One of the problems that most of our clients are facing as a result of Coronavirus are issues around pay day. If you can’t pay your employees, how can you keep your head above water, especially during this time? If you don’t want to close during the Coronavirus, you will need to keep on your payroll. Right now a paycheck is life changing. Make sure that you’re helping your employees the best way possible.
Feeling like your business isn’t going the right way? ProStrategix knows how to help. Read some of our other articles below, or feel free to connect with us and get a complimentary thirty-minute consulting session.
Keeping on Payroll, Despite COVID-19
There are a number of programs right now across the world that are helping people maintain their employees during the coronavirus outbreak. Some of New York City’s COVID-19 measures, for example, involves paying a percentage of payroll. These programs aren’t perfect, but some of them are doing the job that they can.
A similar program from a company called Paycor is providing payroll relief as a result of Coronavirus as well. If you switch to Paycor for your payroll work, they are offering up to three months of COVID-19 recovery. You can go to their website for more information about this. While finding a paycheck can be difficult right now, you can save your employees a lot of struggle by finding ways to keep them staffed during these times.
Living Paycheck to Paycheck as a CEO
If you’re a business owner and are trying to find a way to keep yourself solvent, there are ways to keep your business working for you. Living paycheck-to-paycheck can do a lot of damage to your personal finances and credit, as well as to your employees. Obviously, most businesses aren’t looking to grow right now, but someday soon you may find yourself in that position again.
If this applies to you, there are a few places to check for fixes. During these days of Coronavirus, paying yourself might not be your top priority. But our two biggest pieces of advice are to make sure that your revenue is going int the proper direction, and that your expenses aren’t out of control. If it is possible to cut costs in your business while things are shut down, like cutting back on power or finding ways to save on utilities and rent, try that. It might take a lot of clever accounting for the moment, but you can keep ahead of some of the larger problems.
Of Payroll and Coronavirus
If these problems apply to you, know that you’re not alone. We are happy to help you however we can. A lot of our clients are in similar situations when it comes to pay day and trying to stay financially afloat despite COVID-19 is tough. We all need help, now more than ever.