Guest post by Meredith Young.
The past several weeks have been anything but business as usual. COVID-19 has spread around the world and impacted every type of business. From resource allocations being shifted by manufacturers to products such as protective face masks, to a boom in telecommunications services and closing of non-essential businesses, plus everything in between.
This is a shift never seen before, and the implications for small businesses are staggering. Here are four key points every business owner should consider while weathering this COVID-19 storm and preparing to come out the other side stronger.
Be Financially Savvy
According to Fundera, one of the biggest concerns small business owners have is economic uncertainty as it pertains to the balance sheets of the business and changing consumer trends. The decline in customer spending with so many businesses closed makes it imperative for owners to secure their financial stability.