How to Budget During a Pandemic

With the pandemic raging and the current administration MIA and trying to subvert the election this virus is not going to be slowing down any time soon.

There are two vaccines currently that may help but the number of does required may be deplorably inadequately lower than required and many people not trusting the government and unwilling to take the vaccines this virus will continue to spread whiling killing untold millions of people.

Congress is doing nothing to help because of unmitigated tribalism and cultism on the part of one party while one person with control of the senate is not willing to show any courage or willingness to do his job or have the integrity to adhere to his oath of office millions have died and millions more have become unemployed, businesses are filing for bankruptcy, business closures, evictions, schools closing,  online classes where people don’t have the required broadband facilities and equipment, states with shortfalls when it comes to the ability to adequately plan for mass vaccination businesses must plan and budget for the future.

Every business owner busy examine their accounts and plan new and innovative ways to budget for the future.

Revisit their accounts receivable.

While all businesses are experiencing financial woes, is their some way to collect even a partial payment or set up a payment plan?

Revisit their accounts payable.

Work with creditors and see if they will extend a payment plan.

Check your inventory of physical products that may be reduced with a sale or some way wo move inventory that has been on the shelves too long.

Look for ways to reduce marketing costs, utility costs, possible loans from the small business administration (SBA), and possible reduce overhead. Can your business work on curbside pickup?

Businesses must remail flexible for any opportunity to work with the new normal and review their accounting books more often than ever before to remain in business for the long haul.

Business can’t survive with out customers and businesses more present a business that is proven safe and customer centered for the future while working hard on customer experience and customer satisfaction more than ever to remain open and viable for the future, which no one knows when or what the future will be until everyone does their part in controlling this virus from personal, local government, state government, and the federal government.

Some businesses may not survive because of their business model and how they operate like salons, buffets, restaurants, movie theaters, bars, and ones that don’t get some kind of help from government agencies with Congress doing their job and working across the aisles.

It is up to WE The People to hold them accountable for their lack of action since day one when they knew of this virus instead of letting one person downplay it and enabling him to spread misinformation and untruths. Unfortunately, in America, we seem to have many people that believe politicians and social media over epidemiologists and scientists or it appears to think for themselves.

Each business is different as is every business owner. It is up to them to find new and creative ways to budget that works for them and continue to work around whatever is thrown at them to remain in business for their community, customers, and employees.

What can you as a business owner do to keep from going under?

Take time to review your budget. If you don’t have a budget, now is the time to start one and keep a close eye on it while remaining flexible to changing circumstances.

Robert Medak

Freelance Writer, Blogger, Copy Editor, Proofreader, and Reviewer