Preparing your business for ‘recovery’ success

Jim DeVolld

by Jim DeVolld

As the distribution and availability of the COVID vaccine increases, there is a lot of optimism and hope that much brighter days are ahead. Anyone who owns a business clearly understands how incredibly challenging it has been over the past year.

With that in mind, it makes sense for small business owners to take a moment and make sure they are well prepared for the economic recovery, which forecasters tell us is in the works. As a banker, a Nevadan and a strong supporter of our community, I wanted to pass along some advice to help your business prepare for future success.

• Place your focus on building cash reserves as much as possible. There are federal, state, city and other programs that provide grants or forgivable loans and debt relief to small businesses. Take advantage of those.

• Owners should have a solid handle on their company’s financial footing. That means working with your accountant/bookkeeper to ensure the accuracy of the reporting of your company’s profitability, along with assets and liabilities. You may find incorrect financial reporting or old accounts that need cleaning up or closing out. Updating these statements will ensure they correctly represent your company to potential users, including banks, vendors, or investors.

Read the entire article in the NNBW: https://www.nnbw.com/news/2021/apr/29/jim-devolld-preparing-your-business-recovery-succe/