Before reopening a physical store during COVID-19, conserve cash and wait for clear signs customers will return. Treat a June or July reopening as a brand-new launch with fresh marketing and staffing. Prepare for another market shift in fall or winter by keeping extra reserves and building flexibility into your budget.
For those of you who are more brick and mortar, I really encourage folks, even if you are legally allowed to open tomorrow, make sure it is the right time. Your community, you might open your doors, that means you're paying your light bills, your employees, everything again, but are they going to walk in the front door? So really be smart about holding that capital until you know that your customers are ready. But I would say for everybody, you should really look at you know, what I would say is June or July as the first time you've ever launched. Treat it that way and really be smart about this fall. I think we need to be prepared to have as much money in the bank as you can and be prepared to pivot again. I think this fall we're going to see, you know, if you really put your ear to the ground, you look at the economists, you look at state leadership, which is who I look to these days, is you're going to have to pivot again come November, December, January. So, so put room in your brain, your budget, and your team to prepare for an additional pivot later.
