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tips to keep your business open during COVID

How to Help Your Business Stay Afloat During Uncertain Times

As an entrepreneur, you may be worried about the financial future of your business since the outbreak of the coronavirus. The good news is there are actions that you can take to help your business remain solvent during this crisis. The tips in this blog post can help you start moving in the right direction.

Follow Your Wallet Around

When was the last time you made an effort to analyze your business income and spending habits? If it’s been a while, then mark out a part of your day to do just that. Start by adding up all of the income that your business is currently bringing in. Then review all of your business spending and compare it to your business income. If you’re spending more money than you’re making, then check to see if any of your expenses are unnecessary at this moment. You can also ask yourself what you can do every day to start bringing in more income. Start challenging yourself to take five daily actions that will improve the financial situation of your business.

Make an Appointment With Your Business Banker

If your business income has started to dwindle since the outbreak of the coronavirus, then there’s no shame in applying for business financing. Your business banker will be able to help you find the right loan for your current needs. They can even help you apply for government-backed aid that has been put into place to help small businesses during these uncertain times. Make an appointment at your bank today to get the process started.

Call Your Creditors

If you know you’re not able to make your payments on your credit cards, business loan, or any other bill for that matter, then give your creditors a call to negotiate a payment plan. They may already have programs in place to assist business owners negatively impacted by the coronavirus. The only way to find out if that relief is available to you is by making the phone call.

Time Is Money

Your time is valuable, so how are you spending it? You owe it to yourself and your business to start evaluating how you are making use of it. The best way to make sure you’re optimizing your day is to make goals for yourself and start focusing on tasks that will produce more income for your business. That also means you need to start eliminating distractions, so you can be as productive as possible.

Become the Best Version of Yourself

The stay at home order has probably left you with a lot of spare time, so start using it to improve yourself. Ask yourself what you could learn to make a positive impact on the future of your business. Once you figure that out, sign up for online classes and purchase books that will help you achieve your new goals. Instead of watching television every night, you’ll be acquiring new skills that will help create positive momentum in your business.

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