Help for Small Businesses

In this time, it is hard to think of something relevant to write. As a businessperson or a concerned community citizen, it is all about returning to normal. I am taking the approach that things will be returning to normalcy sooner than we think, although we may still have a few weeks. As I was reading my news feeds this morning, I found an article by Kaufmann.org. I thought the tips included in the article would benefit anyone struggling with how to keep the doors open on their small business.
Step1: Think through a scenario where your business does not grow in revenue for 3 months.
Step 2: What will it take to keep key staff, what will payroll be? What are the fixed costs (rent, utilities, insurance, etc.) that have to be paid, no matter what? What costs can you cut?
Step 3: What are the revenues that have continued for the last two weeks. An example, if the business is a restaurant, how has take-out done vs. normal dine-in? Are the customers recurring or likely to come back?
Step 4: Ultimately, prepare for the worst case, no revenue for 3 months. What does that look like?

Basically, what are the essential costs, what can be cut and what revenue is still happening. It’s times like this that can define a business, coming out stronger. In the best case, a business can find out it’s strongest function and can cut out the weaker aspects of the business. The same with people, although hard, sometimes this is a good time to keep the people that make an impact and let go the people who do not. It is a time of hard decision, but if done correctly, can actually grow a business upon a return to a normal business cycle.
The SBA has different programs to help small business. The Economic Injury Disaster Loan and the CARES Act which included the Payroll Protection Program. Please go to the SBA.gov and see if this would help. The Small Business Development Centers in Hannibal and Kirksville are available to answer questions and help. The local Extension office can also assist in getting resources too.
For those who do not own or operate a small business, support your local businesses. Without small businesses our communities would not be the same.