As we go forward with surviving coronavirus and thriving in the coming recovery, the question of your business continuity and survival is one every business owner has to ask each week a local stay home order is extended. Do you keep employees on payroll? Do you attempt to work from home? Do you significantly change your business strategy to be able to stay open, offering services or products that are essential?
To be or not to be.
That is the question.
Shakespeare understood a thing or two about surviving both a pandemic and the governmental overreach that goes with one.
While many people in the media and social networks I am a part of have been saying that we ought not to think about the economics of a stay at home order, every business owner will think about them.
The existential crises of your business often becomes the existential crises of your life.
To borrow from one of my favorite movies, The Ultimate Gift, money matters are life and death. As business owners, it is important that we approach the question of our business’s survival with both pragmatism and hope. Pragmatism because it might cost more money to keep your business afloat during this time than your business is worth; shutting it down is not the end of the world. Hope because life will go on, even if your business shuts down.
When we ask whether we should do the work (even from home) to keep our business open, to find the capital to keep paying bills for an indefinite economic shutdown, we need to look at the numbers realistically but also not give in to despair or fear.
Make a decision regarding your business (to be or not) and then commit to it with the hope that your life will go on.