3 Steps You Must Take Before Shutting Your Business Down for Quarantine

Closing your business due to the current quarantine will not necessarily mean an end to your business activity. However, it may very well mean that the physical location of your business activities changes temporarily. Before you lock the door and walk away, there are a few things you should do.

Secure Yourself Financially

When faced with the prospect of losing your income, your first thought is probably how to secure yourself financially. First, if you are going to have difficulty paying your bills, contact your creditors. Don’t ignore them in the hope that they will ignore you. Some good news is that the Consumer Financial Protection Bureau, as well as other regulators, are encouraging institutions to work with their customers.

If you have business interruption insurance, review your coverage. If you filed a claim and it was denied, considering having an attorney review your coverage. These are extraordinary times, and typical rules may not apply.

Start Storing

Your office should be secured. Few people will be around, and leaving valuable equipment in plain sight is not a good idea. Put things away and store everything you can.

You also need to store your vestibule, as leaving it can lead to serious damage. The best policy is to store everything as if you were going on a long trip. You don’t know for certain when you will be back, so it makes sense to take a little time to protect your investment.

Prepare to Continue Your Business

Before you leave your physical office, take inventory of what you need to remain productive while you’re away. If your business depends on in-store traffic, you may be stressing over what this situation means for the future. Take a minute to think about what working remotely will look like.

Above all, make sure to stay in contact with your customers. There are many ways to do this. Before you leave your office, be sure you have a complete client information list. Plan to contact your clients and see how they are. Tell them you will be sending emails to keep them updated. Offer online deals and use social media. Facebook is great for hosting live watch parties. This can act as a sort of virtual “town hall” for addressing customer concerns. If you use this, it’s beneficial to make regular broadcasts.

Don’t let this quarantine define your business. There are changes you must make, but they can become good changes. Focus on your customers and how you can keep that face-to-face feel through technology.

If you’re looking for more advice for improving your business, try Framework 4 Freedom!

About the Author Miha Matlievski

Breaking taboo called FAILURE by talking openly about it, sharing my fail stories and lessons that I learned on my way back from hell. I had four successful companies that at one time all went bankrupt. You could say that I went from hero to zero. But I managed to survive! Down that road I became Fail Coach not by degree but by failing personally and professionally, learning from my failures and growing. If you are looking for a coach try not to find one with shiny diploma hanging on his wall but one that has personally gone to hell and back.

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