Keep yourself healthy
As a small business owner, this is a time like no other. You are surely worried about your health but also more about your business. We have compiled some ways that you can manage your money more effectively to save yourself a small headache in the upcoming weeks.
Budget carefully: Decide where your money is going to work best for you. If you are not certain about how much your business can handle during this time, all business spending should be at a minimum. If you don't need it, don't buy it. Find more budgeting tips here.
Safeguard your savings: This means to wait until you absolutely need to withdraw those funds. If you need short term loans, you can find lenders that offer that service here.
Use credit wisely: Always remember that this is a loan to be paid back; make sure your interest rate is as low as possible and only use this aspect as last-minute or emergency purchases.
Eliminate some debt: Now could be a good time to find a new way to unload some of that debt by refinancing at a lower rate. It may be a while before banks are in full operation mode but it is a good bet.
Over everything else, your health is our top priority; please keep yourself in the loop with the latest news about the coronavirus, practice social distancing and limit unnecessary movement/travel.
If you have any questions about how to handle your small business during this time, reach out to us at 619-800-1119. We're all in this together.
Stay safe.