almost 39 percent see survival in “pivoting from brick-and-mortar to doing business online and virtual.”<\/li>\n<\/ul>\nlooming ahead: interstate sales tax issues. it’s been about three years since the infamous wayfair court decision, which allows states to collect taxes on out-of-state sales. the study shows accountants estimate that up to 98 percent of small businesses that should be in compliance are not \u2013 meaning they’re vulnerable to costly and burdensome rules, regs and, worst of all, remittances. it’s a disaster waiting to happen.<\/p>\n
<\/p>\nword cloud:<\/strong> accountants’ advice for small businesses, mapped by the words they’re using.<\/figcaption><\/figure>\n\u00a0<\/span><\/p>\nthe forecast for small business<\/strong><\/p>\n\nchicago-based kenesha coleman, who has carved out a highly visible niche as “the beauty cpa” in the fashion business, is telling her clients to build “a revenue stream online.”<\/li>\n in allentown, pa., cpa rachel wehr says, “keep moving forward, change before it’s too late, manage your cash flow better, build the safety cushion so you can look forward and not be frozen in fear. take care of yourself and your employees.”<\/li>\n “this is going to be a brave new world,” says catherine anderson, a tax and accounting professional in fraser, mich.<\/li>\n “small businesses near me are having problems restarting,” according to claudia hill, the tax guru based in cupertino, calif. “when unemployment comp runs out, maybe more people will be looking for work.”<\/li>\n in st. louis, cpa joe eckelkamp advises small businesses, “know what you do best and do it. if it ain’t broke, don’t fix it. don’t try to be all things to all people. pay attention to relationships.”<\/li>\n “lots of small businesses are struggling and closing permanently,” notes catherine anderson at anderson financial services in fraser, mich. “this pandemic has really gone on too long for some businesses to survive.” her best advice to small businesses: “you need to be scrappy and be able to pivot on a dime! don’t spend a nickel that you don’t need to.”<\/li>\n from the west african war-torn country of cameroon, christopher awungjia at a pkf affiliate advises, “go digital and learn to work as teams.”<\/li>\n mike kridel, the @forensiccpa on twitter, says, “focus on cash and credit management. become more web-centric and invest in productive tech stacks. value employees more and don’t prejudge loyalty.”<\/li>\n in irving, texas, dionne cheshier at cheshier tax resolution, forecasts “much worse” for small businesses, explaining, “the proposed tax laws are going to absolutely kill the clients and take their money.” adding, “hold on, the storm won’t last forever. with a storm, there is always a calm afterward.”<\/li>\n “our economy is suffering,” says teresa m. ferro, an ea in okatie, s.c. “businesses are closing due to lack of staff.”<\/li>\n “small businesses are still struggling with supply chain issues and other new challenges,” says timothy wright, a cpa in plano, texas, who sees small business conditions ahead as “somewhat worse.” but, he adds optimistically, “overall, things are picking up elsewhere.” his best advice to small businesses: “prepare to be flexible and prepare for change.”<\/li>\n “small businesses are being challenged for complex tax laws, higher tax rates, and faced with lack of employable staff,” according to tamatha k polichetti in bedminster, pa.<\/li>\n<\/ul>\n <\/p>\n
what’s your best advice for small businesses these days?<\/strong><\/p>\njoin the survey. get the results.<\/a><\/span><\/p>\naccountants have no shortage of observations and advice. here’s a sample:<\/p>\n
\nlearn to be flexible and embrace change.<\/em><\/li>\nstay flexible, have the “worst-case” scenario plan in place just in case.<\/em><\/li>\nmust be able to adapt to the rapidly changing economic environment. <\/em><\/li>\ncontrol your costs, maintain a strong cash position and retain your good employees.<\/em><\/li>\nhunker down.<\/em><\/li>\nwinston churchill’s: when you are going through hell, the best option is to keep moving!<\/em> \napply for every grant available.<\/em><\/li>\nhope.<\/em><\/li>\nthe government needs to stop changing things midstream, and we really need to be flexible with more options for clients to do their returns.<\/em><\/li>\npivot and keep moving forward.<\/em><\/li>\nremain flexible, continue to develop new ways of doing business, and have good advisors around you.<\/em><\/li>\nbe flexible.<\/em><\/li>\nspecialize.<\/em><\/li>\ntry to make yourself more competitive.<\/em><\/li>\nbe flexible and open to new revenue opportunities.<\/em><\/li>\nbe nimble!<\/em><\/li>\nstay liquid.<\/em><\/li>\nstay aware of doing business differently, even going back to the office.<\/em><\/li>\nfind a niche. be flexible. survive the short term while planning for the long haul.<\/em><\/li>\nwatch your cash flow and be creative!<\/em><\/li>\nbuild and improve your computer\/tech resources and skills.<\/em><\/li>\nbe relational and intentional.<\/em><\/li>\nprepare to be flexible and prepare for change.<\/em><\/li>\nplan for tomorrow today. focus on factors you can control.<\/em><\/li>\nlearn technology and then expect it to change. do not get behind on paperwork and keep records.