We often go through cycles of ‘good’ times and ‘bad’ times. When things are going well, your business may thrive and expand. But facing an uncertain future because of economic downturns caused by a pandemic is a ‘bad’ time of epic proportions. Your business probably is far different than it was in February of 2020, before the COVID-19 public health crisis began. In this article, we will look at ways to help your business survive the current troubled times.
Keep an Eye on Costs and Revenue
It’s important to stay on top of your company’s general condition. Because of recent events, you may need to keep a closer eye on your company’s temperature. Are you running hot, with new clients and income streams? Or is your business cooling off? If it’s the latter, this is a good time to look for ways to increase your income and decrease any unnecessary costs.
Review Your Contracts
If you are having any trouble performing contracts, look for some ‘wiggle room.’ You might be able to negotiate better terms. Frankly, the other parties to the contract are probably hurting now, too. However, as with any contract, we strongly advise you to bring in your business lawyer before agreeing to anything. Addressing minor contractual issues early could prevent more serious problems later.
Cutback Where Necessary to Help Your Business Survive
Change can be challenging. You may have to step back and regain some objectivity about what works and what does not. Cutting back now could help your business survive these turbulent times. Try to prevent changes that will limit future expansion.
Keep Marketing, But Use Less Expensive Methods
As you help your business survive, you may need new blood in the form of new clients. Marketing probably remains an essential part of your business planning. However, assess your strategies to see if you can decrease costs while still getting the word out about your company’s great products and services.
Focus on the Fundamentals
This may be the time to strip your business back to basics. Use any downtime you have to look back at:
- Why you started your business, and
- What made it successful.
You know your business better than anyone. As such, you are the best person to assess your current situation. However, don’t be afraid to ask for help.
Look for Financial Help (Like Disaster Loans)
Through federal government programs, small businesses have access to special financial programs specifically designed to help your business survive, including:
- Paycheck Protection Program managed by the Small Business Administration (SBA)
- Economic Injury Disaster Loans, also offered by the SBA.
In addition, Governor DeSantis activated the following programs:
- The Florida Small Business Emergency Bridge Loan Program offers short-term loans of up to $50,000 to business owners with two to 100 employees. The loans are interest-free for one year. You must have been economically impacted because of coronavirus.
- The Short Time Compensation Program encourages employers to reduce staff hours instead of laying off employees. Workers receive “partial re-employment checks” that supplement their reduced paychecks.
Talk to a Business Lawyer About Your Efforts to Help Your Business Survive
Some of the issues you face could have legal ramifications that are not particularly obvious. Your corporate counsel or Florida business attorney can help you through these troubled times.
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.