We asked some local leaders and experts how you can come out of the pandemic even better than you went in — and what you should be focusing on as the year ends. Read on for their words of wisdom:
GENEVA DUMMER
Owner/Operator, The Meeting Place
What’s your best advice for “leveling up,” not just surviving, in the wake of the pandemic?
Stay on top of your bookkeeping. I find that paying bills gives me a feeling of reassurance and empowerment that helps me be more resourceful and proactive when I’m up against a lean month because I know what to expect and how best to adapt.
Also, get your collections under control. Make sure your terms are clearly outlined in your client agreement and that you stick to them when people make zero effort to bring their accounts current.
On the flip side, don’t forget to be compassionate and sensitive to your clients’ needs. Sometimes they may need more or less of what you have to offer, and that’s OK. Waiving the late fee when someone really needs it goes a long way.
What is the one thing business owners should be thinking about right now?
Nonprofits need to be finalizing their annual reports for distribution to donors on or before the Dec. 15. For-profit enterprises should be reviewing their annual numbers and compiling their own annual report for in-house use.
Not only will this put you in a great position for filing your taxes, but it also will allow you the opportunity to be proactive in your approach to the coming year.
SHEILA FARR
Owner, Gulf Coast Training & Education Services LLC
What’s your best advice for “leveling up,” not just surviving, in the wake of the pandemic?
Challenging times provide opportunities for business owners to reinvent themselves. To remain relevant and maintain a viable business, it is important to develop a carefully planned and well-executed approach that’s innovative. Find new ways to meet the needs of your customers and build your network to share your new strategies!
What is the one thing business owners should be thinking about right now?
Business growth opportunities often present themselves when you know the right people, and the one thing business owners need to be focusing on right now is collaboration. Finding the right person to help share information about your business and products or services can help grow your business by leaps and bounds. This is especially true during a global pandemic, when entrepreneurs are all trying to connect and help each other stay afloat.
That’s why I recommend focusing on networking right now — not just building new, valuable connections, but keeping your existing contacts apprised of your goals and progress. Communicating across a strong network of customers and business associates can help you not only survive, but thrive, in challenging economic times.
DENISE HOWELL
President, Howell CPA, PA
What’s your best advice for “leveling up,” not just surviving, in the wake of the pandemic?
Focus foremost on emotional health. Many ladies, including myself, have expressed a desire to “declutter.” I have cleaned out and redesigned my pantry and kitchen cabinets; I feel 50 pounds lighter. I plan to continue this throughout my apartment this fall.
Tune into your inner spirit; tune into God and receive rest and restoration to enter the new year refreshed and hopeful.
What is the one thing business owners should be thinking about right now?
They need to be thinking about year-end planning. We have no idea what Congress will do to alleviate financial burdens facing small businesses. The Small Business Administration has issued a new, “simple” form for requesting forgiveness from the Paycheck Protection Program (PPP) loans; we are still expecting more updates to the forgiveness filing procedures to make it even more “simple.”
Congress will pass its final regulations and tax cuts for the year in the first two weeks of December. No one has any idea what, if any, tax breaks will be afforded to small businesses. Everyone agrees that state and local governments, medical facilities and small businesses need assistance. However, so far, they have been unable to agree on how to distribute assistance. I advise to be prepared for no tax breaks or financial assistance. Stay tuned for legislation issued in December.