Whether you are starting a business or restarting a business, doing so in a post-COVID-19 world can come with some unique and complicated challenges.
In this environment, business owners may want to consider some ways to adapt their operations as the world opens back up.
Leasing commercial space
The pandemic may likely affect where you decide to operate your business. Remote working opportunities and hesitancy to work in close quarters could change the type of space you want and need. Thus, when negotiating lease agreements, consider:
- Shorter lease terms;
- Phased occupancy;
- Lease extension options; and
- Reduced rent.
Because of the tumultuous state of commercial real estate these days, renters and landlords may be more amenable to these and other negotiations.
A year-and-a-half ago, business owners may have had no plans to manage a remote workforce. They may have seen no reason to provide additional sick time to workers, to set limits on indoor gatherings, or to require proof of vaccination.
However, in the coming months, these are just a few of the ways business policies may deviate from pre-pandemic practices. Thus, it can be crucial to address these matters in employment handbooks, business plans, and operational guides.
The pandemic cost thousands of Minnesotans their jobs and businesses. Thus, in a post-pandemic world, employers may be prepared to go to great lengths to protect the assets that keep their business competitive.
To do this, employers might want to explore options for noncompetition, nonsolicitation, nondisclosure, and confidentiality agreements. These contracts can protect the people, products, and processes that are most valuable to a company.
The beginning of any business venture can come with challenges for an owner. While it can be impossible to anticipate every potential obstacle or setback, sufficient business planning can provide critical protection at startup. And revising these plans as things change can extend that protection throughout the life of an enterprise.