The difficulties small businesses face from COVID are unprecedented and immense, and there is no doubt the small businesses that embrace flexibility are more likely to survive.
Already, many business owners have been innovative in how they can respond to shutdowns and lower customer counts, with some restaurants pivoting to more delivery service options and retail stores offering online ordering with curbside pick-up. Other common operational tweaks have included staggering shifts for employees or carrying lower amounts of inventory to be more aligned with the current market realities.
Small changes like these enable small businesses to continue to be able to serve their customers, while also ensuring these modifications don’t negatively impact day-to-day operations. At PADGETT BUSINESS SERVICES®, we’ve worked with countless small businesses to help craft realistic, workable strategies so they can adapt to the current situation.
Even with some of these tactics, it might be necessary for some small businesses to evaluate supplemental sources of funding or investigate other policy initiatives being explored by the federal and state government. A strong small business advisor can help you navigate that environment. At Padgett, we helped nearly 1,000 businesses secure nearly $58 million in PPP funding, and we’re currently working to help those businesses manage the loan forgiveness portion of the program.
Additionally, our team is actively engaged in the process of evaluating tax policy, staying in-touch with officials and legislators and, when appropriate, offering recommendations that are in the best interests of small businesses. There are several pieces of legislation being discussed and debated that could impact small businesses, such as liability shields for employers, as well as the recent payroll tax deferral.
Finally, it’s also important to know how to determine when it’s time to consider an exit strategy for your small business. It’s a difficult decision to make, but the economic fallout from the pandemic has threatened the livelihood of countless businesses, and it is vital that small business owners know when to say when.
This can mean a variety of things, ranging from exploring options for restructuring your business, filing for bankruptcy, selling a business or seeking an early retirement. There are pros and cons associated with each of these options, and they are not choices small business owners should make alone.
Our team has ample experience in advising small business on tough decisions just like these, and we are able to let you evaluate all the options – from remaining open to moving on – so you can make an informed, responsible decision.
We would love to be a trusted advisor for your small business. PADGETT BUSINESS SERVICES® has assisted nearly 1,000 small business owners obtain more than $58 million in PPP funds, and we are now working to support small business owners in navigating the ins-and-outs of the loan forgiveness process. Find your partner by visiting our office locator page.