The Need to Pivot in the Time of Coronavirus
During this epidemic we have all heard the inspiring stories of companies adjusting their missions both to respond to the needs of our country and to quite simply stay open and continue to keep their employees working. Making that crucial pivot now may be exactly what your company needs to do. We’ve seen examples of everything from Ford and GM retooling plants to crank out hundreds of ventilators instead of cars to restaurants teaming up with food pantries to provide much needed meals for those who have lost their jobs and can’t afford groceries. Distilleries switching from producing vodka to producing hand sanitizer and farmers selling specialty produce boxes online or at farmer’s markets after the restaurants they normally supplied this produce to have temporarily closed.
Is your company considering a pivot or a change in the products or services you provide in order to keep your business up and running and your employees busy during these difficult times? Consider what these changes might mean to your supply chain, what you’re asking of your employees, what you’re now providing to your customers. We know this can feel overwhelming when you begin to look at everything that’s involved in such a shift. Do you need new supplier contracts, customer contracts, vendor contracts for these products or the materials? Have you built a COVID-19 Contingency provision into your contracts to account for the current economic uncertainty? Does your company need to purchase something you haven’t previously to produce these new products? Are you providing services to customers that you haven’t previously provided and do you have the correct agreements in place to offer those new services? Do you need to ask your employees to do something different than what they were originally hired for? Do you know? Relax, Fornaro Law can help.
Fornaro Law is an innovative, entrepreneurial minded firm with a strong network of business-minded professionals who can provide advice and expertise in almost any discipline. We would be excited to partner with you and your company to assist you through this crisis. If you are looking to pivot during these challenging times, please contact Fornaro Law at https://www.fornarolaw.com.
Fornaro Law practices in the areas of business and corporate law, estate planning, commercial and residential real estate, commercial work outs, banking law and litigation.
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