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Leslie Liondas, CPA, PLLC

May 7, 2020

Running a business can be worrisome, especially when you think of the unknown. For years, the economy has been constantly rising. Now entrepreneurs must think about what is to come for their business as the economy begins to decline. The economy has been rising for so long that some businesses may not have a single clue as to what will happen to their business. Start by throwing out any projections you have made for your business. What your business has done in the past has no relevance to what it will be doing in the future. Many businesses have began cutting expenses. While this is a good idea, stop and think. Before you cut that employee think about the extra work you will have to be doing. What about your accountant? Will you be able to see where you are within your business without them keeping your books up to date? You need to look at if your accountant is providing you with advice that you desperately need during this time. Cutting out certain expenses can end up costing you more than keeping them. Make sure you are being cautious of your business decisions during this time. How will these expenses impact your business in the future?

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