While the 21st century has brought about an unprecedented uptick in entrepreneurship, today’s business owner is facing equally unprecedented challenges. The digital age has provided new opportunities and also new problems to overcome, and the pandemic era has made it a necessity to adapt as quickly as possible and try to plan for an uncertain future. Here are some of the top issues affecting today’s small business owner that you should think about.
1. Constant communications with your customers and keeping them informed.
Whether your business depends on online orders or foot traffic, people need to know if your business is taking the right precautions to reduce COVID-19 transmission risks. What measures are being taken regardless of masking and capacity laws in your area? How are you communicating information concerning new hours, if you’re open or closed, and how customers can reach you? They need to be able to find this information easily and quickly.
2. Knowing if it’s the right time to invest more in your business, and how you’ll do it.
Many business owners are facing severe economic devastation as a result of the pandemic. Others saw business booms they’re having a difficult time keeping up with.
It can be challenging figuring out the right time to make a major investment in your business. If your cash flow has been fairly unstable or you are seeing an unprecedented loss in new customers because of the pandemic, this actually could be the right time to invest in new equipment and opt for financing it. If you need to increase operating capacity, you may need to determine if you anticipate capacity staying this high after the pandemic is over. But if sales are remaining sluggish, you should take advantage of the downtime to replace old equipment and finance it while interest rates are at historic lows.
3. The confusing web of COVID-19 small business aid, if you qualified for it, and if you need to pay any of it back.
The rules for the Paycheck Protection Program (PPP) forgiveness keep changing, and confusing reports concerning SBA Economic Injury Disaster funds availability also keep being issued. If you received COVID-19 small business aid and have any funds left over, you may be thinking about ways you can use it to expand your business, but there are restrictions on how this money can be used. As of recent, here’s what you should know.
Whether your business is picking up or slowing down, the climate had made everyone stop and take inventory of what their true business necessities are. If equipment hasn’t been a part of the mix, consider financing your equipment so you can continue to bring in revenue. Financing with American Capital Group ensures that your cash flow won’t be negatively impacted by the purchase and allows your business to thrive even during a pandemic. Apply today or see how we can help you by calling (949) 441-5739.