Due to COVID-19 businesses of all sizes have been in crisis management mode for at least three months. It is time for business owners to look at what happened, and think about what may happen soon. Although the end of the crisis is not here, this is a good time to take a breath and examine what decisions you have made and what decisions are on the horizon. At Lardiere McNair, we assist our business clients of all sizes as they navigate the unchartered waters caused by COVID-19.
Recent business decisions have been made by owners based upon the best data available at the time. Due to the nature of this crisis, the data sets have been moving targets. It has been difficult to manage a company through any particular day. It has been virtually impossible to manage the company for long-term success. But many times, out of crisis comes creativity and innovation. Now is the time to examine the recent short-term decisions and begin to chart a course for the remainder of the crisis and beyond. To that end, we are suggesting that businesses:
- Review all of their corporate governance documents. Are there any changes that need to be made?
- Go back and document the decisions you made and the processes you implemented. Did you finish completing that new policy? Did you get all the signatures you needed? Did you get the documentation your corporate structure requires?
- Your business plan has probably changed. Who should you be talking to about that? Examples of people you might need to talk to include you: accountant, lawyer, insurance agent, business partners, vendors, supply chain, etc.
- Your company just went through a stress test of unprecedented proportions. Did you have proper lines of communications with your ownership and management team members? Maybe it is time for some changes.
- Are you properly following all of the Governor’s “Responsible Restart” Requirements?
- Are you taking all the proper steps to ensure your PPP loan will be forgiven?
- Do you need to update any of your policies for the future? Things like your Work-from-Home Policy, Furlough Policy, Sick Leave Policy, Handbook, etc.
Now is the time to take a breath and look at how you will manage the business in the short-term and long-term. The staff at Lardiere McNair is ready to not only keep you afloat, but help you get back to business with a full head of steam.
Chad M. Stonebrook, Esq. is a Partner at Lardiere McNair, LLC. To read more about our firm, please visit www.lmcounsel.com.
The information presented here has been prepared by Lardiere McNair for promotional and informational purposes only and should not be considered legal advice. This information is not intended to provide, and receipt of it does not constitute, legal advice. Nor does the receipt of this material create an attorney/client relationship. An attorney client relationship is not established until such time as Lardiere McNair enters in to a written engagement agreement with a specific client for a specific legal matter.