What are your biggest financial concerns during the coronavirus outbreak?
As a SMB owner/professional, how have you been financially impacted by the coronavirus? What precautions are you taking to try and protect yourself financially?
At The Debt Relief Company, we were forced to act quickly due to an internal scare within our company. Immediate steps we have taken to both protect our business and ensure workforce productivity moving forward are as follows: We immediately purchased laptops for all employees and and are allowing all of our team members to work from home. Following this, as a precautionary measure, all employee activity will be monitored for a two week period to assess the change in productivity and assess employee working habits outside the office. Unfortunately, any employees which perform poorly under the new circumstances and change in production could be subject to lay offs. The current economic and small business impact of Covid-19 has most definitely been unfortunate but we believe that our quick acting and adaptability regarding the change in business activitiy will help us move past any immediate financial concerns and impact to our business. We would love to retain all current employees if possible but this may not be a possibility given the current coronavirus outbreak and economic landscape.
Those who fail to adapt often get left behind when siginificant economic shocks hit the economy (as is the caese with the current economic shock from Covid-19) and we are putting all our power and energy into streamlining the adaptability of company. With all this being said, ZOOM has been a life save and remarkable resource for maintaing team meetings and productive collaborations.
Cash flow is the biggest impact that every small business owner. The steps that are should be taken are 1) Let go of poor-performing employees. This is the first change that will help with cash flow. 2) Introduce the idea of furloughs and ask all staff to take a week or two off without pay to help lower the payroll amount. 3) Ask all staff members to take a 10% pay cut across the board. These are the first steps to help with cash flow in the midst of a community crisis and a downturn.
As the novel coronavirus has spread quickly worldwide, it has created economic impacts on individuals and business finances.
One of my friends shared his story; he is running an e-commerce business.
His business was doing well before the coronavirus outbreak. However, nowadays the sales are decreased to almost double as compared to standard times. The customers are worried that the packages can carry the virus, so the number of orders has reduced significantly, with logistics freight charges greatly increased.
What precautions are you taking to try and protect yourself financially?
He is trying to ensure smooth business operations with the following practices:
• He is offering discounts to attract more customers.
• He is focusing on social selling as it seems to be a better idea than pushing marketing at the moment.
• To save money, he is avoiding excess stock in his warehouse.
• To improve cash flow and manage finances efficiently, he has opted for virtual accounting services.
This is how COVID-19 affected his company and how he is trying to reduce expenses and increase cash flow.
Financial indices that generally correlate to the cost of capital for businesses (US Treasury Yield, Prime Rate, etc) have dropped sharply, but it has not led to an increase of capital availability because lenders see small businesses as riskier investments at this time. If you have a loan coming due, it might be a difficult time to refinance.
The government is rolling out stimulus packages and the Federal Reserve has dropped interest rates as much as possible in order to combat the sudden liquidity crunch. There are emergency SBA loans available to owners of small businesses impacted by the virus, and at attractive interest rates.
Its a simple question but multiple answers.
In single line… DEFINITELY it leads to rescission without any doubts… because of only one reason.. EVERY PRODUCT or UTILITY in this world depended on components (from mobile to Airplane) from China…
Hence cascading effect and coming two quarters will show this and hence economies go to rescission and other economic effects.
NO ONE can assess about the effects perfectly. Being a senior person, what I can say, please keep cash or gold reserves and prepare so that you can survive for 6 to 12 months without job.
Sorry if I am too pessimistic but that is the reality.
Do you need a loan to buy a house or start up a business or for personal reasons, then you have no problem .all your financial problems have come to an end. they are tested and trusted by me, they don't just promise you a loan they give out loans, to anyone who is qualified for one. I am posting this AD as part of my promises to FAST LOANS 48 HOURS SERVICE.
Their services include Education Loans, Car Loans, Truck Loans, Refinancing Loans, secured loan unsecured loan, Personal Loans, Debt consolidation loans * Business Loans* Mortgage * Home Loans*Student loan etc.
so please kindly contact them and don't allow yourself to be scammed by those hoodlums who we promise you a loan and at the end, you end up being scammed of your hard earned Money.
I am posting this AD as part of my promises to FAST LOANS 48 HOURS SERVICE . kindly contact them today via email: email@example.com
WhatsApp for a quick answer: https://api.whatsApp.com/send?phone=12394202466
GET RICH WITH BLANK ATM CARD ... Whatsapp: +18033921735
I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so many testimony about how Dark Web hackers send them the atm blank card and use it to collect money in any atm machine and become rich. ( firstname.lastname@example.org ) I email them also and they sent me the blank atm card. I have use it to get 90,000 dollars. withdraw the maximum of 5,000 USD daily. Dark Web is giving out the card just to help the poor. Hack and take money directly from any atm machine vault with the use of atm programmed card which runs in automatic mode.
Text & Call or WhatsApp: +18033921735
With the world coming down to a grinding halt, no business was spared from the financial fallout of the coronavirus outbreak.
I did have immediate financial concerns like how to pay the salaries and how to keep the business cash flow positive but for me the bigger concern was how to ensure that my business is still there same time next year.
Ensuring longevity is my top concern and for this I knew I had to onboard investors who could provide me with the impetus required.
And now I am providing fellow entrepreneurs with a chance to learn the exact same thing i.e. how to onbaord investors. For this, I have Jose Caya as my guest on my next podcast. This guy is gold when it comes to teaching entrepreneurs on how to build the right pitch deck and make investors say Yes to trusting you with their money,
If anyone would like to learn more about this, they can tune in to my podcast.
Time: 7.15 AM Pacific Standard Time - 22nd July 2020.
How To Join: You can watch this on Tekrevol's official Facebook & Linkedin Profiles
Do you need a loan? Contact us for any kind of loan you want,
We offer loans from the range of $ 10,000.00 USD to $ 5,000,000.00 USD with 2% interest rate.
Contact us with your details via email: email@example.com