How Small Business Can Cope with a Post-Pandemic Economy
As the U.S. safely reopens and small businesses now move into a post-pandemic economy, Miami-based small businesses are adapting to successfully navigate within this changed economic landscape. GO! Latinos Magazine secured an exclusive meeting with Chase Bank, discussing how to help small business owners navigate these new economic seas.
While some small businesses have been able to pivot during the pandemic and are now able to capitalize on new industry opportunities while serving the changing demands of their customers, others have yet to adjust and will have to master new ways of business to cope.
Elsa Bittar, Market Director, Wealth, J.P. Morgan Wealth Management said, “There might be a steeper or interrupted recovery for impacted industries as we continue to see cases increase of the new variants, concerns around unvaccinated individuals, and a shortage of workers. With this in mind, we are in the middle of an economic expansion where there is a significant number of resources available to help business owners scale.” She also advised that flexibility, innovation, and the ability to adapt to ongoing changes would be key for businesses going forward.
Bittar continued, “Leveraging local resources including the help of a financial team is important. As a result, companies could grow to whole new levels.”
To further cope in the post-pandemic economy, Bittar encouraged small business owners to re-evaluate their personal and business finances and to be mindful of costs without compromising growth. She further advised business owners to conduct cash-flow forecasts, to ensure access to capital and to build the right team of financial experts.
Bittar further encouraged business owners to focus on their personal finance as well as retirement. She said, “Business owners should be thinking about these things and are encouraged to make the right decisions based on their financial situation. This is the time when sitting with your financial team is going to help you position yourself to accomplish your goals and to review expenses which could become an impediment for growth.” According to Bittar, small business owners will be challenged within the post-pandemic economy in their attempts to save for retirement.
“With the post-pandemic economy seeing business values decline, owners should not run the risk of relying on their business as their only retirement option.
Have a diversified portfolio that allows them to reach a retirement confidence level that doesn’t solely depend on the value of their business, but rather multiple sources.”
To cope in the post-pandemic economy, business owners need to prepare accordingly. She concluded, “Preparation is key, and the earlier preparation is done, the stronger businesses will be positioned.”
For further advice on how to cope with the post-pandemic economy, visit The Know.
Haz clic para leer en Español: ¿Cómo pueden afrontar los pequeños negocios una economía Post-Pandemia?
