What Does Your Business Need to Reopen After the Pandemic?

The Great Pandemic of 2020 shut down much of the United States, killing thousands and infecting millions more. What does your business need to re-open? This guide will help you to identify the physical and financial needs your business will need in order to reopen after the 2020 pandemic has passed. It’s important to have a plan so that you can quickly open again once the pandemic ends and you’re able to get back to work in your community again!

Step 1: Assess Costs

The first step in reopening your business is to assess what your new costs will be. This includes things like rent, utilities, inventory, and wages. You’ll also need to factor in changes in customer behavior, such as a decrease in foot traffic or a shift to online shopping. 

Step 2: Assess Resources

The next step is understanding what your business will need in order to reopen. This includes both physical and financial resources. Do you have enough inventory to meet customer demand? Do you have the money to cover expenses like rent or utilities? Answering these questions will help you create a plan for reopening your business. You may decide to start by opening a smaller location, such as your home office if it doesn’t make sense financially to open at full capacity.

Step 3: Assess Your Business’ Most Important Metrics

The pandemic has forced many businesses to close their doors, but now it’s time to start thinking about reopening. Before you can do that, you need to assess your business’s most important metrics. This includes things like your customer base, your inventory, your financial situation, and your employees. Once you have a good understanding of where your business stands, you can begin to make a plan for reopening.

Step 4: Invest in Boosters

Due to the Pandemic, many businesses have been put on hold, but that doesn’t mean you can’t start planning for your post-pandemic future. One of the first things you’ll need to do is invest in boosters. These are things that will help get your business up and running again after a long hiatus. Here are a few boosters you should consider: 

1. A strong social media presence – use this time to build your social media accounts and engage with your audience.

2. Improved website – now is the time to make sure your website is up-to-date and user-friendly.

3. Improved customer service – take this time to assess your customer service procedures and make sure they’re as good as they can be. 

4. Communication plans – plan what you want to communicate with customers during the reopening process and how often it needs to happen, so there’s no confusion or concern.

5. Marketing materials – Create new marketing materials (such as brochures) before reopening so customers know what your company does, who you are, and how to contact you!

Step 5: Revamp Old Products

If you plan on reopening your business after the pandemic, you’ll need to assess what products and services you offer. Take a close look at your product line and see if there are any changes you can make. For example, if you sell clothes, maybe you can add a new line of athleisure wear. If you have a restaurant, maybe you can create a new menu with healthier options. Whatever changes you make, be sure that they’re in line with your brand and will appeal to your target market. Also, think about how you can position these changes as something good because of the pandemic. People might be afraid to try new things, but they also want items that remind them of old times. 

The key is going into this process with an open mind and not being afraid to take risks. It’s time for entrepreneurs to get creative!

Step 6: Prioritize For Survival

The first step is acknowledging that things have changed and that you may need to change with them. Take a good hard look at your business and ask yourself what needs to stay the same and what can be different. What do you need to do in order to keep your doors open? This is your survival plan. You need to know how long you will be closed for, how much inventory you’ll need, how much staff will be needed, etc. You should also take this time to review insurance policies and potentially talk about compensation for employees who are out of work for an extended period of time.

Step 7: Reinvent Cash Cows

After the pandemic, it will be especially important to take a close look at your business’s cash cows and make sure they are still relevant. This may mean reinventing them for the new world we live in.  A cash cow is a consistently profitable business, property, or product whose profits are used to finance a company’s investments in other areas.

Here are seven steps to help you do just that: 

1. Define what a cash cow is for your business. 

2. Take inventory of your current cash cows. 

3. Determine if your cash cows are still relevant. 

4. If they’re not, brainstorm ways to make them relevant again. 

5. Come up with a plan to implement those changes. 

6. Execute that plan, and monitor your results closely.

Step 8: Reframe Negative Experiences

The COVID-19 pandemic has forced many businesses to shut down temporarily. This can be a very difficult and stressful time for business owners. However, it is important to try to reframe negative experiences and use them as learning opportunities. Doing so will help you move forward more quickly and with a positive attitude. 

Step 9: Make Plans for Government Assistance

The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). If your business is located in a declared disaster area, you can apply for an SBA Economic Injury Disaster Loan (EIDL). These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Step 10: Prepare For Success Post-Pandemic

Now that you have a plan and you know what your business needs to reopen, it’s time to start putting things into action. Here are a few final tips to help you prepare for success: 

1. Get organized and set some goals. What do you want to achieve in the next month, six months, and year? 

2. Set up a system for tracking progress and milestones. This will help you stay on track and make adjustments as needed. 

3. Make sure you have the financial resources to support your reopening plans. This may include loans, lines of credit, or other forms of financing. 

