Steps to Rebuilding Your Small Business

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Steps to Rebuilding Your Small Business

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The National Federation of Independent Business (NFIB) has reported that 92 percent of surveyed small business owners report negative impacts as a result of the COVID-19 crisis. With such a large majority of small companies taking a downturn, it is critical that owners have the guidance and resources they need to rebuild and keep their businesses in operation whenever possible. The following are only some steps owners might take during the rebuilding process. To discuss your specific situation, contact a small business lawyer in San Francisco directly.

Assess Your Damage

Taking the time to update all of your financial statements and make comparisons will give you an accurate picture of the true extent of the financial damage your business has sustained. Also, assess cuts in the workforce, marketing efforts, and more. The damage might be less than you think.

Adjust Your Business Plan

The post-COVID-19 world is going to look different, and business owners need to be prepared to be flexible and adjust business strategies and goals accordingly. For example, if you relied on shoppers walking by your store, you might need to expand your digital presence.

Determine Funding Needs

There are several different options for small businesses to obtain funding to help make up for the losses they sustained and bridge the gap while they recover. From SBA loans to financing options to traditional business loans or lines of credit, there are many options to help keep your business afloat as you rebuild.

Contact a Small Business Lawyer in San Francisco for Help

It is important to stay realistic when it comes to your timeline and budget for rebuilding your small business following this crisis. The San Francisco small business attorneys at Primum Law Group are ready to help and provide guidance from a legal perspective. Call 415.659.7975 or contact us online for more information.

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