Bellenot & Boufford, LLC is moving into its 30th year of serving the community with legal services and counsel, including the business community. Over the years, small business owners, self-employed individuals, partnerships, and independent contractors have come to us for help when they were struggling to make ends meet. Sometimes, they were struggling for reasons beyond their control. Yet a large percentage of small businesses were having difficulty because the business was not managed efficiently.
Whether your business was operating at peak performance or in a state of disorganization prior to the current state of emergency, this is a great opportunity for all businesses to be ready to resume operations better than ever before. Consider the following:
1. Do a comprehensive review of your business. Normally, we are all too busy working IN our business to work ON our business. Use any extra time you have now wisely.
2. Ask if your current business structure (sole proprietor, LLC, partnership, or Corporation) is still the best choice considering the tax law changes over the last year or two. It may be time to re-evaluate and make changes if beneficial.
3. Review your business plan. Maybe it is time to make some revisions. This is a perfect time to develop and implement a business plan if you do not have one.
4. Review your insurance policies to make sure that it has kept up with your needs. Most businesses and individuals do not pay a lot of attention to their insurance once it is in place. Discuss your coverage with your insurance broker to make sure that you are and will be adequately protected.
5. Bring your books and accounting current and implement a plan to keep it current moving forward. One of the biggest problems many small businesses have is keeping their books and accounting in order.
6. Assess your preparedness to resume operations following the roll-back of the Stay at Home Order. Some businesses offer a service or product that people have been missing and are anxious to get back to. Those businesses may face and onslaught of customers and clients wanting attention immediately. Are you prepared for this?
7. Other businesses may have a slower reopening and should be doing everything in their power to create a step-by-step plan to increase their business as allowed by law. These businesses have to manage having enough resources to serve their customers while maintaining a profit to be able to meet financial obligations.
8. Assess your work force. Did you have to lay-off or furlough staff and employees? Do you rely on independent contractors? Are they available to work when you open? You need to start looking to replace those that may not be back.
9. Do not let anybody forget that you are here and ready to serve them once the state of emergency is lifted. All businesses should be trying remaining relevant. Businesses need to be promoting their identity, marketing, and networking even if there is no business to conduct now.
10. Business owners need to have a plan in place now to help sustain their personal needs. There are many programs to help all homeowners with mortgage needs, job training and placement services, but everyone needs to take advantage of these immediately. The longer one waits the fewer opportunities they will have available and more damage will be done.
Bellenot & Boufford, LLC has been helping businesses and families with financial and business needs for 30 years and we have seen just about everything. We offer a free phone consultation to make sure that you are taking the necessary steps to protect your family, yourself, and your business. Do not hesitate to contact us for assistance.
Be well and stay safe!
