Step 1 : Review & Assess

What will it take for you to continue to operate your business? As you look at your business, consider the impact and effect of your new protocols on the following:

• What parts of your business are most challenging due to changes in the wake of the shutdown and new protocols? 
• Are you able to operate at full capacity? Do you have limited service offerings and/or hours? Do you need to space out clients in order to properly clean? How much interaction do you (or your employees) need to have with customers and clients? What additional measures need to be taken? 
• How is your location affected? What is needed to operate effectively and ensure protocols are followed? Are there adjustments to the physical space that would help make things run smoothly or keep people feeling safe?
• Employees – How will you keep them safe? How many staff will you have working? Will you train them? Will you provide them with PPE? Do you need to update your employee handbook or create new procedures to guide employees?
• Vendors – How will you interact with your vendors? What if your supply chain is disrupted? Do you have a backup?
• Compliance – Do you need new equipment, materials, or PPE to keep your customers and employees safe?

More health and safety resources can be found here.

Take a good look at your financials, which can help you develop a path forward.

• Which revenue streams have been most impacted and to what extent? 
• What is causing the impact on your revenue? 
  • Do your customers still have the means to pay for your services?
  • Are your customers still willing to pay for your services? 
  • Are your services still relevant to your customers at this time? 
  • What might be deterring customers from purchasing your services? 
• Have you determined how much cash your business has available to move forward? 
• How long can you run your business at lower-capacity with the available resources?
• How do your expenses look? Are there expenses that can be cut?
• Will you need to look for additional financial resources?

More information on financials and financial planning can be found here.

Just because people CAN receive products or services, does not mean that they WILL.

• Does your marketing plan need to be updated and adjusted? Have you updated your marketing plan to be more digital and focused on engaging customers through web/social media platforms? 
• How is your customer doing? Have their behaviors, spending, or habits changed? How will this impact your revenue? Ask for feedback and determine if there are opportunities to serve them better.
• Can you adapt your business to hone in on your most successful, core services? 
• Are there unique or new products or services you can offer based on the pandemic?
• How are you going to re-engage your customers? How will you make them feel safe? How will you communicate with them?
• Can you utilize the internet or e-commerce to promote and/or sell your products/services?

More information on marketing and sales can be found here.

What are the best next steps for you and your business? Are you willing and able to do what it takes to get your business through a challenging recovery period? Willingness is your emotional and mental state; ability is a financial one.

Selling or closing: which option is right for you? Consider the following:

• When do you want to exit?
• Is there sufficient collateral to support your asking price?
• Will the market support your asking price?
• Are you willing to hold a note?

More information on exiting your business can be found here.