4 Considerations for Post-Pandemic Businesses
Running a small business requires the ability to improvise, adapt, and overcome—now more than ever. Over the past couple of years, it has become more important than ever for business owners to be able to find expert advice, stay on top of changing information, and adapt quickly to new insights. Having a knowledgeable advisor on your side has never been more important to ensuring that you are able to focus on building and scaling your business with confidence.
From closed borders and supply chain issues to new grants and complex tax credits, there are many logistical considerations that just didn’t exist three years ago.
US & State Governments have Made More Small Business Grants & Loans Available at Every Stage
In the face of pandemic-related challenges, the additional availability of grants has been crucial in keeping smaller businesses afloat. Being able to locate and successfully apply for these grants is a key part of ensuring your business is set up for success as you work toward operational growth. If you are searching for ways to find the small business grants that are right for you, there are several official (and many unofficial) lists of resources available for you to consult, including:
Beyond grant opportunities, small businesses also qualify for a wide range of loans specifically designed to benefit small business owners. Choosing the right loan options for your business needs can serve to help facilitate a successful growth plan for your organization. Working in concert with knowledgeable accounting professionals is instrumental in choosing which strategic opportunities are the right fit for your needs. Some of Oregon’s available direct loan and loan guarantee options you may wish to explore include:
Small Business Mentorship and Intentional Connection is More Important than Ever
Getting started with your small business can feel overwhelming—especially if you’re doing it alone. With so many decisions to make every day, it’s easy to get decision fatigue or look for advice from friends and family who may not have any experience or insight into your industry or goals. When successful entrepreneurs are asked what the key to their success has been, having mentors and peers to connect with is always high on the list. Mentors can come in all kinds of positions and roles, from just a friend to a contracted CFO to an official advisor for your board. No matter what the business relationship looks like, locating a mentor that is well-aligned with the goals you have for your organization is essential. A mentor has been where you are now in your small business journey and can offer insights based on experience, streamlining your path to success. While there will always be unforeseen challenges to launching any new venture, learning from the trial and error of others is helpful in avoiding similar pitfalls and minimizing the use of unsuccessful tactics in your own growth plans. Similarly, a great mentor can help support you as you grow and share tactics that have produced successful outcomes in their own business. A support system who you can bounce ideas off of and guide you in the right direction is invaluable as you start down this exciting road as a small business owner.
A holistic view of the business is increasingly important for your whole team—especially your bookkeepers and CFO
Having an experienced professional bookkeeper who looks at your business’ health holistically has never been more important. Small business owners have a wide range of tasks and responsibilities to keep track of to ensure your new venture is a success. A reliable bookkeeper can help prevent errors with invoicing, payroll, and more, leaving you more time to focus on other aspects of your role as a small business owner. As the legal and financial landscape continues to evolve, knowing you have experts keeping on top of your books and providing advice and feedback on financial decisions allows you to grow with confidence. Whether you are looking to establish a bookkeeping system or clean up your current bookkeeping for more financial clarity as you grow, the team at Breakaway is here to support you.
More State & Federal Tax Credits Are Available for Many Industries
When starting your small business, getting the most out of your dollar is essential. With the financial changes brought on by the pandemic, increased local tax credit availability has played a vital role in the success of new business ventures. Having a tax expert on your side is important to identifying which local tax credits can best benefit your organization. Our friends at Sherwood Tax are an excellent resource in identifying opportunities that can benefit your business. Don’t miss your chance to set your business up for financial success. Contact the expert tax professionals at Sherwood Tax to start your business journey off right! You can also learn more about your local tax credit opportunities by checking out available pandemic-related federal small business tax credit programs.
Are you ready to get to work with professionals committed to helping you get the most out of your small business? The team at Breakaway is here to help match you with expert consultants, dedicated to helping make your new business a success. Every business has unique priorities and challenges—whether you’re working toward a successful launch for your business or formulating strategies for growth, we are here to work with you to achieve success and reach your goals. At Breakaway, our advisors are here to listen and work in partnership with your Oregon business needs. Get started by contacting the Breakaway team online today or give us a call at (503) 512-9877!