If you own a business, the COVID-19 pandemic is your worst nightmare; the apocalypse. The pandemic has sent millions of businesses to the cleaners and left millions unemployed.
If your business hasn’t shut down completely, count your lucky stars. As lockdown measures begin to ease across the nation, you’re probably wondering how to restart the business.
One thing giving you sleepless nights? Capital.
Restarting a business amid the COVID-19 pandemic requires a lot of capital. It’s almost like starting a new business.
In this article, we’re sharing top business budgeting tips you can use to ensure your business restarts on a solid financial footing.
Read on to learn more about small business relief during and after the Coronavirus pandemic!
Take Advantage Coronavirus Relief Options
If your business has absolutely no money for the restart, you have no option but to look for external funding sources. Lucky for you, there’s the government.
Through the Small Business Administration, for instance, you can access a wide range of coronavirus relief resources to help boost your business. You could get a loan, as well as mentoring and training from business experts at no cost to you.
There are probably also state relief options you can take advantage of, so be sure to ask around.
Find Ways To Cut Your Costs
Let’s face it: unless you’re Amazon, your business is going to have a difficult time pulling in pre-pandemic revenues. This is why you must prioritize cutting your costs.
The big question is: what expenses do you put on the chopping board?
First, look at your labor costs. If you still have all your employees, even if on reduced pay, it’s inevitable that you’ll have to let go of some of them. Sure, this can be a hard decision to make, but as a business owner, one of your responsibilities is to make hard decisions.
Second, look at your rent. If you’re renting or leasing a big space, explore options to scale down.
Third, digitize as many operations as possible.
File a Business Interruption Claim
If you had an active business interruption insurance coverage before the pandemic begun, you might be wondering whether it covers the coronavirus pandemic.
Well, a good way to know is to submit a business interruption claim and see how the insurance company responds. You might be surprised to learn that your claim has been approved. The money paid out to you will be invaluable as you strive to restart and finance the business.
Get a Bookkeeper
If there’s an employee you need to hire during the COVID-19 pandemic, it’s a bookkeeper.
You need a professional managing your finances, and a bookkeeper will do just that. They will even help you select a bank that can give your business the support it needs during this period. On that note, check out comparisons of banking service providers for small businesses.
Business Budgeting Made Simpler!
Resilience is the hallmark of an entrepreneur. As the world fights the COVID-19 pandemic, you need to find a way to restart your business. One key thing to get a handle on? Finances.
With this business budgeting guide, you have the information you need to restart your business profitably.
Keep tabs on our blog for more business tips and advice. Visit the Finance section of the Bootstrap Business Blog to learn more about business budgeting and bootstrapping.
