Financial strain is one of the toughest challenges faced by businesses. Even if your operation is making a profit, you may need to find ways to reduce costs and boost operating efficiency during challenging times. In pandemic influenza, businesses are reeling from the effects of a recession, price increases for raw materials, and reduced consumer spending. These circumstances force many companies to either shut down or restructure their operations significantly. Here are five tips that can help cash-strapped businesses recover from pandemic losses.
In a normal business environment, employees are expected to work a fixed number of hours per week. But in the pandemic business environment, many employees who fear infection may choose to work reduced or flexible hours. If you have employees who are afraid to go to work, pandemic flu can have a crippling effect on your business operations. In these instances, you may want to offer flexible working hours as a way to encourage a healthier workforce. If you don’t have the resources to hire a part-time staff member, consider reducing your own work hours. An employee who is working less than full-time may be more likely to bring a pandemic flu infection home to their family members.
Marketing is a critical component of running any business. But when cash is tight, marketing budgets are often the first item to be reduced. If your marketing budget gets slashed, your business will suffer. You’ll have fewer opportunities to connect with potential customers and less opportunity to increase sales. If you’ve reduced your marketing budget as a result of the pandemic flu, it may be time to hire a pro to review your marketing strategy. You may be able to find ways to reduce marketing costs without significantly affecting your business results. If your business is cash-strapped and you have to cut your marketing budget, prioritizing spending is extremely important. You may want to reduce the amount of money you spend on each marketing channel until you can get your budget back up to a healthy level.
The pandemic flu has cut into your business profits, and you’re trying to reduce your expenses. One place to start is by reducing your advertising costs. By spending less on paid advertising, you’ll free up cash that you can use to reduce debt, increase inventory, or invest in marketing that will help increase sales. Most businesses have a few advertising channels that they rely on to drive new customers to their operation. These channels may include online advertising, TV or radio ads, newspaper or magazine ads, billboards, or other paid forms of communication. When the pandemic flu hit, many businesses had to reduce their spending on advertising. This is understandable, since businesses were experiencing financial strain from higher raw material costs, a decline in consumer spending, and increased pandemic flu-related costs. By reducing your advertising costs, you can free up cash that you can use to fund your business.
You’re trying to stay profitable and find ways to slash your pandemic flu-related expenses. One of the easiest places to start is by reducing your staffing needs. If you can operate your business with a smaller staff, you’ll have fewer pandemic flu-related expenses. You may be able to reduce your staffing needs by getting creative. You can ask employees to work fewer hours or take on different job assignments. You may be able to utilize technology to reduce the need for human labor. If your business is a retail operation, you may be able to reduce the number of employees you need to handle customers. Your employees may also be willing to work with reduced wages or fewer hours. While you don’t want to create a culture of fear in your business, pandemic flu can have a significant impact on businesses by increasing expenses.
Operational costs are the day-to-day expenses your business incurs to keep running. These expenses may include utility bills, insurance premiums, payroll, taxes, office supplies, and more. When the pandemic flu hit, these operational costs were likely to increase as your business tried to stay healthy. Your employees may have been required to get a flu shot, and you may have purchased protective equipment. By reducing your pandemic flu-related operational costs, you can free up cash for other uses. To reduce your pandemic flu-related operational costs, you may need to get creative. You can look for ways to reduce utility bills by adjusting the thermostat or turning off lights. You can also find ways to cut your insurance costs.
The pandemic flu is a difficult challenge for any business to overcome. Most businesses can expect to incur significant losses as a result of the pandemic. If your business has suffered losses and is struggling to stay afloat, these tips can help you restructure your operations to stay profitable. This includes offering flexible working hours, hiring a pro to review your marketing strategy, reducing advertising costs, reducing staffing, and cutting operational costs. These changes can help you reduce pandemic flu-related expenses and stay afloat during difficult times.
Did you lose money during the Covi-19 shutdown?
The IRS may owe you money IF:
1) You had between 5 and 500 W-2 employees that you paid in 2020 or 2021
2) You did/did not receive a PPP loan (either one is ok)
3) You had a revenue drop from 2019 to 2020 or 2021 and/or were affected by a full or partial
shutdown
Many accountants don't handle the Employee Retention Tax Credit also called ERTC or ERC.
If you need help find out more at:
Use our rapid refund and receive you money in as little as 4 weeks. This is money that does not require repayment and can be spent on anything you wish.