Small business owners everywhere are currently dealing with their “new normal” of shutting down or operating in new ways as a result of the coronavirus. Life during a global pandemic is certainly challenging, but it is also an opportunity to improve your entrepreneurial skills and find new ways to acclimate and evolve.
Ways to build your entrepreneurial skills from home
We’ve been home for several weeks now, and it’s important to remind ourselves of all the positives. We have more time to spend with our families, we’re able to connect virtually with friends, colleagues, and distant relatives, and we can use this time to do things that we’ve been wanting and meaning to do.
Here are some ways to maximize your time at home by building your entrepreneurial skills so that when your business reopens, you’re feeling refreshed, motivated, and ready to crush it!
- Read those books you’ve been meaning to read. A few of our favorites include The Power of Habit, The Greatest Salesman in The World, Choose Yourself, and The Magic of Thinking Big.
- Watch movies that can inspire or teach you. We recommend The Big Short, MoneyBall, The Pursuit of Happyness, Catch Me If You Can and Joy.
- Connect with old colleagues. Catch up with former employers, colleagues, or clients that you haven’t spoken with in a while. You may be pleasantly surprised to discover that reconnecting to existing contacts might be more valuable than connecting to new ones.
- Get involved in your community. Use social media or online networking tools to connect with other business owners in your area and share ideas. This is a great way to meet new people and uplift one another in these uncertain times.
- Master a new skill. Maybe your sales skills have been lacking, or you want to be better at managing your business’ finances. Here are five skills, according to Forbes, that every successful entrepreneur must master.
Here’s how small businesses can take advantage of the U.S. stimulus package
While numerous stimulus efforts were released to stabilize financial settings, there were certain provisions that were set to boost small businesses. Below are some of these advances placed, and how they will impact small businesses moving forward.
Forgiven Loans
The U.S. government launched a plan that set aside $349 billion in small business loans. These loans are to be forgiven once taxes are placed for the next two years, limiting the blow placed on the financial aspect of small businesses. The loans can help small businesses keep their employees on the payroll, afford their rental/mortgage expenses, and keep their business in operation once nationwide re-open is secured. Fifty percent of the funds that are expended during this time period will be refunded to the business, which works for the benefit of ownership and employee security. If operated under the correct circumstances, small businesses will only be required to pay the interest that was earned on the loan, leaving little risk to taking part in this stimulus package to secure small businesses across the nation.
Payroll Tax Relief
The IRS has also placed some backing to payroll tax payments. During this period of shutdown, small businesses will see an omission made to their payroll tax credits. While some omissions will cover those who generate smaller revenues, others will see delays in these payroll payments into the next two years. Spreading this revenue grab over two years is a relief setting that will afford small business leaders to retain their employees, remain consistent with their continued structural plans moving into the future, and be able to afford rent and occupation costs. This relief platform is the second piece of the stimulus package that will continue to work towards the benefit of small businesses and allow them the ability to rebound once our nation is open for business.
