As small business owners look to operations after COVID-19, there are some important business questions to ask. These questions will help you determine what adaptations you want to keep, whether your business model is working, and if there are additional changes you want to make to keep your company operational through future economic downturns.

Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to-day running of the business that the fundamentals of good business management get forgotten.

Your current business model is the way your business earns money. A change in your business model can bring substantially more income – sometimes for less work and lower overhead costs.

Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it.

The key to building value in your business is to plan the process in a systematic way, whether you’re aiming to grow your business or groom it to get a better price from a buyer.

We’ve heard this before: the COVID-19 pandemic is an unprecedented global health and financial crisis that has caught many off guard. While the threats to human life are very real, the damage to the health of businesses is really just starting to show.

You probably didn’t factor a global pandemic and national lockdown into your business plan! So now is definitely a good time to revisit your business plan for the next year.

Sales is about addressing your customers’ needs and problems. By understanding the issues clients face, you can show them how your solution solves their problem.

Here are some tips for asking the right sales questions to better understand and help your customers.

Resources to Help You Survive – and Thrive – During the COVID-19 Pandemic

As many business owners look to life after COVID-19, an important question comes up: how do we plan to reopen our business? For most businesses, the easing of restrictions doesn’t mean a return to business as usual.

Your “war chest” is the financial reserve your business has built up so you can take advantage of an opportunity or cover unexpected costs or emergencies. Building a cash reserve when finances are tight, however, can be difficult.

Most small business owners face a time in their career when they have to communicate in ways or about topics they aren’t comfortable with. COVID-19 has put small business owners in the position of having many conversations that are uncomfortable and stressful.

As many business owners are experiencing, the COVID-19 pandemic has created serious financial difficulties for entrepreneurs. Small businesses especially are faced with cutting their budgets so they can continue to operate—even at a smaller scale—and not have to close for good.

The COVID-19 pandemic has proven challenging for many small business owners. It’s difficult to run your business remotely, especially if you’re not set up to do so. If you run a business that requires customers or clients to come to you, you might be very concerned about how you can continue to operate without opening your premises.

At some point in the life of your business, you’ll likely need to borrow capital.

That’s why it’s important to build and maintain a solid credit score now – so when the time comes to apply for financing you’ll be able to prove to a lender you’re a good risk.

There are two schools of thought when it comes to “open book management” – the decision to increase transparency by sharing your company’s financials with your employees.

As a small business owner, you’re likely concerned about every penny you spend. That’s a good thing, because you need to keep track of your income and expenses. It also means, however, that you might be less likely to hire people who can help your business. People like bookkeepers, who are great investments for any small business.

Even the best entrepreneurs make mistakes. In fact, most would advocate that you need to make a few mistakes to learn and grow. So it’s important not to let those missteps stop you from following your dream of running your own business.

The CARES Act has many helpful provisions for small businesses, which the Senate Committee on Small Business and Entrepreneurship details in this helpful guide. Here’s an overview of the most important provisions

Being a small business owner can be fantastic. You get to be involved in every aspect of your business, from marketing to event planning, from sales to employee development. Being involved in so many areas of your business saves you from boredom and allows you to use skills you might not have known you had.