Business Plans

Develop a Course Correction for Your Small Business during the Pandemic

Credit: August de Richelieu via Pexels

The challenges for small businesses posed by the novel coronavirus seem endless. Small to medium-sized companies have their work cut out for them, from following lockdown orders to finding new ways to reach customers to dealing with revenue shortfalls. Meanwhile, businesses still must pay taxes, rent, staff, and other fixed costs.

This seems unfair, especially in countries like Canada and the United States, where small businesses are the beating hearts of the economy. They hire the most workers, pay the most taxes, innovate, and offer excellent value to local communities.

Here are some tips that can help small to medium-sized businesses survive and thrive:

1. Plan Your Comeback

The situation can seem bleak, especially if your locality is under shelter-in-place orders. However, the lockdown has to end in the near future, especially with vaccine rollouts helping communities progress towards herd immunity.

Meanwhile, you can plan to reopen your business to take advantage of the influx of clients when the lockdown ends.

2. Hire a Small Business Accountant

While it may seem counterintuitive, sometimes you need to spend money to make or save money. A professional business accountant who specializes in assisting small to medium-sized businesses can help you in multiple ways.

  • Taxation: An
    expert small business accountant can pay for themselves by helping you reduce your tax burden with the best write-offs. In the middle of a crisis, it’s a good idea to let a professional manage your tax responsibilities. The last thing you want is a call from big brother. However, even if you do receive an inquiry, a qualified specialist can represent your business professionally.
  • Business Accounting Services: An experienced professi
    onal can organize your financial statements, balance your books, and offer monthly, quarterly, and annual bookkeeping services. While they do the heavy lifting, you can concentrate on generating revenue and enhancing profitability.
  • Payroll: Both you and your employees will be paid on time when a professional is assisting with payroll, T4&T4 summaries, WSIB, and more.

3. Take Advantage of Government Programs

In the midst of the pandemic, there may be many federal and provincial government financial support programs designed to help your small business pay salaries, rent, and other operational costs. An emergency loan can be the bridge funding your company needs to stay afloat until the economic climate improves.

4. Improvise

Now is the time to adapt, improvise, and find efficiencies. Consider working from home to reduce expenses such as rent, energy bills, and transportation costs. You can also raise funds by selling unneeded office equipment, supplies, etc. Of course, it’s critical to maintain company morale while adopting remote working procedures. Running weekly meetings, empower staff, and send vouchers to hold remote lunch meetings.

While working remotely, find new ways to enhance your market reach by connecting with customers digitally through your website, apps, and social media pages. Develop secure online payment portals to help clients feel safe about business.

Although the challenges may seem overwhelming, your small company can maintain operations and find new ways to thrive with the right professional help, support, and practices.

Innov8tiv.com

Innov8tiv is a dynamic Web source for technology news, resources and innovation, with a special focus on the entrepreneurial advances of Africans on the continent as well as in the Diaspora. This site seeks to not only inform consumers and companies about the latest in tech trends and ideologies, but to shed light on a phenomenon often ignored: the inventive, life-changing and creative engine that exists in Africa and among leaders of color around the world, including the UK, the Caribbean, Australia, and Asia. Send story ideas to info@innov8tiv.com

Recent Posts

What makes a Healthy Environment at the WorkPlace

It takes a mix of different resources to set up and successfully run a business.…

4 hours ago

Headphones For Streaming Movies And Shows – A Quick Guide

Looking for a new pair of headsets to accompany you on your road trips or…

9 hours ago

Why is Heart Health Insurance being a Must for You?

Image by Gordon Johnson from Pixabay When it comes to your health, there should be…

12 hours ago

ETH2 Myths – True or False?

The release of ETH 2.0 is one of the most anticipated events on the crypto…

12 hours ago

How to Outsource Image Moderation

Allowing user-generated content is an effective way of engaging your audience. Customers are able to…

12 hours ago

Things You Need to Consider Before Buying a Projector: Simple Tips

Have you ever been to a presentation where the projector was not working? It can…

13 hours ago