To say the least, the Covid-19 crisis has had a significant impact on our nation’s economy. As a result, businesses around our country and around the world have had to make adjustments to the way they earn revenue and maintain a steady cash flow. Fortunately, there are steps you can take – regardless of the type of business you own – that can help you strengthen and maintain your cash flow as we navigate towards the end of 2020 and into 2021.
As a business owner, you know your company’s finances are like a pulse – you may not think about them constantly, but it is a good practice to check in on them regularly. Preparing for the end of the year lends itself as a great opportunity to do just that and you should really start thinking about this process come September.
WHAT IS AN SBIR GRANT?
The Small Business Innovation Research (SBIR) program, sometimes also referred to as America’s Seed Fund, was put into place to provide funding for technology commercialization in the United States. SBIR grants assist companies in the United States with funding for federal research and development for products that have a good chance of being commercialized. SBIR grants are funded by the government and operate under a unique structure. The purpose behind SBIR funding is to help companies fund their research and development costs.
As the Covid-19 pandemic continues across the globe, many of us are feeling the additional stress that the virus has caused. Not only are most of us worried about friends and family, but the virus has also left us with uncertainty.
How you can take this down time to catch up on your business’s “homework.”
With the first quarter of the year closing, now is an ideal time to reflect on where you stand heading into the second quarter of 2020. Despite the fact that our country is dealing with the Covid-19 crisis, there are still ways that you can sit down and look at where you want your business to go. Also, now is an excellent time to understand the changes you may need to make within your business to handle our current changing environment. Lastly, “now,” is also the perfect time to try and bring some structure and certainty into our lives with all that is uncertain. One of the best ways to accomplish all this is by analyzing your recent performance against your goals and objectives.
Most business owners would agree that it takes passion, hard work, and money to start and grow a business. In a company’s infancy, perfecting goods or services, branding, marketing, and development often take top priorities. Even though monetary stress is the most reported concern of new business owners, the accounting system is frequently overlooked. Over the long-term, initiating a well-suited accounting system early on can save a new business time and money.