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re: How does a small business owner survive?
Posted on 3/16/20 at 5:15 pm to Roll Tide Ravens
Posted on 3/16/20 at 5:15 pm to Roll Tide Ravens
I’ve talked to a lot of scared business owners in the last week. Ranging from small non-profits to mid-size retailers to CFOs of some very large multinational companies.
All of them are pretty much on the same leg when it comes to the uncertainty ahead. Very few businesses have the liquidity to last a month or two with little to no revenue. How do you pay rent or loan payments in addition to covering payroll? Throw in trying to wrangle the policy & procedures aspect of how to handle employees & operations and it’s a fricking mess. The closest thing I’ve seen to this on any level is the BP Oil Spill. Businesses could be going under due to no factors that they can control.
I have a ton of respect and sympathy for anyone who runs/owns a business right now. I think everyone needs to shed political bias after this is past and try to find solutions to make people whole.
All of them are pretty much on the same leg when it comes to the uncertainty ahead. Very few businesses have the liquidity to last a month or two with little to no revenue. How do you pay rent or loan payments in addition to covering payroll? Throw in trying to wrangle the policy & procedures aspect of how to handle employees & operations and it’s a fricking mess. The closest thing I’ve seen to this on any level is the BP Oil Spill. Businesses could be going under due to no factors that they can control.
I have a ton of respect and sympathy for anyone who runs/owns a business right now. I think everyone needs to shed political bias after this is past and try to find solutions to make people whole.
This post was edited on 3/16/20 at 5:16 pm
2
Posted on 3/16/20 at 5:21 pm to Brazos
The policies of this administration have been great for small business so far. Fortunately, we've been as busy as we can be for the last year and a half. The economy has been booming and many, many small businesses have been the beneficiary of that. We have cash. And more importantly, we have a backlog. But here is the deal, if this had happened in, pick a year of the Obama Administration, say 2013, a great many more small businesses would be in a world of immediate hurt.
Posted on 3/16/20 at 5:22 pm to FairhopeTider
quote:
Very few businesses have the liquidity to last a month or two with little to no revenue. How do you pay rent or loan payments in addition to covering payroll? Throw in trying to wrangle the policy & procedures aspect of how to handle employees & operations and it’s a fricking mess. The closest thing I’ve seen to this on any level is the BP Oil Spill. Businesses could be going under due to no factors that they can control.
"government will bail you out" is the NPC response
there isn't enough money to do this, and many companies will be dead before they could get the money
Posted on 3/16/20 at 5:33 pm to SlowFlowPro
And the mentality of most small business people is to not even consider this.....
Posted on 3/16/20 at 5:35 pm to SlowFlowPro
quote:
there isn't enough money to do this, and many companies will be dead before they could get the money
I don’t disagree.
Posted on 3/16/20 at 5:39 pm to FredBear
quote:
The left wing is hoping they don't. They see this virus as a political opportunity and could care less about the welfare of the citizens
Kill small businesses and the middle class, make all those hourly workers unemployed. At the end of it all that’s left is mega corporations and a ton of people on Govt support. Liberal wet dream so they can push their socialism
Posted on 3/16/20 at 5:45 pm to SlowFlowPro
quote:That is what the govt dependent type doesn't get. Small business rarely find the sweet spot, either no cash from expansion, or no cash from retraction. It is a razors edge, it isn't like your household.
and many companies will be dead before they could get the money
Posted on 3/16/20 at 5:55 pm to 9th life
quote:
if i dont make cuts and/or lay people off, maybe 2 months at this rate.
ive always kept 6 months operating costs available as cash in savings, but that was assuming a sustained worst case scenario of 50% reduction in revenue for that time frame.
its looking like an 80% reduction in revune for me right now.
Keep the faith and hopefully this BS is subsiding over the next few weeks....I wish you good luck
Posted on 3/16/20 at 8:21 pm to SlowFlowPro
quote:
it's been here for at least a month and our ERs aren't being overridden.
You are about to get a very "real-world" lesson in the mathematical concept of geometric progression as it relates to infectious diseases.
Posted on 3/16/20 at 8:22 pm to FairhopeTider
quote:
Very few businesses have the liquidity to last a month or two with little to no revenue.
Why should this be anyone's problem?
No one cares if people have any savings to withstand this kind of thing.
Posted on 3/16/20 at 8:35 pm to BamaAtl
quote:
You are about to get a very "real-world" lesson in the mathematical concept of geometric progression as it relates to infectious diseases.
yes SOME areas are. Nola, for instance, is in really bad shape
we should be quarantining these areas and enacting martial law and leaving the other 90%+ of the country to deal with things before the spread reaches them.
it would be better than shutting down the whole country and bankrupting thousands of small businesses and laborers
remember, it's not just business owners. this is going to hit the lower-working class super hard, too
our GDP is $1.5T or so a month. we're going to lose trillions of dollars if we keep stopping the economy. you cannot "bail out" those sorts of losses.
Posted on 3/16/20 at 8:45 pm to BamaAtl
I would like to send you on an all expense paid trip courtesy of my new Oferlords in the United States Government to Bergamo, Italy.
Hope you live long there and prosper
Hope you live long there and prosper
Posted on 3/16/20 at 9:08 pm to BabyCakes
quote:
The solution is simple. If you cannot afford the required paid leave, before the paid leave goes into effect, fire all of your employees.
You’re a dumbass. My employees work hard, are dedicated and I generally like them all. I never have concerns about myself and whether I’ll have money but I worry always about making business decisions because a bad one could cost good employees their jobs. My payroll is about $28000 a week not including the taxes on top of that. Plus my portion of their health insurance, 3% company IRA match. Covering that for an extended period would be tough but I’m not firing them all just incase!
Posted on 3/16/20 at 9:09 pm to wareaglepete
quote:
I hope most small businesses were smart and took having a healthy balance sheet very seriously.
It’s not that easy.
Posted on 3/16/20 at 9:16 pm to jnethe1
quote:
It’s not that easy.
What does easy have to do with it?
Posted on 3/16/20 at 9:42 pm to BamaAtl
The government is telling them to shut down goofball...
Posted on 3/16/20 at 10:57 pm to KiwiHead
quote:i got the number for a Hoover Vacuum dealer in Albuquerque, NM. maybe he could take care of the transportation end for this POS.
I would like to send you on an all expense paid trip courtesy of my new Oferlords in the United States Government to Bergamo, Italy.
Posted on 3/17/20 at 12:38 am to Roll Tide Ravens
That’s what the media and left want. Tank economy and trump in election year bc OMB.
Posted on 3/17/20 at 12:42 am to Old Hellen Yeller
quote:
Shits bad enough without you people trying to make it worse
Obama/Biden/Bernie/Warren: "You didn't build that!"
Small business owners: "The left is anti-business!"
You: "Shits bad enough without you people trying to make it worse"
Lick my balls.
This post was edited on 3/17/20 at 12:48 am
Posted on 3/17/20 at 12:43 am to BamaAtl
frick off
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