Small business owners are looking at their finances from every angle, trying to plan for the next few weeks, months, or years that our society may be dealing with COVID-19 and its economic consequences. In this video, SBF partner Steve Bunch discusses three things every business owner can do right now.
1. Be aware of the government programs available to help business owners, and try and determine which programs fit best. Everyone has heard about the PPP, but there’s other programs that can help, too, like the economic injury disaster loan, the Main Street Lending Facility, payroll tax holidays, employee retention credits, and stimulus payments. SBF can help business owners determine which program or programs might help.
2. Once you decide which program you’re going to take advantage of, figure out what else you can do to get your business ready to weather the storm. From cutting expenses to temporarily adopting a different business model, there may be options that help you get by until it’s back to business as usual.
3. Remember that you’re a leader and have to inspire confidence. “Have at the front of your mind, ‘I’m a leader, I need to remain calm and confident,” Steve says. “I need to speak frankly to people and tell them the truth, but pepper it with optimism and support my people.’”