Due to COVID-19, thousands of people have lost their jobs. Some businesses may not even recover from the economic hit. Some businesses have already filed for bankruptcy. However, some small businesses are still surviving. Fast food restaurants are making delivers and takeout. Some restaurants allow you to enter with a mask. Most stores, cinemas, schools, and restaurants are trying to make sure that no one gets COVID-19. Making sure each customer wears a mask, stands six feet apart, washes their hands, uses hand sanitizer, and takes all the necessary precautions. Our world and our lives are changing, but we are working our way through it, so are our education and small businesses.
Mr. Bob Adam has actually written a blog about how small businesses can survive during COVID-19. Some of the businesses that you still see around you most likely had to make a survival plan like this one.
1. Create a Strategy
2. Handle Bill Prioritization
3. Create a New Budget
4. Create Projected Income Statements
5. Create Projected Balance Sheets
6. Create Projected Cash Flow Statements
Small businesses may seek help in creating a financial survival plan from a certified public accountant like Lakeesha Browne, CPA.
Sources:
Adam, Bob. “Small Business Survival Plan for COVID-19.” Business Town, businesstown.com/small-business-survival-plan-covid-19/. Accessed 18 Oct. 2020.
