If there’s one thing to be certain of during these days, it’s uncertainty.
The COVID-19 pandemic and the resulting economic crisis has introduced plenty of it into our daily lives. A once thriving economy has pivoted to a potential recession practically overnight. Like a suspenseful movie where you’re unsure what may jump out at you from scene to scene, small businesses across the U.S. aren’t sure what the future holds in store. While needed lifelines like the Paycheck Protection Program have funneled funds to keep businesses afloat, there’s ample uncertainty of what comes next.
- Will requirements for loan forgiveness for PPP change (again)?
- Will the CARES Act offer any complications for tax planning?
- What could additional legislation aimed at supporting the financial health of small businesses look like, and when will it arrive?
Furthermore, it’s difficult to predict what may happen with rules and regulations governing the opening and reopening of businesses. These decisions are being made on a state-by-state, community-by-community basis, which is breeding confusion for many small businesses. What may be deemed safe to reopen for a small town in North Carolina may vary widely from what’s being mandated in a large city in Nevada.
This uncertainty, however, doesn’t mean small businesses need to operate out of fear.
Rather, now is the time to embrace the challenges posed by this lack of clarity and use it to implement purposeful planning and better define a vision of the future that offers empowerment, safety, growth and possibility.
A trusted advisor for your small business can provide ongoing, sound counsel and help your business establish goal-oriented tasks to move forward. It’s more than having someone who can fill out a tax return for you. It’s a true partnership that is built to survive the short-term ups and downs - no matter how steep they may be - and keep your small business driving ahead to new goals.
Remember, not all advisors are the same. As a small business owner, what should you be looking for, particularly in the era of COVID-19?
- A partner who has extensive experience and an intense focus on serving and supporting small business
- A partner that can provide the advice, counsel and stability needed to navigate short-term challenges associated with PPP loan forgiveness and the pressures of reopening
- A partner who is proactive and looks beyond your tax returns, helping to craft and implement a future-focused, goal-oriented plan
- A partner that provides inherent, lasting value that enables you to do more than survive this turbulent time, but also empower your business to thrive long-term
None of us knows what the future holds in store, but small businesses can begin the work of laying a foundation of preparation, ensuring they are as ready as possible for the twists and turns of the journey ahead. During the next few weeks, we’ll take a closer look at how Padgett’s advisory services can not only help your small business weather this ongoing storm of uncertainty, but better equip you for long-term success through a clear, goal-oriented vision of prosperity.
We would love to be a trusted advisor for your small business. PADGETT BUSINESS SERVICES® has assisted nearly 1,000 small business owners obtain more than $58 million in PPP funds, and we are now working to support small business owners in navigating the ins-and-outs of the loan forgiveness process. Find your partner by visiting our office locator page.