Opening Up The Books
Building Resilient and Financially Strong Businesses Through the DRCI and the Small Business Economic Resiliency Program
The effects of the COVID-19 crisis on small businesses continue to impact business owners and entrepreneurs throughout our region – with businesses not only terribly impacted by the disruption brought on by the pandemic, but now facing unique challenges as the Lowcountry begins to get back to business. A few months ago, in planning for this return to business and to help provide local companies with the resources they need to not only get back on their feet but plan for future growth, the Bluffton Town Council sought the guidance and partnership of the Don Ryan Center for Innovation – and appointed us as the region’s Small Business Concierge and a partner in the Small Business Economic Resiliency Program. In this expanded new role, we work closely with a number of other business support organizations around the County and State to help local businesses not only overcome some of the challenges brought about by the COVID-19 crisis, but enable them to become more resilient and thriving as we move towards the future.
Since the launch of the Small Business Economic Resiliency Program, we have spoken with many businesses to help them navigate through their recovery and plan for future growth. One of the things that stands out – and has surprised us -- is the lack of knowledge many small business owners have about the financial health and organization of their business. When revenues are steady and bills are being paid it is easy to not look too hard at the books. But when times get tough, many organizations are realizing they don’t know as much about the financial state of their business as they should - sometimes to the extreme detriment of the future of the business. It’s never a good time to realize you don’t have access to as much capital as you would like. It is even worse when you need that capital to survive.
Perhaps one of the most critical aspects of business recovery and resiliency that we stress to business owners throughout all industries is the importance of getting your books in order – and the best ways to do this. By having your books in order and having a full grasp on all aspects of your company’s finances, not only will you be able to best plan for recovery, but you will be prepared in the event of another emergency by knowing what you have, what you don’t have – and what you will need to get through it. The DRCI has a talented team of Mentors – many with accounting backgrounds – who can expertly guide you through some of the complex financial aspects of your business for both current, and future, planning. In addition to our Mentors with specific accounting backgrounds, all of our mentors have business backgrounds and understand the basic financial documents a small business needs to be paying attention to – and can help guide you through the financial decisions and planning needed at this critical time. For even more assistance with your finances, our partners in the Small Business Economic Resiliency Program are also available to you to provide financial analysis, counseling and planning – providing you with a network of financial professionals, and help, that can truly make all of the difference when it comes to building a resilient and successful business.
If you have a small business and have been avoiding taking a hard look at your accounting (and you KNOW you should), let us help guide you. While it may be uncomfortable to start, we can promise that once things are set up correctly you will feel much better about the current – and future – state of your business … and its ability to be more prepared for the next challenge. Give us a call, or email us for more information on how to take advantage of our current free membership – and let us help get you on the right track when it comes to your financial tracking and planning.