To say the least, this is a very unusual time to own or operate a business. The economy has taken such a hit because of the sickness and disease moving across the planet that no business owner is exempt from the consequences. Regardless of your industry, there are so many different details changing on the fly that it can feel overwhelming to figure out what to do next. Especially if you were part of the mandated shut down, you need to know what to do to protect yourself.
Keeping that in mind, think about the best practices for resetting your business after this downtime. If you are not familiar with business interruption insurance, now is the time to look into that. If you haven’t looked at your original business plan in a while, you may have to go back and change some of your priorities baked into your initial concept. And, you need to look into any governmental aid possible that will help you get payroll and other bills back on track.
Business Interruption Insurance
A very gentle way of describing what is happening would be to use the phrase business interruption. In the past, businesses have utilized various types of disaster insurance. But this disaster is different. No one knew this kind of thing was coming, but now we know that business interruption insurance will be something that is probably required in the future. Millions of businesses are shutting down because of a lack of funds to continue paying bills while no sales are being made. Business interruption insurance will help to mitigate this risk in the future.
Going Back To Your Original Plan
When you initially made your business plan, there were probably a set of standards that you followed. There was probably even a template that you could fill in the blanks to get a good idea of longevity and profitability. Now, it may be time to revisit that original plan. Look at how you calculate your profit margins and think if business interruptions in the future will make you reassess how you set your sales goals. Being competitive is one thing, but being able to stay in business after a mandated shutdown is something entirely different.
Using Any Aid Available
If your business has been affected by COVID-19, there may be aid available. However, getting this aid may not be entirely intuitive. You may have to look things up online. You may have to make phone calls. You might have to communicate through government agencies via email. Don’t get frustrated. And be very patient. Everybody is figuring out how to try to keep their businesses alive at the same time, so you are part of a more significant cultural shift. Figuring out how to work through bureaucracy and red tape will be an essential business skill moving forward.