It’s no surprise to most Americans that the U.S. economy has suffered greatly from the impact of the COVID-19 pandemic. But what may surprise you is the extent of the decline: a record 32.9% contraction during the second quarter of 2020, the biggest drop since 1947. The virus is still spreading across much of the country, and for 19 straight weeks, more than 1 million people have submitted new claims for unemployment benefits.
Many small business people wonder whether they should buy or lease capital equipment for their businesses. Your options regarding leasing or buying depend upon the nature of your particular business. Still, there are a few guidelines you can follow to help you decide what you should do.
Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s more that goes into it. Cash flow forecasting, for example, is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the bank that you are prepared.