4. Review your insurance coverage and make sure it is up to date and adequate for your needs.

Partner with United Funding Group

In these uncertain times, it’s more important than ever to have a reliable partner you can count on for funding, especially with a Startup business. United Funding Group has a long history of helping small businesses weather tough times. We offer a variety of funding options that can be tailored to your specific needs. So if you’re worried about how inflation will impact your business, give us a call. We’re here to help.

Contact UFG, Today!

United Funding Group provides funding for all types of businesses, regardless of industry. We provide merchant cash advances for many industries, including retail, service, restaurant, and real estate investment. Whether expanding your business or opening a new one, we can get you funded quickly and easily. Contact us today to learn more about merchant cash advances from ufgfunding.com

Recession-Proofing Your Business: How to Prepare for an Economic Downturn

An economic downturn, whether short-lived or not, can have devastating effects on your business if you aren’t prepared for it. A new study from the National Bureau of Economic Research claims that every recession since 1960 has been followed by an economic recovery, which means it’s likely that the current recession will end within the next three years. Another may follow it in the next four years. Regardless of how long this recession lasts, it will still have an impact on your business if you don’t prepare for it ahead of time.

Determine the amount of business you have lost so far

In order to determine how much your business has been affected by the recession, look at your sales over the past few months. If you see a significant decrease, it’s time to start making some changes. Here are a few things you can do to recession-proof your business: 

1. Cut costs where you can. This may mean reducing staff hours, cutting back on inventory, or getting rid of unnecessary expenses.

2. Focus on selling high-quality products or services. This is the time to focus on giving your customers what they want and need.

3. Diversify your income streams. If you’re relying on one source of income, now is the time to start looking for others.

Audit your Finances

The first step in recession-proofing your business is to audit your finances. This means taking a close look at your income, expenses, and debts. You may need to make some changes in order to cut costs and increase cash flow. For example, you may need to reduce inventory levels or renegotiate payment terms with suppliers. Other possibilities include selling assets, reducing advertising spending, decreasing staff headcounts, and raising prices. Finally, if your company has debt that comes due during the next year (e.g., mortgages), you will want to be on top of when those payments are due so that they don’t come as a surprise down the road.

Adopt preventive measures like cutting costs on unnecessary expenses

One way businesses can prepare for a recession is by cutting costs on unnecessary expenses. This will help them free up cash flow and make ends meet during leaner times. To do this, businesses should take a close look at their spending and see where they can cut back. This may include eliminating non-essential employees, benefits, and perks. It may also involve reducing the number of promotional items like flyers or giveaways. 

This could be done by giving the products away for free instead of charging money or using cheaper materials. 

One way small business owners can save on advertising expenditures is by partnering with another company that has similar interests. For example, a bakery could partner with a restaurant so that both are mentioned in each other’s print ads or when people place phone orders from either establishment.

Seek professional help as required

As we enter into what may be a recession, it’s more important than ever for businesses to ensure they are prepared. Here are a few steps you can take to recession-proof your business and minimize the risk of loss and disruption: 

1) Determine the areas in which your business is most vulnerable, then take steps to improve them as much as possible. 

2) Get an expert opinion on how other companies in similar industries have coped with economic downturns and learn from their mistakes. 

3) Get professional help as required; this includes finding new customers and creating alternative revenue streams (e.g., adding special offers or services).

Ask yourself this question – What can I do to grow my business?

Another way to recession-proof your business is by being proactive and having a plan in place should the economy turn for the worse. Here are a few things you can do to prepare for economic downturns. 

1) Keep your costs down – A lot of businesses tend to overspend during good times, which only leaves them with less wiggle room when times get tough.

2) Build up cash reserves – If you’ve ever had too little cash on hand and been forced to make hard decisions about which bills will be paid this month and which ones won’t, then you know just how important it is to have some money set aside for emergencies.

3) Develop contingency plans – Many companies simply aren’t prepared if they lose key employees or their most profitable clients suddenly leave them high and dry.

Analyze and plan what steps you need to take in order to make your business recession-proof

1. One of the best ways to recession-proof your business is to diversify your products or services. 

2. Another way to weather a potential economic downturn is to focus on quality over quantity. 

3. It’s also important to keep a close eye on your expenses and tighten your belt where necessary. 

4. Another way to prepare for a recession is by building up a cash reserve. 

5. Additionally, it’s important to stay flexible and be willing to change course if necessary. 

6. Building strong relationships with customers and suppliers can also help you weather a recession. 

7. Finally, it’s important to have a plan B in place in case things take a turn for the worse.

Be patient

No one knows when the next recession will hit, but we do know that at some point, there will be another one. And while we can’t predict the future, taking initiative steps to prepare our businesses for a possible downturn is your best option to keep your business safe. As the old saying goes, it’s better to be safe than sorry.

