3 Essential Questions to Ask About Your Business Practices

Before the outbreak of the novel coronavirus, most business owners had settled into a routine of doing business. Now, everything has changed. Nonessential businesses are closed or can only operate remotely, leading to huge losses for most industries. If your business is not one of the essential ones that are continuing to make a profit during this time, then you should take this time to rethink your business model to make it more suited to emergencies. As you do so, you should ask yourself these three questions.

1. Is Your Business Operating Within the Law?

Many laws govern businesses, and different regulations apply to companies of varying sizes and industries. Check that your company’s business plan is in full compliance with federal regulations by consulting with a lawyer. Before scheduling your meeting, make sure that the lawyer specializes in the area that you have questions about. For example, if you have questions about hiring a worker with an EB5 investor visa Houston TX, then you should consult an immigration lawyer, not a family law attorney.

2. Are Your Employees Being Fairly Compensated?

You cannot give your employees money that you don’t have, but you should take this time to consider whether you are paying them enough. Especially during this time of economic strain, if you have not been treating your employees well, they will not have loyalty to you. Once the economy begins to recover, they may seek other employment. Check in with your employees through email or electronic conferencing software such as Zoom or Skype. If you have to furlough your employees, do not take a salary for yourself, and offer to help in any way that you can.

3. Is Your Business Environmentally Sustainable?

Environmental concerns have become more pressing than ever in the past few years as people begin to experience the effects of climate change. Evaluate the environmental impact of your business and investigate whether you can change any of your operations to make them more eco-friendly. For example, if your business relies heavily on paper, you could start completing paperwork online and using email rather than snail mail and printed memos.

As the novel coronavirus disrupts lives and businesses across the globe, take some time to evaluate your business practices. Now is the perfect time to create a plan for correcting unethical or unwise methods of operation. Then, once the emergency has passed, your business can have a fresh start.