Source: Entrepreneur | Repost QBScott 7/30/2020 –
The COVID-19 pandemic has completely upended our normal way of doing business. Stay in place orders have caused stores to shut their doors in many states. Other companies find themselves unable to fulfill shipments due to supply chain disruptions.
Even for companies that are remaining open, business is largely on the decline as more people try to stay home to mitigate the spread of COVID-19. In fact, Quartz reports that foot traffic at retail stores is down 97.6 percent compared to the same time last year.
Needless to say, it is a time of turmoil, especially for small and midsize businesses (SMBs) that don’t have the cash reserves of larger corporations. Despite all the uncertainty going on during this time, however, there are still things you can do to keep your business afloat.
1. Keep your customers up to date.
With so much uncertainty, your customers will be wondering what changes you are making in your day-to-day operations. You might have to close your brick-and-mortar store or reduce hours to give employees time to sanitize your facility. You could be experiencing delays in fulfilling online orders.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale