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As restrictions have started to ease and business returns to some semblance of normal, organizations are left picking up the pieces of a disaster that almost none of them planned for. Let’s look at some tips on how to get your business back being the productive company you remember.
Small businesses tend not to have the borrowing power or extra capital to endure situations where incoming revenue is limited or stymied completely. In fact, the average small business had less than two months of available capital to deal with disasters. Some businesses, especially ones with monthly expenses that come in over $10,000, didn’t have weeks of the available capital on hand. Without the ability to get an influx of capital, some of these businesses were forced to suspend operations and cling tightly to the notion that they would be able to reopen after this situation had run its course. In fact, the businesses that are most strapped for cash closed their doors; and, with no timeline set for a vaccine, some businesses simply cut their losses and closed.
Lastly, lots of businesses think that they won’t be able to open their businesses before the middle or end of August. Many businesses have already opened their doors with limitations, and some are already functioning as they typically would be. This suggests that there are no static answers to questions surrounding your business’ ability to do business, making it difficult for decision-makers at these organizations to plan.
When all facts are considered, this situation is one that is extremely complex and evolves rapidly. Here are a few suggestions on how to approach the near future as a business owner or decision-maker at a small business:
This situation has given business owners a lot to manage, but at HUB Technology Solutions, we are here to help you get back in action quickly. Call our knowledgeable consultants at 204-772-8822 or 1-833-847-0725 today to see how we can help you manage this situation proficiently.
Troy is a life-long entrepreneur who is passionate about helping business owners solve complex business problems with technology. He enjoys sharing knowledge to help other businesses succeed.