Feeling sick about your business during these uncertain times? Doylestown Attorney Donald Petrille offers a to-do list for small business owners that can help position themselves for what lies ahead.
The COVID-19 virus biggest casualty so far has been our small business community. Washington is working on a number of measures to give our small businesses some form of relief while business are in a forced shutdown in the name of public health. The Families First Coronavirus Response Act was initiated to help many businesses address their needs. Employment law attorney Jim Shrimp talks about it in more detail here. And if you feel the need to speak with a small business lawyer near you in Montgomery and Bucks Counties, we’re always available.
What can small businesses do right now to mitigate their issues?
We understand that small business often work on very thin margins, and they require a dynamic community to thrive. Entrepreneurs and business owners need to take action where they can. Below are several items our clients can do to mitigate the effects of the current economic environment on their businesses:
Contact you lender. Most lenders are working to create relief programs to keep their borrowers in business. Communication is always the best option when you face uncertainty.
Contact your insurance agent. Many of our clients have some form of business interruption insurance. This may be a time when it is effective. Some may even have force majeure clauses. These clauses can protect business owners from various events out of their control like a pandemic or tornado. Attorney Thomas Rees goes into fuller detail here.
Review your marketing plan. The current operating restrictions will not be in place forever. How can you position your business to grow and take advantage of pent-up demand once restrictions start to ease? Keeping your employees, clients, and customers informed should be your main priority. Take a look at your marketing expenses. A good rule of thumb is that if a marketing endeavor can’t be analyzed and reported, you never know if it’s worth your time and money. What parts of your marketing plan fall under that category?
Review your IT infrastructure. This may be an opportunity to review how you business receives and delivers services. There may be an opportunity to reduce overhead in the long term by changing your business model now.
Explore Relief Funds. The Commonwealth Financing Authority and Pennsylvania Industrial Development Authority has identified new relief programs for small businesses.
Plan for the long term. See what operations and financial products you can restructure. Review and improve your staff capabilities. No one can predict what business will be like after this event. But it’s certain that this event will end and people will need certain services more than others. Successful business plans will address those needs.
Stay Informed. Go to sites such as SBA.gov and your state and federal legislators’ websites to get up to date information on the resources available to help your business through this uncertain time.
Talk to a Small Business Lawyer Near You Today
We know the future is uncertain. Together, we can get through this unique time and help each other prosper! If you are in need of legal services relating to what your small business game plan should be at this time, contact our law offices in Doylestown and Norristown. Call 610-275-0700 or email Don Petrille at email@example.com.