Start Planning Your Business Recovery NOW

March 18, 2020

We are currently in the Coronavirus (COVID-19) situation, where many businesses have been shut down or curtailed in order to limit the spread of the disease. Many businesses, especially small ones, are going to suffer financial losses. Many business owners fear that they will have to shut down entirely.

So, take a moment to acknowledge these possibilities. Then, move on.

Start planning NOW for what will happen when your business re-opens. How are you going to get food supplies for your restaurant—will you buy locally, or depend on trucking? How long will it take you to give your workplace a thorough cleaning, then get up and running? Are you looking at financing to get you over the hump until your business starts earning again? Do you have figures that you can present to a lending institution in order to make your case for a certain dollar amount? Have you checked out which lending institutions may best suit your needs?

Since we don’t know how long services will be interrupted, it will be difficult to make final determinations on these issues. But getting your framework in place is a start. You will also feel like you have some control over the situation, which is an important mindset to have.

And it will help put your business on the road to recovery.