In the 5th episode of the R&B Show, Rieva, and Brian discuss the current state of the small and midsize business markets as America starts to reopen for business.
Insights from Rieva & Brian:
- In 2020, a small business owner must first survive before they can thrive. There are too many unknown obstacles in the road ahead. Now is not the time to take high-risk chances.
- Create a monthly checklist for your business. What steps do you need to take daily and weekly to achieve your monthly goals? The checklist becomes your GPS plan; don’t lose it and make sure you look at it every day.
- Stay on top of your cash flow situation. Cash is the fuel that drives your business. Make sure you stay on top of your receivables and negotiate with your creditors if you need more time to pay your bills. Be the squeaky wheel.
- Where will you go if you need access to capital for your business? Your bank? A government loan program? Friends and family? You MUST have an answer or several answers to this question BEFORE you need the money. Otherwise, things will go south for you very quickly.
- How are you connecting with customers today? You need to have strong social media and digital media strategies. Is your website up to date with information? Do customers know the best way to contact you? Do you know the best way to contact them? Social and digital will be key components to every successful business moving forward.
- In many cases, Accountants are a small business owner’s most trusted advisor. How much does your Accountant know about your business? Maybe they see opportunities and obstacles that you cannot see.