Small businesses are among the hardest hit during the COVID-19 pandemic. While this is not necessarily a positive thing, something good came out of this – many small business improvement consulting services started supporting these struggling companies by giving their expert advice for free.
For instance, a question was raised on Twitter recently about tips on staying afloat. One small business consultant answered by talking about how Paycheck Protection Program (PPP) has improved their loan processing time. The business consultant also recommended state and local funding since lots of cities are offering cash grants for local businesses.
Most entrepreneurs are known to be independent and optimistic people. They don’t usually ask for help, even when they need it. However, the recent pandemic has taught many business owners to reach out and ask for help. This prompts us to ask, when is it time for a small business owner to ask for help?
When the business does not have the cash reserves and borrowing power to sustain its operations.
This is every business owner’s nightmare: when they realize that they have no choice but to close down because they can’t generate enough monthly recurring revenues to sustain their operations. When this happens, it is time to call in the experts. There are many business consulting services in the USA that work with small businesses.
Whether they admit it or not, some business owners have flawed business models that are not designed to generate recurring revenues. Business consultants can help them amend these flawed business models to turn their income around.
When their business has closed down and they’re planning to reopen.
Many small businesses are planning to reopen or restructure their services to adapt to the times. What many entrepreneurs don’t realize is that reopening is very much the same as opening for the first time. They need the help of an expert to strategize. Here are some key suggestions for small business consultants:
- Reopen in stages
- Recognize that business will be slow at first
- Do not overstock. It is okay to run out of products than to have excess stocks
- Focus on cash flow and manage it well
- Focus on customer satisfaction and quality. The quality of each transaction is more important than the volume.
There are many advantages of asking for help for your business. You’ll gain new perspectives, you’ll experience renewed energy, and you will see the growth potential of your company. Having a mentor who will guide and support you through good and hard times is an advantage. There is a time when you just have to admit to yourself that you need help and it is time to bring in the pros.
What characteristics do small business owners have in common? They are creative, resilient, and hardworking. These character traits will sustain them through hard times. If they recognize that they need help and are given tools to make their businesses better, then they will be able to create jobs and generate economic activity.
If you think it is time to reach out for help for your business, contact Portfolio Management Group today for a free, no-obligation consultation.