Coronavirus – Minimising Its Effects on Your Business

23 Mar Coronavirus – Minimising Its Effects on Your Business

 

A lot of companies are worried about how long they can survive. Others are closing down already. If this COVID-19 catastrophe continues, only those best prepared will survive. Already you will be seeing the impact on purchasing habits. Your favorite corner restaurant where you get lunch may not be open much longer. In some cities, it would already have closed down.

The economic impact of the coronavirus should not be underestimated.

To bounce back is almost certainly going to be slower than anyone anticipates.

We’re hearing about rescue packages, laws and proposals. But we all know that the government has a finite number of resources. This can’t cover all companies, and certainly not smaller ones. Even if they can, we can expect a lag. There’s going to be a waiting game between when the government announces something and once something hits your bank account. It also depends on where the funds are targeted – maybe you won’t get any assistance at all.

What if the package is aimed at the education sector, for example,  contractual teachers who won’t get paid. But your business is not education, it’s something else like accounting, construction, real estate, food, or retail. Many firms will not have the cash flow to make it, especially if the Coronavirus quarantine and lockdowns go on for too long. 

The government may be willing to help out, but money is limited and some businesses will end up taking a bigger hit than others. And you don’t want that to be yours.

Businesses need relief and are fighting to stay alive. What are small to medium businesses up against? Job creators like bars, restaurants, construction, and other establishments are closing down for the sake of public health and lack of supply.

Nobody is expecting a small business to have the cash flow to wait out a global economic disruption which could last for weeks or months. Business owners who pour their lives into their businesses do not need obstacles. You can experience a financial earthquake very soon if you don’t get help. 

Business needs help. A lifeline. 

We at LedgerWorkx understand the obstacles you are facing, and we want to help. 

So what can you do? How can you make sure your business stays afloat and keeps earning?

Sure, some companies have frozen discretionary spending, are delaying payment of rent, utilities, and bills for a while – but you could be looking at a longer period to bounce back. After all, you will eventually have to pay these same bills, with less money coming in your business. So how can you solve this?

Tinkering around the edges will not be enough. You are going to need to look at every option. Our business is offshoring.  We know it, live it, breathe it. Offshoring or outsourcing will let you slash your people-related operating costs.

You want to continue payroll and avoid layoffs as much as you can, but you’ll need deep pockets to keep at this.

By offshoring, you’re able to secure the same skills you have with your local team, but at a fraction of the cost. This is possible because we are located in the Philippines. We have a wide range of clients who have saved time and money by offshoring accountants, bookkeepers, virtual assistants, social media managers, email management, data entry, and more. 

The average accountant’s hourly rate in the US is $24-$29 per hour. Our rates start at only $5 USD per hour. That’s up to 80% in savings, while getting the same result. You can focus on revenue-generating activities. You save MONEY and TIME which you need right now. 

With more time to focus on higher priority tasks that will bring in more clients and more revenue, you can survive this crisis.