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How to decide whether to close a business during the pandemic

February 19, 2021 Article 6 min read
Authors:
Tim Weed
The COVID-19 pandemic sent businesses scrambling for survival in 2020. A year on, it’s time to step back and consider the phase 2 response. Tim Weed provides guidance for business owners deciding whether to carry on or sell via Marketwatch.
Business closed sign

The 2020 pandemic sent many businesses scrambling to protect their employees and pivot their operations to retain their customers. This crisis presented more challenges and opportunities over the course of a few months than most businesses see in a decade.

While many managed to stabilize their business through these efforts, a select group were able to thrive depending on factors like their industry, location or existing business model.

But for those that only managed to buy some time and are still struggling, it’s time for Phase 2 of their response, one that requires making fundamentally tougher decisions about restructuring the business or even selling it before things go further south.

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