Six effective money moves that you better to follow as a business owner

This ongoing time period is full of difficulties for everyone in the business field. This article will reveal 6 effective money moves that a CFA and former bond trader follows during this economic crisis. His business, “Student Loan Planner” has launched in 2016 and built well during previous years.

The followings are six effective money moves he uses for his business currently. He recommends his plan to try during this crisis. As the country has faced a health and economic crisis, to achieve the possible success you have to encourage your employees according to him.

1). Request for government bail schemes.

This must be the action you should give your first priority before doing the rest going to mention in this article. According to the Paycheck Protection Program, funds are granted to the employers with a maximum of 500 employees to settle eight weeks of payroll and other similar expenses. That will help to encourage your employees.

The US Small Business Administration is willing to grant low-interest working capital loans up to 2 million dollars. The aim of those loans is to support the small businesses which are in danger due to the economic crisis that happened because of the coronavirus pandemic.

Then search about your state’s programs launched for businesses. For example, California and Colorado have scheduled work-sharing programs to supply benefits. Furthermore, you can contact the local SBA office or Chamber of Commerce in your area for support.

2). Safeguard your employees though they have to bear up a less paying for a period of time.

More than 6.6 million US employees applied for claims for unemployment benefits last week. Therefore, if you can do anything than stopping the jobs of your employees they will be happy. The speaker’s company is also keeping the employees as much as they can. Sometimes the company has to cut their working hours but they pay something to the employees. From that the company can save money. But the company should try to console the psychological conflicts that happen due to furloughing completely.

This helps to develop the loyalty of the employees. Because they may keep in their mind the way you treated them in this crisis. Though the financial crisis is huge, try to keep the employees on the payroll. Then surely they will help you.

3). Fulfill the needs of the clients or customers.

Customers and clients will remember the way you treated them for a long time. Even though there is a loss in short time revenue, it is better to give priority to customer service because they need it most.

Currently, the speaker’s company doesn’t hope much income from the content products.

In that case, you can help the customers by helping them to get the defaulted tax refunds back, advising them about cutting their monthly payments, showing the way to get loan forgiveness credit etc.

Customer need your guidance mostly during this pandemic. By being with them during this crisis, you can do the best advertising about your company.

4). If your company is financially strong enough then think about long term effects.

Many businesses that were at the foundation level with the start of this coronavirus pandemic will not reopen most probably. According to the supply-demand curve you studied in Economics, the supply curve will shift up and to the left after this economic crisis because the least number of businesses will remain to buy goods.

Therefore; because of the reduced number of suppliers of goods and services, the price may be higher. That means; if your company is able to survive through this pandemic, you will earn more profit in the future as there may be few companies to compete with you. So you can add this to your long term plan if your company is in a good financial status right now.

5). Start an emergency savings fund already if you don’t have one.

You will have personal financial conflicts if you are an employer with a sense of protecting the jobs of your employees. That is why you need the help of an emergency fund.

Saving money is the best solution for you right now as a businessman. You should do emergency savings even borrowing the money.

6). Enjoy the life to get rid of the nervousness.

This is a most important fact. Without relieving your nervousness, you can’t make important financial decisions. You can’t take decisions in a clear mind by sitting on a chair and thinking about it all day. Either you can watch a film on Netflix or feel the nature by taking a walk to clear your mind. That will be helpful to your business as well as your personal life too.

As the whole economy is in danger due to the ongoing pandemic, you should care about your business as a business owner. The above-mentioned facts are important for you in that case. Those are presented by a successful business owner. He is following those steps to protect his business. That will help to you also.