Small business owners across the country have faced unprecedented challenges over the past year. Many small businesses are struggling to remain afloat in the wake of economic hardship and numerous safety restrictions. As you assess your business goals for the upcoming year, it’s important to explore the various legal strategies available to you that can help you minimize risk and move forward with support and protection. Here are three key business strategies to help you start 2021 with confidence.
1. Revisit Your Insurance Policy
If your business has suffered because you’ve been forced to close your storefront or discontinue your services for a period of time, it’s worth reaching out to your insurance broker to discuss your situation. Perhaps your current policy offers business interruption coverage or other benefits that can help you weather these difficult times. This conversation is also a great opportunity to explore other policy options, as your business needs may have shifted substantially over the last couple of months. Your insurance broker can help you articulate and assess your insurance needs so that you can ensure you are getting the most out of your policy.
2. Pursue Grant Opportunities
Many small businesses have experienced substantial financial hardship in the wake of the pandemic. However, there are several sources of financial assistance available to qualifying businesses—you just need to know where to look. Reach out to your CPA to discuss whether you may qualify for an SBA loan or grant. Some larger companies, organizations, foundations, and institutions offer grant opportunities for small businesses, so take a few minutes to search for some of these offers and determine whether a grant opportunity may be worth pursuing.
3. Consult With Your Vancouver Business Attorney to Create a Customized Plan
If you are a proprietor, you may face additional risk when you serve customers during a pandemic. Depending on state and local restrictions, you may be required to limit the number of customers you serve or pivot your business model in order to comply with these restrictions. Now is a good time to meet with your business attorney to discuss the specifics of your situation so that you can take the appropriate steps to ensure your business remains protected from potential legal woes. For instance, you may consider asking your customers to sign a COVID-19 waiver before they enter your place of business, releasing you from liability. You may also determine that additional or updated signage is necessary to alert visitors of the risks and safety precautions that they should adhere to when they enter. Your business attorney will provide you with concrete, actionable steps to take to ensure that your business has all the support it needs in order to stay afloat.
For effective legal guidance regarding a business law matter in the Vancouver or Battle Ground area, contact John L. Davis PLLC at (360) 597-4740 today.