What do we take away from this pandemic? We're living in unprecedented times as this pandemic has caused enormous havoc to all economies. I'm writing this column in the month of May, so by the time you read it, things may have changed. I don't think anyone can predict where life is heading. So how is all this important to our industry? One needs to understand that when something as dramatic as this occurs, we need to evaluate what has happened and how it will affect us going forward. First, I expect many businesses will close and never reopen. They will not withstand the strain of the loss of revenue for the extended length of time and no amount of loans can bring back that lost profit. In fact, loans may be the final nail in the coffin for many-even the Paycheck Protection Program (PPP) loans from the federal government. Some of the businesses that close may be suppliers to you. You will need to be aware of this. In addition, some of your supplies may be in short supply, depending on where things are made. You should be checking with your suppliers to see if they are experiencing any shortages of products you need and try to keep an adequate inventory of those products. If you don't have the product, you may not be able to complete a project or make a repair. This includes parts to keep your equipment running.
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