Rebuild Your Small Business After COVID-19 With These Tips

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on print
Share on email

Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

The COVID-19 outbreak doesn’t only pose a threat to our health and safety, but it also wreaked havoc to businesses worldwide. The majority of small businesses felt the negative effects as a result of the pandemic which made their financials suffer.

The pandemic is still on-going but new policies to adapt to the situation are continuously being provided by authorities. We are slowly transitioning to a new normal and it’s also the time to rebuild your business to better fit this new reality. Here are some tips to help your business get back on track:

 

  1. Know the Financial Damage

Rebuilding Small Business After COVID-19 Tips

The first thing to do before rebuilding is to assess how deeply your business has been affected. Start with your numbers that are shown in your financial statements. Compare this year to your last year’s number to see how much your business earned or lost starting when the pandemic hit.

Let these numbers tell you the full situation of your business to better prepare your rebuilding plan. Work with a trusted bookkeeper to gather these financial insights.

 

  1. Update Your Business Plan

Rebuilding Small Business After COVID-19 Tips

You should also revisit your business plan. See if these plans can still be implemented and maintained during these times or if your team can handle it in case you have laid off some employees.

Consider every change that your business underwent when assessing the damage of your business to prepare your rebuilding plan better.

 

  1. Assess Whether You’ll Need Funding to Recover

Rebuilding Small Business After COVID-19 Tips

Since revenue may be slow and you might have exhausted your cash reserves by now, evaluate if you will need additional funding for your business to recover. The government and SBA have relief programs that are designed to help small business owners to keep their businesses going during this time.

But keep in mind that these programs existing don’t automatically mean that you should apply, measure carefully if you really need the help.

 

  1. Update Your Budget

Rebuilding Small Business After COVID-19 Tips

Look at your financials again and assess what expenses you can cut. Tighten your budget especially if you have limited or slow cash inflows. Expenses that are not strictly necessary to keep your business going should be paused or eliminated by now. You can also look for cheaper alternatives to better fit your updated budget.

Again, work with your bookkeeper for this as they can help you make the right decisions for your financials.

 

  1. Develop a Time Line for Rebuilding

Rebuilding Small Business After COVID-19 Tips

Create a realistic timeline for rebuilding your business to control expectations. Keep in mind that this will not happen overnight and it will take some time to get fully back on track.

Make use of cash flow forecasts to have an idea of where you will be in the next month or quarter and base your timeline on that. You also have to keep on top of new policies released by the government to fully reshape your business for the new normal.

 

  1. Prepare Contingency Plan

Rebuilding Small Business After COVID-19 Tips

While this pandemic may seem like a once-in-a-lifetime event and you will hear other people say ‘it will never happen again’, you should use what you have learned from this crisis to prepare for the next one. This is not to say that we are asking for more disaster situations, but this is more preparation because our situation now is still uncertain.

Being prepared and applying what you have learned due to this pandemic will make your business stand firmer and stronger through difficult times that will come in the future.

 

Even though the pandemic is still on-going, it is not a bad idea to start rebuilding your business to better fit the new normal situation that we are transitioning to.

If you need help with your taxes or bookkeeping, contact us today at admin@fas-accountingsolutions.com or at 713-855-8035.

Share this post NOw

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on print
Share on email

Small Business Financial Services

We help you cut through the clutter and noise and help you focus on a clear path to success. We help you succeed with a reliable bookkeeping, payroll support and income tax reporting.
Learn more

Individual Income Tax Services and IRS Response Assistance

Stressed during tax season? Surprised with a huge tax bill? Receiving an IRS letter? FAS can help make your year-end tax compliance less stressful with professional tax services.
Learn more

US and Canada Cross Border Tax Services

Our experienced staff, combined with our US and Canada locations, allows us to provide the tax support you need, wherever you are, at home or abroad.
Learn more

Running a small business is an extremely challenging task. However with a team like FAS, I do not have to worry about our bookkeeping and tax services.

They are truly great team!
Garage Guys Automotive

Very responsive! FAS bookkeeping service has been an integral part of my consulting business.

I highly recommend FAS to business owners who are looking for a reliable business partner to handle their bookkeeping needs.

Bruce Saxton

I have known Christy for about 5 years. She has assisted several of my clients and me personally.

If you are a business owner, Christy makes an outstanding strategic partner. I highly recommend her.

Gerry Brisson

I started looking for a new bookkeeping and tax service firm as my company was no longer getting the service that we deserve from a bookkeeping firm.

I highly recommend FAS to business owners who are looking for a reliable and professional bookkeeping and tax preparation service firm.

Mark Sargent

 Because of the nature of my business and report requirements from corporate that are time-sensitive.

I can count on Cristy and her team’s eye for detail and reliability to deliver accurate and timely financial information.

Terri Foster

We've been with FAS for years and they are one of the most professional and honest people we've worked with.

I highly recommend Cristy, Dennis and FAS Bookkeeping & Tax Services Firm.

Katie To

Being a small business owner means we’re always constrained by time and resource.

I highly recommend FAS for your bookkeeping and tax preparation needs.

Roy Andrade
FAS, with Cristy & Dennis, has been an important part of our progress as a company and I will not hesitate recommending them to business owners who are looking for a serious business partner for such a sensitive financial matter.
Jorge Vasquez
I have referred Cristy to many of our clients and have always been impressed by her professionalism and dedication to her customers.

If you own a small business and operate in the Houston or Katy area you will benefit from working with Cristy on your financials
Roland Parker
Christy is an awesome bookkeeper and adviser. I highly recommend her for personal tax and business tax.

Not only she help with our taxes, she even organize our entire book keeping for very reasonable price.
Kayla Cory
FAS is the best bookkeeping services I have encountered in my 39 years of self employment. They are hard working, ethical and honest in every aspect of their professional lives.

Both Dennis and Cristy have gone way beyond their normal duties to provide services at the highest level.
Marv Conway