The COVID19 outbreak has jolted the world and it already affected many aspects of our daily lives. Many changes have been imposed to contain the pandemic and keep everyone healthy, but these changes had greatly affected small businesses.
If you are a business owner, prioritize your health and safety and read these tips to prepare your business for the effects of this outbreak:
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Stay Up-To-Date With The Financial Statements
Your financials will give you important insights you need the most right now as you prepare your business for this pandemic. It will tell you your current financial position and how your business is doing in terms of cash flow now that revenue may be slow. Your financials should be the foundation on your decision making process to tackle the crisis so you have to make sure that you stay up-to-date with it.
Updated financial statements is also a must-have when you are considering to apply for financial assistance. Contact your bookkeeper so they can help you with this.
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Update your Budget
After looking at your financials and assessing its elements, you have to implement some changes to adapt to the situation. Work with your bookkeeper as you do this because they can guide you to make the right decision as you look through your numbers.
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Improve Cash Flow By Looking For Alternative Revenue Streams
Income will be slow now that stores are closed and everyone is encouraged to stay at home. Your business should not depend on foot and in-store sales right now so you need to think of alternate ways to keep your cash flow going.
Consider continuing to serve your customers through online. Create and offer virtual services that will allow you to work with your clients remotely. Do your research to know the recent market scenario and see what works best for your business.
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Talk to Suppliers
It is important for your business to stay in touch with your suppliers. For locations that are hit hard by the outbreak, the suppliers might not be available at all. You must try and find alternate suppliers for your business to keep running. Also, you can work out a temporary payment agreement with them if your business is really affected by the pandemic. It is a good practice to stay in touch and be honest with them to continue to build a good relationship.
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Seek A Professional Help
A sound contingency plan on how to adapt to the crisis is a very important thing to have now. If you wish to create this properly, get in touch with a bookkeeper. They will guide you through the creation of the plan and will help you make informed decisions that is best for your business during this pandemic.
If you need help with keeping your financials up-to-date and getting important financial insights, contact us today at admin@fas-accountingsolutions.com or at 832-437-0385.
