Small businesses are suffering!
Updated: Jun 21, 2020
Are you worried about not being able to keep things running in the current pandemic? If so, you are among millions of small business owners.
Right now, the government is promising $376 billion in relief for American workers and small businesses according to the Small Business Association. Every week it seems they add more funding. However, if you are like other entrepreneurs, you haven't even been able to get to the approval process on even 1 of these promised loans. I'm sure it isn't even a thought to get a $10,000 grant that has also been promised.
I have made a few adjustments and luckily have been able to maintain about 45% of my workload and 60% of my employees.
1. I let my assistant file for unemployment. In my business, I can handle every aspect of the business on my own and this cuts down a huge payload. She of course will be back as soon as possible (for my sanity).
2. I asked any employees that did not feel comfortable to also not work. No need in the extra expense of them not showing up or working at a slower pace due to fear. I want what is best for them and the company.
3. I stopped all monthly shipments of office supplies. We also closed down the main building and are doing things remotely.
4. Since we are not using the office, I unplugged and shut down as much electric as possible. My bill has decreased about 80% already.
5. We updated our car insurance policy to decrease company miles driven (huge discount).
6. I paid all other bills for 3 months ahead. This was a huge step, but it gave me the ability to know exactly how much money was available for payroll. Just knowing that you are able to stay afloat for a certain amount of time is a much needed breathe of fresh air.
I know my list may not be the exact route for some types of businesses, but I bet if you use it as a guide you can decrease your operating costs. Just looking at the numbers can help keep things in prospective and give you a realization of what is fact and not fear. Stay positive and hopeful! Feel free to ask any questions you may have anytime.
For more information check out this site at:
https://www.finimpact.com/covid-19-coro