Surviving an Uncertain Small Business Future

What’s the one certain thing we’ve all had to experience amid the COVID-19 pandemic as small business owners? Uncertainty. But the silver lining here is that there are ways you can still keep your doors open and plan for a brighter future. It starts by considering these five COVID survival tips… 
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1. Stay Abreast of the Latest COVID Information Keep yourself on top of all that is happening with the virus, vaccine distribution, and government regulations that have been ever-changing since the pandemic’s impact ensued  in early 2020. Make sure you’re also informed about any local, state, and federal mandates that may impact your operations, including the latest in COVID stimulus relief for small business. Good sources to check regularly are the Centers for Disease Control (CDC) and the Small Business Administration’s site at sba.gov.
 
2. Keep Safety a Priority You’ve known for several months now that safety is critical to your employees, customers, and clients alike. Continue to build on the measures you’ve implemented, such as offering work-from-home options for employees; reducing the number of staff working or customers patronizing onsite at a given time; keeping a robust supply of masks, gloves and sanitizing supplies available; reducing your operating or storefront hours; and creating a compliant family leave policy.
 
3. Stay in the Communication Loop with Your Customers and Community From changing hours and your offerings to temporarily closing your doors, it’s important to keep customers in-the-know. If you haven’t been active on social media, now is the time to beef up your efforts to stay visible within your community. The new vaccines help ensure that hope is coming in the coming months, but it’s still important to stay safe and connected. The news you share is bound to get better with each passing month in 2021!
 
4. Review Expenses and Staffing Chances are at this point in the pandemic you’ve already reviewed all of your expenses to see where you can eliminate things that aren’t a priority. But now it’s time to re-review and look at ways you can cut costs or explore other accounting solutions through a professional consultation. Also, look at your staff and compare where you are now to where you were several months ago. The good news in all of this is that we are changing course in a positive direction, so it may be time to look at a plan to bring some reduced-hours or furloughed staff back.
 
5. Consider All Your Options for Financial Resources From business interruption insurance to lines of credit, there may still be ways for you to find the financial relief you need to push on to a more profitable 2021. There may be some loan or grant options out there that are still a fit for your business, on either a private level or state and federally funded. Another option is to consider revisiting some of the past due accounts from existing customers.
 
Sidekick Accounting is Here to Help
It’s an understatement to say we small businesses have been through some challenging times. The upside is that Sidekick Accounting is a resource for you now and well into the future. That’s because our mission is to do more than help you crunch numbers—we educate and support you on how to operate a financially successful business. Contact us online or call 414-310-7689 to schedule your complimentary consultation today.