How to Protect Yourself When Your Business is Struggling Because of the Pandemic

Almost every business under the sun has been impacted by the coronavirus pandemic. Countless businesses have already closed their doors permanently after suffering losses they simply couldn’t overcome. Other business owners are struggling to find creative solutions to their problems so they can keep moving forward. The extent to which you are struggling will vary greatly based on factors like the size of your business, how established you are, and what service or product you provide. If you feel like the tides are against you, but you’re determined to keep pushing through, today’s blog post is for you. Today, we’re discussing ways to protect yourself when your business is struggling because of the pandemic.

1. Take advantage of federal programs providing relief.

You probably already know that the Small Business Administration has offered loans to help companies stay afloat, some of which must be repaid, but others that don’t, as long as you follow the guidelines. If you haven’t already, look into what financial relief your business qualifies for under the CARES Act.  If you have taken out one of these loans, make sure you are keeping good records and following all the guidelines.

2. Adapt.

It’s challenging to adapt when it’s so unclear what lies ahead. However, there are certain measures you can take to make sure your business is moving in the right direction at each stage of this crisis:

  • Diversify your products to reflect the changes in our world
  • Cut costs where you can
  • Don’t cut out marketing because it’s more important now than ever, but do adapt it to your audience’s changing values and needs

3. Implement health and safety precautions.

Don’t lose sight of the importance of keeping yourself, your employees, and your clients healthy. This will mean different things for different companies. You may need to implement new cleaning routines in your place of business. Perhaps you can make a plan for your employees to work from home on a long-term basis. Remember that profit should never come at the expense of the well-being of the people who make your business possible.

4. Have a realistic budget.

Make sure you have a strong understanding of just how much financial setback your company can handle. Be realistic so that you don’t get yourself into a situation where you cannot pay your employees or the rent for your office space. Ignorance of your true financial situation may feel like bliss in the moment, but it will come back to haunt you.

Who can help?

At Reyes Law Group, we have the knowledge and experience to handle the legal side of protecting your small business. We assist business owners with applying for financial relief through government programs, facing foreclosure, or renegotiating their commercial leases.  If you have questions about how we can help, please let us know. We are eager to help you overcome the challenges you’re facing. Contact us today!

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Reyes Law Group

Reyes Law Group represents clients in a multi-disciplinary legal practice involving real estate transactions and litigation with a “footprint” that covers the State of Florida. Over the firm’s first 10 years, Reyes Law Group has closed over $100M in commercial closings, representing buyers and sellers in contract negotiations, due diligence, and the related title review and policy issuance related to closings. In litigation, the firm has commercial litigation experience focused on prosecuting or defending claims such as breach of contracts, partition actions, trade secret violations, and breach of non-competes. However, our firm’s MAIN FOCUS is assisting asset and loan portfolio managers, investors and private lenders with a “ 4-PILLAR APPROACH” to the legal challenges they face with non-performing assets: 1) LOAN WORKOUTS; 2) COMMERCIAL FORECLOSURES (across the State of Florida); 3) COMMERCIAL EVICTIONS; and 4) REO COMMERCIAL CLOSINGS.30+ years’ legal experience means - WE CAN HELP!

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