Internal Factors
Your and your family’s health
Consider your health if you’re within a group that health organizations say is at high risk for contracting the coronavirus. Consider your family, and if anyone you live with is at a higher risk. And keep in mind that you may not experience symptoms but can carry the virus and transmit it to others. If you feel your health or your family’s health is at risk, then social isolation might be the best protection. And that could mean closing your business temporarily.
Your employees’ health
Consider the health of your employees and their families. If employees are at higher risk of developing severe symptoms, then it may not be safe for them to continue working near others. Social distancing may help protect them, but not all employees can do their work from home. Consider your options, such as staggering shifts and limiting the number of people on the clock.
Your business revenue, cash flow, and savings
Many small businesses run on tight margins. And with people avoiding public spaces or stores, your business may be affected by low sales. Disruptions to cash flow can be hard on your finances. And you may have to dip into your personal savings to recover. Evaluate your finances and business performance to determine how much a temporary closure will affect your business.