As COVID-19 continue to stagger economic growth, it brings a new meaning to March Madness.
How can we small business overcome this hindrance? How will the current tax season affect us? What can we do to prevent this in the future?
Small businesses around the world are suffering from the lack of operation during COVID-19, and beside grants and loans from the federal government, we have little to rely on. Here are a few suggestions:
Think outside the box! Companies such as Zoom and WebEx has really capitalized lately with an increase of companies using their service in order to communicate with their customers and staff. However, as a small business that do not have the capital to subscribe to their service, I have found that Social Media (Facebook, Twitter, Instagram, etc.) is a great way to get your message out without the subscription cost.
Try to keep your business relevant by way of informative videos, blogs, post, etc. This is a great, FREE way to keep information flowing to your customers.
How will the current tax season affect us?
Do not be surprised if your return is not the close to your last years, seems Uncle Sam is looking to take back what’s his. Who can blame him, he doled out a lot of cash in 2020 with stimulus checks and unemployment at an all-time high, that money have to be replaced somehow and unfortunately we (the people of the USA) will bear the brunt of that expense. Consider this a temporary situation and count it to COVID-19 pain. I do expect with this new administration, we will see take breaks in the near future, but we have to get a handle on COVID-19 first.
Don’t forget to be transparent on the amount of loans acquired and grants awarded to your company during 2020!
What can we do to prevent this in the future?
Consider Infectious Disease and Business Insurance. This insurance covers business interruption and protect businesses against lost profits due to interruptions to their operations. I know, I know… Who has money to pay for additional business insurance, when my business isn’t generating any income? I agree, but this is definitely something to consider in the near future as one of the first things to get once our businesses are generating income, because the alternative is not an option, now that we know better.
In summary, we can get through this. Continue to network and staying present with your customers, COVID cannot last too long.
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