A LOT of Changes
Ernie Neve, CPA
April 7, 2020
No matter where you are or what industry you’re involved in, we are going through an incredible time. In the last two months, things have changed, plain and simple.
Here’s the thing, though – with all the seemingly insanity and what I truly believe to be a false sense of scarcity, there has never been a more opportune time for entrepreneurs and business owners to step up and grow.
Right now, your job is far bigger than to be “just” a business owner or an entrepreneur.
Right now, you need to be thinking of how big you want to build in the next three quarters.
Think about it – hundreds of former roadblocks in your path have been effectively removed! Trillions of dollars are being pumped into the economy, focused on owners and entrepreneurs and keeping businesses open – and growing.
No matter where you are politically, the facts are simple – Trump is an entrepreneur first, and the policies he’ll want used to revitalize businesses in the wake of the pandemic are going to be focused on the business owner and getting them back in the black.
Let’s look at some of the most recent pieces added to the puzzle…
· Over $10 Billion to be invested in the smallest of small business – in the form of low-interest loans and forgivable grants from the Small Business Administration.
· In the meantime, creditors – the banks, lending institutions, and credit card companies – are under pressure from the government to extend options to all their clients to ensure people have options that weren’t available in the last downturn.
· The SBA is actively streamlining the disaster relief process to get money in the hands of business owners faster – in some cases, in a matter of days – and many aspects of those loans can be converted to grants (or be forgiven) if the business uses the funds in certain specific ways- payroll taxes, covering current principal and interest payments
· Of course, there have already been a number of amendments to this year’s tax filings for corporations and proprietorships.
Here’s the deal: every one of us has the choice on how we choose to view these current events. I’m not silly enough to make this a political conversation, or to second-guess leaders, or to spin conspiracy theories, and that’s not important right now.
NOT. AT. ALL.
But I am an optimist, even if my craft relies on numbers and verification.
So let’s share the good news – the Federal and state governments are taking action and literally, CPAs, attorneys, and tax specialists all across the country are poring over 880 new pages of law to see where – and what – the benefits will be for our clients in the weeks and months to come.
All I’m asking from you? Keep challenging yourself and your people to think creatively. Look at companies in the spaces your business occupies and see how they are reacting. How are they adapting to what is currently a “virtual” economy? What techniques are they adopting?
By observing and being a fast adopter (many of the tools needed to make a preliminary shift to a virtual economy, such as Zoom, are available via a free offer), you’ll have the advantage of being “back in business” far faster than many companies and that will give you the ability to take market share while others are stuck in a “wait and see” mode.
We’ve all done things like this in the past, but with “social distancing” being a new normal for the time being, why not look for tools that can automate your business scheduling more? Integrating your calendar with scheduling software, like Plus This or Schedule Once, for example, has been available for several years.
You’ve got the time to learn it now, use it!
Stay safe and remember, this too shall pass. The entrepreneurs who come out of this setback with the most momentum will be the ones who are taking action now.
…And there’s no time like right now to take that action!