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When the wheels of the economy start moving and business owners begin to survey the remains of their pre-pandemic lives and goals, the questions that will be top of mind are: What now? Can we rebuild? Should we? While there are government programs that may help if accessed quickly, the mental chore is likely to take a toll on an already taxed psyche.
Small business employs the majority of Americans and has taken an unprecedented lashing. In 2019, 30.7 million small businesses employed 59.9 million people in the United States, or 47.3% of the private workforce. That very often looks like one owner and their one employee — a small operation at the time of extraordinary tasks to perform. What will it take to rebound when there are 58 million jobs at stake?
One thing people will want is answers — and they’ll want them quickly. Many possibilities will be among them, and as such, real estate business owners need to organize themselves before (and after) restarting their enterprise.
One thing that you can do is prepare a list of actions that you know must be considered to restart your enterprise. Everybody’s list will look different, but a few things to consider are the following:
Utilities
Are your utilities on? Will you have sufficient power to start up and assess your equipment? Are the water and lights on? Each business operates with different types of equipment. Ensure you have or know when you will have these services by communicating with your providers.
Insurance
Put it on your list to have a policy review with your insurance agent. Ask about coverages that you currently have that may apply in your current situation, such as business interruption insurance. See if there are any changes that can be made now that may benefit you in the future.
Sort your mail before opening it by sender or subject — utilities, taxes, vendors, customers, etc. Then you will be able to delegate or address as you see fit. Review and archive important voicemails and other communications as well.
Employees
Once you see what you are facing on the ground and have gotten your head around things a bit, speak with your employees, and devise a triage plan for the business. You will need to be patient and give them direction. Perhaps the way to retain some employees will be to devise a job-sharing program to spread the available hours over needed employees. You need to retain their experience, and they may be relieved by the program. You can look at it as a retreat and get input that perhaps you wouldn’t have considered before. Build your team again. The employees are your most valuable asset. Delegate to and trust in them.
Landlord
After you have assessed your business property’s state, now you will have to make arrangements with the landlord for moving forward. You both are pulling for your success, so there is hope. Ascertain from your list where you stand and the most consideration you can manage to maintain your lease. There will be a give and take here, and maybe a bit of tension. The fact is that a building without a tenant or current use is a building that is dying. You and your landlord need each other. Consider whether your lease had a clause tying your rent payment terms to major tenant occupancy; this could have been the reason for you locating where you are. If that tenant hasn’t reopened, do you get the same value?
Inventory
Every business has different inventory needs. See where you are with the necessities to meet customer demand. Call vendors, and seek out new vendors if need be. Plan to negotiate within reason.
Social Distancing Guidelines
This is a locality-specific issue. Check with relevant health authorities in your area for guidance on what is permitted and recommended. Make sure you know your square footage size to plan business operations accordingly. Create a layout of your space as a visual aid in your planning.
Social Media And Marketing Efforts
Customer outreach will be most important. Your social media efforts must be launched in line with your reopening. Let your customers know you are there for them, and offer some measurable incentives for your clients.
Mental Health
This area of the reopening is the most delicate and important. Everyone has been affected by the pandemic and ensuing shelter-in-place, and empathy for each other is in order here. Resources are sure to be available for counseling services; find them, and offer them to your staff as appropriate.
There will be many stories to tell regarding our shared experience, but as we reopen isn’t the optimum time. I believe that each employer needs to prepare their best pep talk. Allow for a collective sharing time, and then get on with the work. Plan to direct your employees to publicly available services for help and evaluation services beyond the scope of business.
I only offer this as a partial list to focus on the task ahead. This list will change, so prepare to make a new one in time. It’s not total control, but it will allow you to see in part what you face going forward.