3 Things to Work on Financially During Down Time
Lost time is never found again. – Benjamin Franklin. Remember when you said, "If had more time, I would...." Well, we have been given time. 1. Tax Filing. Tax Filing deadlines were pushed back from 4/15 to 7/15! Great news right? Yes, of course! But why wait until July to determine what your tax liability will be? Take care of this now. If you owe, you still don't have to pay until 7/15, but if you don't, file and get your refund! Either way, you will have the information you need to prepare for tax payment. 2. Cash Flow. Plan out your cash flow for the next 6 months to a year. Did you apply for PPP or EIDL? This will help you through the next couple of months, but what about after? Consider doing this for your personal finances as well as your business. It will be a particularly helpful analysis if you have payroll requirements you need to meet but also provides you with an understanding of what you and your family will need to get through the tough times. There are programs out there to assist you! 3. Employees. Take care of them! They are as stressed out as you are. They have personal issues they may be dealing with as well. Give them a day off. Provide them with a health allowance. Maybe your business can help employees stay mentally and physically healthy by purchasing an online yoga class subscription. The cost will definitely be worth the benefit. Maybe you are so tight on cash you can not afford a single luxury, but consider reducing workload and pay before you start cutting entire team members. Employees will most likely welcome a pay cut over full-time unemployment. It will not be easy for them to find a job during these times.