How has the recent situations affected your business?
Well first the local businesses were hit by the Covid-19 pandemic in March and now they are having even more economic troubles by rioting throughout the United States. These are definitely unprecedented times that we live in and in many cases local business owners are frustrated by one setback after another, as they struggle to maintain the business that they have worked so hard to build up. Then to add insult to injury it has been reported that several large banks would not help out local business owners with PPP loans because they did not have a history with that institution.
There have been several articles written over the past couple of month which highlights the effects of the pandemic on business; one such article “How the Coronavirus Pandemic Has Affected Local Businesses Around the Country” has a graphic representation on the map of the United States showing the number of business shuttered in the major cities since March. Then just as many of these businesses were on the brink of returning to some type of normal business environment, they are hit by the rioting around the country. In 2010 Forbs magazine published an article on “How Riots Can Influence An Economy”, which every business owner should at least read or perform research on their own to draw their own conclusion to what could happen to their business due to our current economic situation.
Unfortunately many business owners are working very hard to maintain what they have built up in their local communities or are stuck in a rut of running the day-to-day operation of their business. Many do not have the time to analyze cost effective measure that their business could be using, analyze ways to save addition money through tax savings, along with strategic planning for the long term future of their business. This is a perfect times to seek outside help from a business consultant with the experience and knowledge to help mitigate the risks of these turbulent times, along with the financial and strategic knowledge to help put your business on a positive course for the long term future. All of these questions could be answered by a comprehensive assessment of your business by Strategic Investment Consulting. Call (248) 561-7120