In the wake of the COVID-19 pandemic shutdown, the world of business in the immediate future is destined to be very different from what was once normal.
Site Safety and Social Distancing
No matter what the business, from mom and pop retail to large-scale manufacturing, the workplace of the future is likely to be more safety-oriented than in the past. Whether that means installation of Plexiglass screening at every cash register, additional partitioning between desks, remote work stations and teleconferencing, shorter operating hours, or PPE and disinfectant wipes for every customer, business owners should assess future needs in relation to current capabilities. If that means leasing or purchasing new equipment to return to business, the increased costs will become a new requirement for doing business in this new age.
Risk Assessment
Related to site safety, of course, is the risk of opening for business. Reopening guidance is supplied by federal, state and local officials, but it’s the owner’s duty to weigh the risk to both employees and customers against the options of reopening on a limited scale or remaining closed. There may be no easy answers. What is vital is having a plan, even if it’s not attached to a firm timeline as yet. Drafting contingency plans is also highly recommended in the event that spread of the infection continues or recurs.
Official Guidance
There is little doubt that legislative and regulatory oversight will continue, at least for the immediate future. Some forecasts do not point to relaxed restrictions until an effective vaccine is available, and that may not happen for another year or more. Compliance with official guidelines will be required; there simply are no options.
Reallocate Resources
This pandemic has placed global business in uncharted territory. Every business firm must take stock of individual needs, projections and priorities. Owners must continue to pivot to keep pace with new realities. It’s an acquired skill, one learned through trial and error. Experts suggest keeping a close eye on expenditures, making adjustments when necessary, and investigating new ways of thinking about capitalization and resource management. An across-the-board reevaluation can be valuable; in terms of talent, assets and inventory, and future goals.
Keep a Watch on Funds
Uncertain times require not only a better analysis, but greater concern with finances. This is an area where having American Capital Group “in your corner” can be a great advantage. Our ability to work with both large and small companies to finance needed new or used equipment can be a perfect solution. We offer low-risk options to help your business survive and thrive in these difficult times. We have been a resource for American business for the past 25 years.
It’s important to consider these 5 vital areas as you make your plan for reopening your business. Contact ACG now to discuss your individual needs.
