Experienced Insights: Attorneys Identify One Thing Small Businesses Need to be Doing Right Now
Although similar to the first question in this series on small businesses, this question, asking what small businesses need to be doing during the COVID-19 pandemic, offers businesses some help in prioritizing their decision-making. These insights are what these four lawyers recognize as the priority actions businesses need to take. These are actions that if delayed could damage businesses; taking care of these actions positions businesses to begin thinking about other, more niche ways to save money and find new revenue streams, propelling them forward despite difficult times. Here’s what they had to say:
What is one thing you feel small businesses need to be doing during COVID?
“Reconsidering strategy for the short term- and possibly new normal. Also, they should be ensuring they are tracking the spending on EIDL and PPP loan proceeds.”
- Patti Williams, Lex Valorem, LLC
“Small businesses should still be looking to protect their IP during COVID. None of the laws have changed, so there are still consequences to waiting too long to file patents or register trademarks or copyrights. If they are generating IP, then they should still be making sure they are protected.”
- Nick Gingo, Renner, Otto, Boisselle & Sklar, LLC
“Determining ways to continue in business safely.”
- Andy Glaser, Sandberg Phoenix
“Make short term (3 and 6 month plans), perform new risk analyses.”
- Eric Peterson, Spencer Fane, LLP
All of these pieces of advice focus on remembering to look forward to what is next rather than being distracted by what has already happened. Whether that is making sure to plan out the coming weeks and months or remembering to continue essential business practices such as protecting your intellectual property. Remembering to plan is essential at this time; falling behind and not being prepared as the economy changes rapidly can be catastrophic for small businesses.
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