The COVID-19 pandemic continues to make headlines all over the world – and on Main Street in your hometown. According to an April study by the National Small Business Association, nine out of ten small business owners are worried about the future. Nearly three quarters of small businesses have seen customer demand drop since March. Although federal aid is available, the process can be difficult to navigate and it can take a long time for relief to arrive. So what’s a small business owner to do in the meantime? Edgewater CPA Group is here to help. It’s impossible to know what our world will look like a year from now, but here are a few places to start in considering how your small business can weather this global pandemic.
Understand your business’s financial position
Figure out exactly where you stand in terms of debt, vendor contracts, payroll responsibilities, and other needs. It’s important to be completely honest with yourself so you know what you’ll need in the upcoming months.
Be open with your customers
Restaurants and other eateries have been particularly hard-hit since dine-in eating has been so severely limited. Some businesses have successfully boosted sales by openly posting on Instagram or other social media when they are in need of help to make payroll. Remember to thank your followers when they come through for you!
Talk to your banker
Many banks are willing to work with small businesses during this unprecedented time, offering deferred payments and resources for struggling businesses.
Edgewater CPA Group can help
Our priority at Edgewater is to provide a financial management solution suited to your specific needs, even in a pandemic. We have tools that can help your business run more efficiently, all with an eye to the future. Call our office at (888) 317-4835 to schedule your consultation today. We have offices in Indianapolis and Fort Wayne, Indiana, and serve clients throughout the U.S. Let’s get your business back to work.