<\/em><\/li>\nclose! so they don’t lose money.<\/em><\/li>\ntime to learn about the key differences in a high inflation economy versus a low inflation economy.<\/em><\/li>\nget and keep good employees.<\/em><\/li>\nto be tough and hang in there as the economy will improve more.<\/em><\/li>\nbe well funded. be prepared to pay more for employees.<\/em><\/li>\nchange the way things used to be done.<\/em><\/li>\nhang in there, take it slow.<\/em><\/li>\nkeep the pedal to the metal and hand in there. don’t give up.<\/em><\/li>\nbusiness models are changing.<\/em><\/li>\nthey know what they have to do. expect more online purchases.<\/em><\/li>\nexpect disruption. <\/em><\/li>\nthe pandemic will not be the last thing to turn the economy on its head, so have a plan and always look for ways to survive.<\/em><\/li>\nwork harder.<\/em><\/li>\nflexibility.<\/em><\/li>\nkeep your head up!<\/em><\/li>\ndon’t give up your dreams. learn to adjust<\/em><\/li>\nbe flexible.<\/em><\/li>\nadapt your business to the technological advances that came about during the pandemic (social media, online ordering, etc.). focus on your core business and keep pace with your competition.<\/em><\/li>\nbe flexible.<\/em><\/li>\nhave a revenue stream online<\/em><\/li>\npersonal relations will keep customers coming back. electronic security will be challenged and should be outsourced.<\/em><\/li>\ninnovation.\u00a0<\/em>innovation.<\/em><\/li>\nstay awake to changes<\/em><\/li>\nbe flexible – invest in technology<\/em><\/li>\nstay in the know! things may seem like they are getting back to normal, but we all know they will never be the same. stay abreast of changes in your industry and make management changes in your business to use the current environment to build your strengths.<\/em><\/li>\nkeep informed of all the tax and new regulations coming down from the us government, and make sure to properly utilize the loan facilities available to support your business.<\/em><\/li>\nhow do you plan and invest for the future when we can’t even predict what will happen in short to mid-term.<\/em><\/li>\ngetting known by your community.<\/em><\/li>\nquit or retire.<\/em><\/li>\ndo not expect that everything is going back to normal until 2023.<\/em><\/li>\ntake one day at a time and continue to keep ears and eyes open regarding government assistance.<\/em><\/li>\ncontrol and manage cash flow.<\/em><\/li>\nkeep adapting to your customers’ needs.<\/em><\/li>\nkeep moving forward, change before it’s too late, manage your cash flow better, build the safety cushion so you can look forward and not be frozen in fear. take care of yourself and your employees.<\/em><\/li>\ndon’t get comfortable, work on growth, have backup plans for suppliers and employees.<\/em><\/li>\ne-commerce. new platforms. and more taxes.<\/em><\/li>\nbefore making major changes contact your cpa \/ea first<\/em><\/li>\nget online, be remote work-ready, manage customer expectations, be flexible<\/em><\/li>\nhang in there and think outside the box!!<\/em><\/li>\nstay flexible and informed.<\/em><\/li>\nconserve cash.<\/em><\/li>\nbe careful.<\/em><\/li>\npatience.<\/em><\/li>\nget really laser-focused- know your ideal customer. know your ideal employee. <\/em><\/li>\nknow your “zone of genius” and outsource or delegate everything else.<\/em><\/li>\ntry to survive until the economy opens back up.<\/em><\/li>\nbe flexible.<\/em><\/li>\neliminate the need for humans and employ more technology.<\/em><\/li>\nbe responsible.<\/em><\/li>\nbe adaptable.<\/em><\/li>\nthink outside of the box.<\/em><\/li>\nhold on. the storm won’t last forever. with a storm, there is always a calm afterward.<\/em><\/li>\ndon’t give up.<\/em><\/li>\nstay agile.<\/em><\/li>\nbe cautious.<\/em><\/li>\nstay financially conservative.<\/em><\/li>\nbe unconventional. think outside of the box.<\/em><\/li>\nknowledge is power<\/em><\/li>\nstay the course, don’t let the media hype and “buzz” control your direction, your destiny, and ultimate business goals!!<\/em><\/li>\nas always, adapt or die.<\/em><\/li>\nremain focused on delivering your best product to customers.<\/em><\/li>\nbe flexible.<\/em><\/li>\ncybersecurity!! be vigilant.<\/em><\/li>\nkeep pushing through. you\u2019ll make it.<\/em><\/li>\nmake the accounting piece of your business a priority and hire outside help before you need it.<\/em><\/li>\ntechnology and consumer needs continue to change and evolve. <\/em><\/li>\nbeing flexible is key to sustaining future growth. <\/em><\/li>\nnot forgetting where you came from is key to success in the future.<\/em><\/li>\nbe flexible and adapt to changing conditions. <\/em><\/li>\nthink outside the box to increase your offerings and improve profitability.<\/em><\/li>\ntake it slow when making changes to adapt.<\/em><\/li>\nbe flexible…stop multi-tasking and focus on one thing at a time.<\/em><\/li>\nhang in there. hope is on the horizon.<\/em><\/li>\nbe flexible and prepare.<\/em><\/li>\nbe innovative and light on your feet.<\/em><\/li>\nstick to procedures<\/em><\/li>\nfigure out what works.<\/em><\/li>\nbe wise, spend smart, don’t trust government or politicians<\/em><\/li>\nadjust to the changes and keep adjusting.<\/em><\/li>\ntry to hang in there. get help!<\/em><\/li>\nadopt a.i. technology.<\/em><\/li>\nhang in there!<\/em><\/li>\n