Source: Forbes | Repost QBScott 7/16/2020 –
During the initial phases of the pandemic-related shutdowns, a Goldman Sachs small-business survey found 51% of small-business owners could operate for only zero to three months during the quarantine period. A survey from May found that at least 2% of small businesses had closed permanently due to Covid-19. As economies begin reopening, how will small businesses fare, and what steps can they take to survive?
For the companies that survived the initial shocks of the pandemic, now is the time to assess their financial health to determine a way forward in the new economy. Before looking at their finances, business owners who are reopening should ensure they and their staff fully understand and implement the latest safety guidelines.
Assess Current Conditions — Project An Uncertain Future
Several months into the pandemic, many small-business owners are still in survival mode. They are working out a new way to conduct business, hosting Zoom meetings and finding a way forward. With the economy reopening, business owners must take a closer look at their finances so they can estimate staffing and other expenses against likely revenues.
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