The impact of COVID-19 on the business community is unchartered territory for all of us. This unprecedented global pandemic is affecting the morale of our economy and our country, reminiscent of a post-9/11 America. People are worried and business owners are scrambling to navigate through the uncertainties of policy decisions offering assistance.
While the world appears to be on pause as millions across the country have been mandated to shelter in place, business continues to move forward, at a unique new pace. We’re going about all of our usual business, but with the added challenges that remote work can pose, the steps necessary to keeping things afloat financially, and the exorbitant amount of crisis communications your team may be fielding. Stress, anxiety, fear—it’s all trickling into our business transactions and professional interactions.
For those making their way through this fast and furious business environment, a list of do’s and don’ts has been compiled. May they help you reach your goals and overcome your challenges in the coming weeks.
- Don’t let these challenging times change your demeanor.
It is easy to want to raise your voice during times like these or take your frustrations out on others, but now is not the time to succumb to this tendency. Now is the time to do what is difficult, and right, remembering that we are all human and all struggling through this unsettling time. So, strive to be kind, courteous and respectful in your business interactions. We are all in this together and what will remain after the COVID-19 health crisis are the relationships that we have maintained and nurtured with others.
- Don’t ask for help until you know how that person can help you and why you need the help. For example, when you speak with your banker about a new loan, deferment of a current loan, or how they can help you weather this financially stressful time, do your homework ahead of time. Tell them what you need and explain how their assistance will help you address your financial obligations, and your plan to accelerate economic stability. There is no time to waste in this quickly evolving environment. Your accountant, investors, franchisor, or parent company—whoever it is, use their time as wisely and efficiently as possible. They too are fielding a lot of inquiries.
- Do think and act proactively, anticipating your clients’ and customers’ needs. Anticipate their needs, wants, questions and fears so you can proactively find ways to address their specific needs. Reach out to them before they reach out to you. Communication is key.
- Do seek trustworthy resources to get the latest updates and information. There is a lot of misinformation out there in regards to nearly everything surrounding COVID-19. Be sure that you’re getting your information from reliable and verified sources such as trade associations business organizations, chambers of commerce, and city and county leadership. Don’t act on rumors until you’ve done your due diligence and some fact checking.
- Do utilize this time to review all of your standing contracts & agreements. This is the optimal time to revisit your business operation. Read through all of your contracts and legal documents, including franchise agreements and partnership documents to get an idea of the commitments you will have to meet in the months ahead.
The most important “Do” of them all? Do stay calm and reach out to Patel Gaines Attorneys at law with any questions you may still have about navigating your business in the era of the COVID-19 public health crisis. Litigation, property taxes, debt management, contractual obligations, financial implications—these are areas we are well-versed in. Know that we are here for you. We’re just a phone call away and happy to be a resource in any way possible. Call us at 210.460.7787!
This content is provided for informational purposes only and is in no way intended to constitute legal advice or create an attorney-client relationship.