I’m starting this blog in the middle of an epic chapter in human history. The effects of the Coronavirus are not just physical, they are mental and financial. Sadly, the mental and financial backlash of this crisis has struck the heart of our country, small business owners. These are the brave individuals that risk it all to follow their dreams, despite the uncertainty and sacrifice. A large savings account and fancy life would be amazing, but they know that’s not always how small business works. Most hard-working small business owners don’t make hundreds of thousands of dollars a year. They make what they need to support their families and be fair to their employees. So here we are…their worst nightmare coming true.
Despite these challenges I urge all the small business fighters out there to hold on tight and keep fighting. You have three very important tasks right now.
Be informed. Don’t know what to do? Ask your advisors to advise you. You may not know the answers, but someone does. Keep asking questions.
Take action. Don’t become paralyzed by your fear and stress. There are important decisions to be made and you’re the only one that can make them. You must keep moving forward, one day at a time.
Get prepare. It’s time to get caught up on the important things related to your business. Get up to date on your financial statements/bookkeeping, plan ahead for taxes and prepare yourself and your business for the future.
Small business makes up 48% of the business in our country. You are important! You’re brave and resilient. You CAN persevere through this storm.
Stay positive, stay safe and stay busy!
Your Venture CPA,
Amy Hoeye, CPA