4 Sustainability Plans to Help Black-Owned Businesses Survive an Economic Shift

In the midst of these uncertain times you may find yourself wondering how to crisis proof your business, and maintain the clients you have, sustain your business expenses and even gain new clients. 

You may find your vendors, clients, and customers shifting their decisions to expend fees, contracts, and proposals. That said, as a business owner you will be required to identify methods for sustaining your business through these decisions. In order to sustain your business, the approach you choose to implement will need to directly connect to your overall goals.  There are tips and strategies out there like Shark Tank’s Daymond John  “Three Strategies For Running a Recession-Proof Business” shared with CNBC. Do choose an approach before employing strategies to execute your sustainability plan.

These are my Four Sustainability Plans to help you crisis-proof your business.

  1. Sustainability Plan 1: The Lean Plan 

This plan focuses on making sure you are reducing expenses, communicating with vendors and clients, and identifying your most dire resources. In The Lean Plan, you can submit requests for reduced services or ask for holds on services without obtaining early termination fees.

  1. Sustainability Plan 2: The Detail Plan

This plan focuses on making sure you know where your funds are going. The Detail Plan should be implemented by every business owner; but during a crisis, this plan is absolutely necessary. Gather your financial documents, your bank statements, and P & L (profit and loss) statements to analyze where you spend your money.

  1. Sustainability Plan 3: The Benefits Plan

This plan focuses on ensuring you are utilizing the benefits and resources for freelancers, small business owners, and certain business entities. You may find grants, emergency loans, and special bookkeeping services that support your business during a crisis. Identifying how to maximize your retirement savings is a large part of this plan. The Benefits Plan is designed to put your business in a place to maintain positive credit ratings and payment requirements.

  1. Sustainability Plan 4: The Max Tax Plan

This plan focuses on maximizing tax codes as a means to ensure you’re receiving the benefits of your chosen business entity and your personal tax opportunities. Your marital status, business choice, parental status, and other life changes can affect your tax savings. Connecting with a tax professional to assist you in the process is imperative.

Overall, making your business crisis-proof begins with knowing your options. The best way to survive a major economic decline is to have a plan created by a professional with experience in financial or tax management. As you work to transition your business practices to accommodate the changes happening in the world, be sure to have a professional guide you through the process. There will be language, codes, and paperwork required to execute each aforementioned plan, but you have everything you need when you have professionals on your side. 

Now is the right time to ensure you’re building a business that can withstand changes.

Remember, the best way to have security in your business is to choose to be proactive in every aspect.

Julia Bien-Aime

Julia D. Bien-Aime (Juju) is an entrepreneur, a tax professional and financial educator. A New Yorker by location and Haitian by heritage, She has a heart for people, and is always ready to help and lend her expertise. As the CEO of her boutique firm Lean off Taxes, she helps freelancers, businesses and expats make the right decisions with their money while also maximizing their tax potential. To contact Julia email Julia@leanofftaxes.com at visit https://www.leanofftaxes.com for her services.

Comments

  • Dee P SAYS:

    05/04/2020 at 9:23 amEdit

    Nice breakdown.

    To compliment all of these plans, each business (small in particular) should look to partner with fellow business owners. There is power in numbers. In times like this it’s important to band together where possible and spread whatever opportunities maybe out there, even if that means maybe getting less individually but the whole get some.

    Reply
  • Louis SAYS:

    05/02/2020 at 5:51 pmEdit

    Very helpful article.

    Reply

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