COVID-2019: Can you measure the impact on your business so far?
Over the number of years that we have been in the business of helping small businesses grow. We have discovered that one of the most important aspects of business is the ability to measure progress, or the lack of it. In other words, you must just be able to measure how your business has performed under various circumstances.
This helps to determine how your business is susceptible to every kind of a catastrophe. Like the current outbreak of the COVID-19. It also helps to come with proper risk and disaster recovery framework for the future.
Nevertheless, have you done the following?
- Have you taken note of the loss in production and sales so far?
- Have you filed to receive employer tax credits with the IRS? How about business rescue packages from the US Treasury?
- If you have already started receiving, or are expecting to. Have you calculated how much that will pump into your business compared to the amount you will suffer in losses?
- Overall, have you come up with a possible position for your business if the COVID-2019 pandemic is to go on for the next three months?
Asking yourself the above questions has a sole objective – which is to force you into seeing your real business position, today, and in the next quarter. Remember, business is all about the numbers. Know and understand how your small business is likely to measure impact on business because what you see already is not the whole picture.
Proper bookkeeping will help you see this bigger picture. If you haven’t hired a bookkeeper already, get in touch with us for a quick chat as we walk you through various important steps to safeguard your business.
Ps: If you have a question about what is happening? And what needs to be done get Coronavirus Stimulus check. Go to our Coronavirus FAQ: The Cares Act. Don’t forget that we can help you file your taxes! Have a Free Quick tax Chat with your Dave Ramsey Endorsed Tax Accountant.
