Source: accountingWeb

Are your small business clients enduring a significant loss of business during the coronavirus shutdown? As a trusted advisor, you can offer guidance to help your clients survive these difficult times.

Here are some basic suggestions that would benefit your clients at any time, but especially in this crisis.

1. Cut expenses. Reduce and defer spending plans. Do you have stock you could return, or orders you could decrease?
2. Generate more revenue. Businesses are getting creative at developing additional income. For example, could you expand your online presence and services?
3. Collect overdue bills. Remember to maintain your accounts receivable. Individuals and companies want to keep good credit ratings.
4. Count on credit lines. Now is the time to cash in on what is hopefully a good working relationship with the bank.
5. Arrange deals with suppliers. Many suppliers would be flexible in order to help you and themselves through a tough time.
6. Consider the government. Find out what relief or loans are available through the government, and whether your business qualifies.
7. Help your employees. As your business struggles, your employees are likely impacted as well. Consider offering reduced hours or looking for ways to cut expenses in favor of paying staff.
8. Transition products or services. Many companies are already switching their normal operations to producing face masks, hand sanitizer, etc. Is there a way your company can do the same or similar?
9. Purchase from competitors. If competitors have been forced out of business, you might buy their remaining inventory and even expand your own business.
10. Plan for after the crisis. Position your business for what clients will need and want when they are free to spend and go as they please.

For the complete article, read ”10 Tips to Stay in Business During the Covid-19 Pandemic.”

From accountingWeb, April 6, 2020, https://www.accountingweb.com/.