Source: Entrepreneur | Repost QBScott 4/9/2020 –
It’s safe to say that this current crisis is like none other faced by small business owners in the recent past, and it’s certainly daunting trying to tackle all of the unique issues it presents. Regrettably, the predominant voice we hear hasn’t offered a lot of specific steps to take or advice on how to save our business, let along come out on top.
Below are 10 issues to address with detailed considerations and action items that might make the difference in being able to keep your doors open and calm your employees and customers.
1. Immediate financial triage.
The greatest concern for most business owners, at least initially, is how am I going to pay my bills this week, next week, and how long will this last. Of course, this is a very difficult question to answer and moreover, most business owners are facing a reduction of business owners. Here are some important steps to take on the financial front as soon as possible:
- Create a cash-flow budget listing with fixed versus variable costs. Fixed costs will generally keep the doors open and must be paid. Create a list of priorities about which ones are most important and try to set money aside based on the timing of when they are due.
- Analyze cuts to unnecessary costs that aren’t producing revenue or securing key business functions.
- Layoffs, terminations or furloughs of employees. Remember, your employees can be one of your greatest assets, and if you cut too deep, you may not get them back.
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
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