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If you own a small business right now, you probably feel a lot of financial stress. But how can your small business be successful even in downturns in the economy like the one caused by the coronavirus?
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When you wrote your business plan, a pandemic likely wasn’t something you planned ahead for. Of course, it’s hard to anticipate change. But your business should have a worst-case scenario plan in place for any instance. Don’t be shy about asking for help early and often from peers and organizations that can be trusted advisors.
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Find someone with knowledge and experience who can understand your unique needs and help develop a plan that meets those needs. Having an advocate who can guide your business towards the best options is critical in order to make sure you’re ready to thrive when the worst is behind us. It’s not too late to find someone like this. Just be aware that the options change based on the environment.
As a business owner or leader, you want to be in a position to take advantage of opportunities that present themselves during tough times. You don’t want to become an opportunity for your competition. Start to envision how you want your business positioned as the economic cycle shifts. Then utilize trusted advisors that can help you achieve that vision.
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If you didn’t make that plan in advance, there are some great options to offer relief if your business has taken a hit. The SBA recently announced several relief programs for small businesses. These include the Paycheck Protection Program and the Economic Injury Disaster Loan. The Paycheck Protection Program can provide a directed incentive for small businesses to keep their workers on the payroll. The Economic Injury Disaster Loan is only up to $2 million but is intended to fund working capital in order to help small businesses maintain operations.