission statement (or create one if you don’t have one already). Then look at your employees job descriptions and KPIs to ensure they tie back.
Team Engagement
Your passion and drive flows down to your team. It starts with you demonstrating how much they mean to you. If you haven’t already, be reaching out to your team to stay connected. A simple text of, “I miss getting to be in the office together” can go a long way.
“You shouldn’t go radio silent. You’ve been working with some of these team members for two years, five years, ten years. They are an extension of you, of the business. They’re like your work family.”
Planning for Reopening
Establish a game plan for your reopening. If your HR exposed vulnerability during this crisis, now is the time to establish new policies or procedures. Be thinking about how you will be staffed when the doors open. For example, will you need administrative staff in the office a week ahead of time to make patient phone calls and fill up the schedule?
“A lot of practices who didn’t have HR felt a little bit more vulnerable and exposed when all of this happened… if this is a brand new chapter, we want to make sure all of that is outlined.”
If you need help establishing a secure human resource department in your practice for when you reopen, you can reach out to Samantha and her team at Stream Dental HR
