Arrange a meeting with everyone who is significantly involved in the major decision-making at the company. Craft an agenda which includes a discussion of the business and operating plan. Stick to the agenda since time is of the essence and getting off-topic when discussing “scary” items such as averting business failure can cause tensions to rise. Be honest but positive. (If you think the company must be shut down, this article is not for you. I’ll write on that subject at a later date.)
Once you meet as above, solicit direct input from everyone to revise the plans. Email everyone a copy and have everyone insert their changes or additions. (This is easy to track in Microsoft Word or in Google documents.)
Have a company meeting, admit that there are things wrong with the business, and discuss how management plans to fix it. Provide employees with a copy of the company business plan and ask for their input. For an established business, this step demonstrates that careful consideration has been given to the development of the business.
Failure to pay payroll taxes can land you in prison. If you CANNOT pay them, contact the government immediately and notify them of your problems. In this case, the best defense is definitely a strong offense. They can put you on a repayment schedule. Otherwise, if you wait, the federal government could swoop in and shut the business down for failure to pay. And your worries will have just begun.
(To be continued next week…)