When you started your business, you probably didn’t think about its end. The first few months, years, or decades, your focus was likely growing your sales, developing new products or services, and building your reputation in the community. But, at some point, you may start wondering if it’s time to sell.
Have your sales dived during COVID? You wouldn’t be alone – many small businesses have struggled with the abrupt shift in our economy. Despite government programs designed to help, it’s estimated that over 100,000 businesses have closed during the pandemic.
For many small businesses, operating under ordinary conditions is hard enough when it comes to maintaining cash flow, especially for small businesses. However, when you toss in a pandemic on top of the usual obstacles that appear, the situation may feel overwhelming. Yet, despite the vast majority of small businesses in the U.S. taking a severe hit in recent months, the good news is that there are several cash management strategies out there that can be very effective even under the most difficult circumstances. If cash flow is currently one of your biggest concerns, here are some strategies you may want to try.
As a small business owner, you know all too well that it is important to keep track of every dollar. Along with paying any employees you may have, you also must have money available to purchase new equipment, pay for insurance, make improvements to your building when needed and so forth. Unfortunately, there are almost always times when unexpected expenses arise at the worst possible moment, resulting in you taking on various amounts of debt. While initially you figured it would be no problem to get the debt paid off, the result may now be that debt is hurting your business. If you’ve had enough and are ready to pay off the debt associated with your business, here are some of the best ways to eventually become debt-free.