Oklahoma Governor Stitt announced that today, Friday, May 1st, non-essential businesses can begin to reopen in Oklahoma. In honor of the reopening of Oklahoma's economy, I wanted to discuss how you can best reopen your small business. Clearly, depending on the type of small business you have, there are certain things you need to do to reopen your small business from a public health perspective. However, now is also a good time to review several areas of concern to get your business into top-notch shape for the future! There are two types of small business owners: those who are proactive, and those who are reactive.
In today's Freedom Friday blog, I want to review seven (7) areas of concern that you as a small business owner should take the time to review while you are reopening your small business:
The first area that you should review during this time of reopening is your contracts. This is a good time to review your contracts, especially if you are obligated to make payments on any them. Many small businesses are struggling with cash flow issues, and you need to make sure that you can be current on any contracts for your small business.
2. How to Collect Money Your Small Business is Owed
The second area that you should review during this time of reopening are receivables, i.e. monies that your small business is owed. This is a time to make sure your clients or other third parties are current on making their payments. If your small business is struggling with cash flow issues, make sure that receivable issues are not turning into collection issues with your clients and other third parties.
3. Vendors and Landlords
The third area that you should review during this time of reopening are issues with your vendors and landlords. This is a good time to review any contractual agreements with your vendors, and also to review your lease with your landlord.
4. Financial Assistance
The fourth area that you should review during this time of reopening is financial assistance. Obviously the EIDL and PPP loans are still an issue. If you need financial assistance and have not applied for loans through these programs, now is the time to apply for the loans and get the assistance you need.
5. Employee Issues
The fifth area that you should review during this time of reopening is employee issues. If your employees are returning to your small business, either because you have been paying their salaries, but they haven't been working, or they were furloughed and you rehired them, then you need to retrain your employees for new policies and procedures. This is also a good time to consult with your attorney and have your policies and procedures manual, and/or your employee handbook updated. If you don't have a policies and procedures manual and/or an employee handbook, then this is a good time to take the time and have one created for your small business.
The sixth area that you should review during this time of reopening is marketing. Not only are your employees returning to your small business, but so are your customers. In your marketing, you need to be conscience of how you are letting your regular customers know you are back open for business. You also want to market in such a way to attract new customers to your small business.
7. Financial Decisions for the Future
The seventh area that you should review during this time of reopening is financial decisions for the future. Many small businesses are struggling financially. Is it even worth it, financially, to reopen, is the question in the hearts of many small business owners. If the answer is to permanently close your business, now is the time to consult with an attorney on how to properly do that. If the answer is to remain open, now is the time to make financial decisions to future-proof your small business and financially protect your small business for the road ahead.
During the month of May, Liberty Legal Solutions, LLC is offering a special strategy session for small business owners in Oklahoma. The strategy session will be 40-45 minutes and will be held either via telephone or Zoom. The cost of the strategy session is $129. If you are interested in scheduling a strategy session during the month of May, please e-mail me at [email protected] to book your appointment.
For more information regarding Liberty Legal Solutions, please check out our website at http://www.libertylegalok.com