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For cash-strapped businesses struggling to survive the coronavirus pandemic, cost cutting is a necessary strategy. Here are 5 tips to help you manage your budget while your business is closed or operating at decreased capacity.
Take a long, hard look at where your business is spending money right now. Your immediate, most important expenses should obviously be paid first, but do you have any expenses that are avoidable? With offices being closed, you can save money by pausing copy machine and printer leases, as well as recurring orders for office supplies, snacks, water, and mailing supplies. You may also want to cancel unnecessary subscriptions or services that you can do without for the time being.
Can you defer any bills for a few months? Contact your landlord, utility companies, bank, and vendors to see if they are offering deferments for businesses impacted by COVID-19. Many credit card companies are offering relief for cardholders who are experiencing financial hardship. It can’t hurt to call your credit card issuer to see if they will grant your request.
Assess Your Staffing Situation
During this unprecedented time, you may be forced to make some reductions to your workforce. While the situation is bleak now, remember that it is also temporary. When things return to normal, you’ll need quality employees on hand. If you need to free up some cash, consider opting for furloughing your personnel instead of laying them off completely. This option helps them retain their benefits while you retain your best employees.
Consider Financial Assistance Programs
There are several funding options available to businesses and nonprofits impacted by COVID-19 such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL). These programs are part of the CARES Act which was designed to alleviate the economic downturn of the coronavirus pandemic. Businesses who qualify should apply for assistance as soon as possible to ensure they receive funds while they are still available.
Create a Plan for Your Financial Future
If there’s one thing the COVID-19 crisis has taught businesses, it’s that unexpected circumstances that disrupt operations can occur at any time. Having a plan in place going forward will help you survive an unforeseen emergency, pandemic, or natural disaster. Cash flow is one of the biggest challenges to a business even under normal circumstances. Successful businesses make sure they have the capital to withstand unexpected situations.
Remember that this isn’t forever and business as usual will return again. That’s why it is crucial to secure the capital you need now to get back on track when everything returns to normal.
If you are in need of immediate financial assistance for your business to cover payroll, assist with rent, or to help with cash flow due to the current health crisis, please contact us today at (844) 284-2725.
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