How are your business finances affected during the COVID-19 pandemic?
As a business owner, how has COVID-19 impacted your business finances? Which challenges are you facing and what are your actions to overcome them?
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Covid 19 has effected 90% of small businesses and their finances, including ours.
The primary challenge is to find new customers. We had requested a 25% reduction in the salary of our staff for 3 months, which they have agreed. This helps us to avoid layoffs.
Many startups that we work with have gotten lean. If you are in an industry directly affected you might be furloughing parts of your team. If not, you are at least looking to reduce overhead and extend your runway. Most companies I am talking with are looking for a year+ in runway on the tech side.
I was running a restaurant. We are completely closed. I'm looking for a new job.
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