Top 3 Lessons Every Business Owner Should Learn from 2020
Well, 2020 is a wrap and we are well into 2021. Many things are still looming from presidency to PPP loans. Still, much can be said and done to make this year a far better one for your business and its bottom line. Here, we share the top 3 lessons every business owner should learn from 2020, as well as how we can help you implement some things right away! Read on to make an about-turn in all the areas that matter these next few months.
Help goes to Those Who Have Their Books In Order.
Covid-19 is just one of many different world-wide pandemics that have plagued our nation and people over time. Looking back, there have been massive recessions, natural disasters and many other federally-declared emergencies. All of which impacted the financial state of businesses everywhere. This time, when help came, it wasn’t just to communities or the people therein. Instead, much of what the government focused on was direct payments, grants and loans to businesses.
From the Economic Injury Disaster Loans (EIDL) program designed to provide economic relief to the Paycheck Protection Program (PPP) providing loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis, the government was shelling out tons of disaster assistance. Whether you deemed the aid generous enough or not, getting anything at all was dependent upon having your books in order.
Accurate Reporting Matters a Great Deal.
For instance, when it comes to the PPP, many business owners were denied PPP loan funds all because of poor bookkeeping and inaccurate or unverifiable data. The good news is, it isn’t too late to submit for one as the PPP program and funding has been extended. Before applying, you’ll want to ensure that your application doesn’t have any errors and that your payroll and other data is up-to-date. Inaccurately reporting your monthly payroll expenses or number of employees could result in fines or even jail time.
It’s not just about the dime, but also not serving time. The Treasury Department has begun investigating potential PPP fraud applicants, so be sure to be honest in your applications. It is very likely you have every bit of integrity. However, trusting your application or bookkeeping numbers to someone sub-par at such can land you in major trouble. It is best to consult with someone like us at Two Sense Consulting who can ensure your books are clean and clear. This can make your first round of application successful! Not to mention, the forgiveness aspect of the PPP loan is equally dependent on how the income is reported as used. We are staying on top of the ever-evolving rules so that your records reflect accurately and earn you the loan forgiveness should you qualify.
Digital File-Sharing and Connection are a Must Moving Forward.
The pandemic has shown us the importance for businesses and accounting professionals to work together. We must embrace the virtual aspect of meeting as people and meeting objectives. If you haven’t already embraced the benefits of technology, you simply cannot delay. Now is the time where accountants and bookkeepers can show you the many ways we can support you as our clients, whether it’s through recordkeeping and maintaining compliance, business continuity planning, or scenario forecasting.
Beyond the safety and convenience of meeting remotely, there is also the extremely helpful aspect of saving money and time. What pre-Covid may have been having a great deal of staff on payroll could have proven just as easy to implement with fewer people, far fewer hours and less time on the clock. Certainly, we don’t celebrate the letting go of employees.
However, when it comes to any business’ bottom line, it isn’t personal – it’s professional. The truth of the matter is that our passion is to save businesses time and money. By offering our services a la carte and as-needed, we can do just that! We even offer tier options so you pay for only what you need.
Mental Health is as important as Financial Health.
If not more so. Mental health plays a huge role in how owners and employees alike handle crises. It is vital for you as a business owner to speak openly about mental health challenges, including awareness and support. Not just for those you have hired or the clients you serve, but also your own family and self. Obviously, stresses will continue to take place, post-pandemic, including the implications of economic recovery. Keep family dynamics in mind as we move forward into what will never again be “business as usual”.
You cannot pour from an empty cup. This saying rings especially true for business owners who tend to pour much of themselves into the many facets of entrepreneurship. In order to see the big picture and stay afloat during challenging times, you must take time for yourself. You can’t just “find” the time. You must carve it out. Every day. Step away from your home office, take a walk, go for a run. Get out of the house and just appreciate the many things we might previously have taken for granted (or might have gotten lost in the frenetic pace of our pre-COVID regimen). This can be done far more easily when you outsource the aspects of your business operations that are keeping you from freedom.
We highly recommend hiring professionals who can take care of projects in a fraction of the time you can. All for a fraction of the cost of a full-time employee in that capacity. You save money and time, while investing and redirecting those valuable assets into your own self-care. Then, you naturally give that back to your organization – refreshed and at optimal levels!
Outsource for less!
So, this 2021, don’t miss out on the many programs or potential! Talk with us today during a FREE CONSULTATION! We can help get your books clean and your mind clear for a year that is your business’ best yet!
