How can we turn all this negative to positive?
Once we get past the omnipresent concerns of defeating this horrific Virus, as business owners, we need be introspective. We need to ask ourselves: how can we constructively take this time to improve our businesses as the world gradually gets back to an altered version of normal?
Since many of the business owners we work with express that they typically don’t have the time to stay on top of their business financials (given the exhausting task of running their business) perhaps this forced pause is the perfect opportunity to change that. Sadly, the damage this Pandemic is causing may force many Businesses to never recover- but for those that can see a path to the other side, taking the time to be on top of things will provide the ability to project rather than react.
So, as we embark on another month of ‘forced reflection,’ take out your last profit and loss statement. Examine your margins/cost of goods sold, return on investment for advertising/marketing efforts, relationships with vendors, productivity and tasks performed by staff, accounting software etc. If there were ever a time to adjust- the time is now. Take the time to reflect what you can improve and how you envision the landscape to look after this is merely a bad memory.
We all share the same frustrations with what is happening. History has repeatedly demonstrated that this resounding negative will turn into a positive- if we are prepared and have a vision for what our businesses can be.
For those businesses that are ‘essential,’ be sure to put yourself in the best possible light to expand and thrive. Make sure the Guarantors personal credit is adequate (preferably 680 or better). Make sure you have P&L and Balance Sheet up to date within 60 days, along with YE 19 numbers done if the 19 Corporate return has not yet been filed. Make sure your CPA is not overtly aggressive with deductions- so we have budget enough to fit a loan payment. If we can help, please feel free to give us a call @ 631-458-0100.
BCCUSA: here to help businesses grow