Running a small business isn?t easy at the best of times. Payroll comes every two weeks. Rent and utility bills come every month. Tax submissions come every quarter. Today?s pandemic exacerbates the challenges that small businesses face: reserves are often minimal, allowing for, if they?re lucky, a month or two of emergency financial resources.
Due to the nature of tight budgets, small businesses rely on their clients to pay their bills regularly and keep revenue flowing. Sometimes this is within 30 days, but more often within 60, though some are 90 or longer. As long as its predictable, things flow smoothly. But when bills are submitted by mail, processed by in-house staff and cheques mailed out, this process can grind to a halt if everyone is working from home. Thankfully, many bigger organizations use direct deposit and accept invoices by email. Making sure bills are paid in a timely fashion helps everyone; it means payroll gets covered, rents get paid. Annie Spratt on Unsplash
When staff have to work remotely, it means buying the necessary hardware to work remotely. It means setting up processes and systems to maintain file security and supporting staff with work from home options; that can mean subsidizing their home internet use, paying for their personal cell phone or giving them an office work chair so that their ergonomics at work (from home) are the same as when they are at work (at work).
All these things cost money. A decent computer is over $3,000 alone, not to...