In recent memory, the world has not seen anything quite like the COVID-19 pandemic. While many of us have lived through economic recessions and serious viral outbreaks, a widespread government-enforced shutdown of non-essential businesses was a new territory for business owners and consumers alike.
Many small businesses took huge hits during this time or had to shut down entirely. The survival of businesses moving forward may depend on the value of their current assets, loans and other avenues of financial safety nets. That said, for many small businesses, it may take more than a government stimulus check to survive the blow.
If you are a business owner or otherwise integral part of a small business, survival may start with a few steps toward rebuilding:
- Know the depth of your financial situation
- Consider restructuring your business plan
- Seek reasonable funding if necessary
- Adjust your budget to adapt to the current economy
- Create a timeline for your rebuilding process
- Be ready for a potential crisis in the future
Steps toward rebuilding are contingent, of course, on how well your business adapts to the new status quo of our everyday life. Non-essential businesses in Pennsylvania are getting the green light to re-open on a limited basis, but there are extensive guidelines they must follow, including:
- Adhering to social distancing and occupancy requirements
- Adequate sanitization protocols
- If possible, meeting with patrons by appointment
Some owners have looked to their insurance companies for help. For questions about your legal options going forward, connect with an experienced business law attorney.