Experienced Insights: Attorneys Identify One Thing Small Businesses Need to Avoid During COVID
In the third and final part of the Experienced Insights series on small businesses, we asked what should small businesses not be doing in the midst of the COVID-19 pandemic. We wanted to understand what specific behaviors are going to cause barriers to success. If businesses can recognize what is slowing them down in conjecture with what are successful strategies (outlined in the first two parts of this series), they can plan and execute specific strategies to maximize their potential during crises. Maximizing successful strategies is significantly more difficult when businesses are having to determine for themselves what strategies are worth using. With these insights, small business leaders have a place to start and can avoid making mistakes. Here’s what they had to say:
What's one thing you think small businesses should not be doing during COVID?
“Propping up a business that was already failing with PPP or EIDL.”
- Patti Williams, Lex Valorem, LLP
“Small businesses should not be expanding their brand offerings into new areas without considering the potential IP ramifications -- existing rights holders could create more headaches than it is worth.”
- Nick Gingo, Renner, Otto, Boisselle & Sklar, LLC - IP Law Firm
“Forcing employees back into offices.”
- Andy Glaser, Sandberg Phoenix
“They should not assume there will be a quick return to normal.”
- Eric Peterson, Spencer Fane, LLP
While having a plan for what to do can help improve your business, having a plan for what not to do can save your business from being greatly damaged. The advice given focuses on being realistic and not exceeding what is realistic in hopes of normalcy. Unfortunately, the COVID-19 pandemic significantly damaged the economy, so small businesses and business leaders must recognize the reality of the economy and their own situation. Whether this means realizing damage felt, prolonging atypical business procedures, or remaining complacent for the time being, it is essential to be self-aware and avoid decisions that can exacerbate the damage already caused by the pandemic.
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