The global pandemic of the last year and a half, while not completely vanquished, is largely under control. Governmental authorities have re-opened their countries, states, and cities, either fully or are removing activity and gathering restrictions. People and businesses are – figuratively – emerging from their shelters, and venturing back out into the world.
So, ‘we’ are making new choices. To continue working remotely or to return to the shop or office. To re-open our business’ doors or to stay with curbside pickup or deliveries. To continue wearing a mask or to attend public meetings. To shake hands or to elbow or fist bump. And so forth.
Which leads to a fairly simple question. Are businesses preparing themselves to effectively, efficiently, and economically re-launch into the marketplace? Doing that involves choices, as mentioned. But those choices are now better-informed. Meaning, they are based on what ‘we’ – individually and collectively – learned during this (hopefully) once-in-a-lifetime forced hiatus.
Learning is both an environmental and an intentional activity. Let us focus together, then, on the intentional. The following is a series of questions to pose to oneself. And then to consciously develop answers, the goal being to move past a business’ simply surviving (which has been challenging enough of-late), and to move towards thriving. (Many of the questions actually suggest their own responses.)
- What actions can ‘your’ business take right now to repurpose and to become resilient and flexible for the future?
- What proactive and reactive risk management steps will you implement?
- In that regard, have you reviewed your contracts for such elements as ‘force majeure’ clauses?
- Have you reviewed your real estate, equipment, and vehicle leases?
- Have you reviewed your financing arrangements and existing loan terms with regard to the need for realistic modifications, or even workouts or forbearance agreements?
- Have you reviewed your employment policies and procedures? ‘Hot topics’ currently involve remote vs. live work, vaccine requirements, payroll and benefits, and workspace design configurations.
- Have you reviewed your insurance policies to ensure they meet your needs? Current ‘hot’ topics are business interruption and civil authority coverages.
- What sources of federal and state support are still available?
- Have you taken the steps to qualify for Payroll Protection Program loan forgiveness?
That is just a short-list, a starting point. What truly matters are the operational, managerial, financial, human, and resources needs pertinent to your enterprise. You should, then, take those types of questions and apply them to ‘your’ company. And do that in partnership with your lawyer, accountant, banker, insurance agent or broker, and other trusted professionals and consultants.
There is still work to be done to fully ‘re-emerge’. While this series will continue to address post-pandemic topics, it will now begin to turn back to the series of business, real estate, banking and finance, and risk management matters it traditionally covered ‘before’.
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For more information, call Philip N. Kabler, Esq. of the Gainesville, FL office of Bogin, Munns & Munns, P.A. at (352) 332-7688, where he practices in the areas of business, real estate, banking, and equine law. He has taught business and real estate law courses at the University of Florida Warrington College of Business Administration and Levin College of Law. He is a member of the Greater Gainesville Chamber [www.gainesvillechamber.com] Board of Directors, and the Immediate Past President of the Eighth Judicial Circuit Bar Association [www.8jcba.org], .
NOTICE: The article above is not intended to serve as legal, financial, or investment advice, and readers should not rely on it as such. It is offered only as general information. Readers should consult with an attorney regarding their legal matters, as every situation is unique.
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