It is unclear when the smallest of small businesses will receive support and that is devastating since every dollar earned supports our families. Now more than ever We must rely on our own hard work to survive. We are in this together so here are some personal and business ideas we are using as we move forward. The “new normal” will be different from what we have been used to, and our priorities will change, however, our collective entrepreneurial spirits will find new solutions for these new times.

  1. Spend wisely: Cover the rent/mortgage, utilities, water, and necessary groceries first.
  2. If you have a car loan or lease payment, contact the Financial Company for a pandemic support program.
  3. If possible, begin diverting any “extra” cash you can afford to an emergency savings. A little now could help a lot later.
  4. Try not to be tempted with advertisements about new cars, remodeling, appliances, and other similar ads. Would taking advantage be a good deal if not needed right now?
  5. Business Survival: While quarantined at home make time to review your business operation including reviewing the Profit and Loss statement:
    • Scrutinize all expenses and scale back where you can.
    • Look for lower cost suppliers
    • Discontinue non-essential services
    • Cancel or reduce Premium services
    • Cancel unused services
    • Compare quotes on business insurance
    • When affordable Go Green and use less energy and create less paper waste
    • If you need to access your accounting when not at the office, compare desktop accounting costs vs monthly cloud subscriptions. For about $9 a month (or $90/year), you can share your current desktop file to any device loaded with the same accounting software. Maybe it would work for you:
    • If you don’t currently use QuickBooks online, you could save 50% on a QBO subscription through a QuickBooks ProAdvisor.
    • Temporarily opt for receiving lower cost ACH or Bank Bill Payments instead of Credit Card Payments from customers
    • Do more no cost social media advertising
    • Online, Remote or Virtual work saves on travel expenses.

If we can be of assistance with any other bookkeeping or QuickBooks questions just Contact us Here or schedule a chat.