This week we are all in a mode of constant change due to the coronavirus. Many small business owners across many industries are being affected by the changes, and many small businesses are being required to modify their operations, or even close, at least temporarily. In this week's Freedom Friday blog, I want to share with you three (3) small business survivor tips, i.e. how you can survive as a small business owner, and maybe even thrive, in a world rocked by constant change and uncertain times:
1. Is your small business in order?
The first small business survivor tip I want to share is that your small business needs to be in order, both financially, and legally. This is a good time to check in with your accountant and/or bookkeeper, and make sure your financials are in order. It is also a good time to check in with an attorney
The first small business survivor tip is that your small business needs to be in order, both legally and financially. This is a good time to have an attorney review your operating agreement if you're structured as an LLC (or your bylaws if you're incorporated), along with key contracts and documents for your business. It's also a good time to develop a key man business succession plan. If something would happen to you as the owner of your small business, what would happen to your small business? This is the time to have a plan in writing to document what will happen if God forbid something happened to you where you were incapacitated, or no longer could operate your small business.
At Liberty Legal Solutions, LLC, we are committed to assisting you and your small business during this time, and we are offering a special offer, the “Virtual Small Business Checkup.” For a flat fee of $497, the “Virtual Small Business Checkup” will offer a review of your small business's operating agreement or bylaws, plus any of your important contracts or documents related to your small business. The checkup will also include any recommendations and next steps so that your small business is in order, legally, and can thrive in this season of uncertainty and change.
2. Should your small business go remote or virtual?
The second small business survivor tip I want to share is that, depending on what your small business offers, you should consider whether your small business should go remote or virtual. If you're running an online small business, then you've already made this decision, and you do not have a physical brick and mortar location. However, if you do have a physical brick and mortar location, you need to decide whether or not to close that location, and work remotely from home or another location. For example, I have heard about insurance agents who typically have a walk in brick and mortar office. Many of them have either closed their office and decided to work remotely, or if they decided to continue to work from their office, it is closed to walk-in traffic. Likewise, some businesses, because of the nature of their business, cannot work remotely. In this case you as a small business owner needs to take steps and precautions to protect yourself, your employees, and your customers from the spread of the coronavirus.
If you can and do decide to work remotely, or make your small business virtual, there are several pieces of technology which you should have in place to facilitate that transition. Obviously you will need a computer and telephone, but there is a lot of technology available for your needs. I will discuss this topic in greater depth as part of a future blog article here at the Freedom Friday blog.
3. Cash flow is key!
The third small business survivor tip I want to share is that cash flow is key! Especially if you decide to keep your small business open, you need to make sure you have sufficient cash flow to pay your bills, especially your rent and salaries for your employees. This is very important in light of the fact that you may not have the constant flow of clients coming into your business during this season. If you believe your small business might have a cash crunch, this might be the time to apply for a SBA Disaster Loan. This can be done online, by going to https://disasterloan.sba.gov/ela/.
Once again, Liberty Legal Solutions, LLC, is offering a “Virtual Small Business Checkup” to assist your small business during this season of uncertainty and change. For $497 you can have your operating agreement or bylaws reviewed, along with your key small business contracts and documents, and have the peace of mind that your small business is in order, legally, to survive, and even thrive, in this season. To get started with your “Virtual Small Business Checkup,” please contact me at [email protected], and I will be in touch with you regarding next steps.
For more information about Liberty Legal Solutions, LLC, please visit our website at http://www.libertylegalok.com