Partner with United Funding Group

Nobody is immune from inflation’s consequences, especially small businesses. It’s more crucial than ever to have a trustworthy partner you can rely on for funding in these unsure times. Small businesses have relied on United Funding Group for years to get through difficult times. We provide a range of funding solutions that can be customized to meet your unique requirements. So give us a call if you’re concerned about how inflation will affect your company. We’re prepared to assist.

Contact UFG, Today!

Regardless of the industry, United Funding Group offers financing for all different kinds of businesses. In reality, we offer merchant cash advances for a variety of sectors, including real estate investment, service, and retail. We can help you be funded quickly and easily whether you’re starting a new business or growing an existing one. For more information about United Funding Group’s merchant cash advances, get in touch with us right away! 

Is a Merchant Cash Advance Right for Your Business?

When it comes to funding your business, cash flow can be everything. While you might have a perfect idea and even the business plan to make it work, if you don’t have the money to implement it, your business will fail before it ever has a chance to take off. There are plenty of different ways to fund your business, but one way that many entrepreneurs overlook are lenders and merchant cash advances. Learn more about these two methods in this article about using lenders and merchant cash advances for your business.

Choosing Between a Merchant Cash Advance, Borrowing from Family, and Traditional Business Loans

When you’re looking for funding to grow your business, there are a few options to choose from. You could go the traditional route and apply for a business loan from a bank. Or, you could ask family and friends for money. But what if neither of those options is right for you? That’s where lenders and merchant cash advances come in. A lender may be an option if you have collateral like real estate or vehicles. A lender will also provide lines of credit to businesses that need an infusion of cash while they await payments on invoices from customers. A lender might be more expensive than a bank but will provide more flexible terms and can often be used without affecting your personal credit score. With this type of lending, you’ll usually pay higher interest rates because lenders take on risk by making loans with no collateral.

Reasons to Choose a Borrowing Alternative

When you’re ready to start a business, you need to think about the best way to finance it. A lender or merchant cash advance can be a great option if you have bad credit, need money quickly, or don’t have collateral. Here are some things to consider when deciding if this type of borrowing is right for your business: 

-Do you have bad credit? If so, a lender or merchant cash advance can be a great option because they don’t require good credit. 

-Do you need money quickly? Lenders and merchant cash advances can provide funding in as little as 24 hours. 

-Do you have collateral? You don’t need collateral to qualify for a lender or merchant cash advance. 

-How much money do you need? It’s important to consider how much money you’ll need throughout the lifetime of your business. With lenders and merchant cash advances, there’s no limit on how long you’ll be paying back your loan. However, with loans from banks or other traditional lenders, there’s often a limit on how long you can take out the loan. 

-What kind of interest rates will you pay? There are different types of interest rates that vary depending on what type of borrower you are.

How Does a Merchant Cash Advance Work?

A merchant cash advance is an alternative financing option for small businesses. With this type of funding, businesses receive a lump sum of cash in exchange for a percentage of future sales. This means that repayments are made automatically through your credit card sales, making it a convenient option for business owners. It also reduces the need to go into debt and provide collateral. There are no hidden fees with a merchant cash advance, meaning you only pay back what you actually owe and no more. 

 In some cases, repayment schedules can be customized to fit each business’s needs as well.

Merchant Cash Advance Fees and Cost

A merchant cash advance (MCA) is an option for business owners who need quick access to cash. An MCA is not a loan but rather an advance on future sales. The funds are repaid with a percentage of your daily credit card sales. MCAs typically have higher fees and rates than traditional loans, so they should only be used as a last resort. Before taking out an MCA, be sure to compare the costs with other financing options to make sure it’s the right choice for your business.

Pros and Cons of a Merchant Cash Advance

MCAs are based on your future credit card sales, so they’re easy to qualify for, and you don’t have to put up any collateral. The downside is that MCAs can be expensive, with high-interest rates and fees. You also have to be careful not to default on the loan, as this could lead to your business being shut down.

Finding the Best Deals

There are a number of things to consider when seeking financing for your business. Two popular options are lenders and merchant cash advances, but which is right for you? It depends on a number of factors, including the amount of money you need and how quickly you need it. Here’s a look at the pros and cons of each option to help you make the best decision for your business. 

Pros: If you’re just starting out and need less than $100,000 in funding, then lenders may be a good option. They’re able to provide this type of capital fairly quickly and offer rates that are lower than those associated with merchant cash advances. Plus, many of them can be repaid over time in monthly installments that correspond with your income from operations – so there’s no balloon payment at the end.

Cons: If you’re in a period of reduced sales, the higher payback amount could do more overall harm than good because a factor is added to the payback amount for a merchant cash advance. The additional expense of repaying the merchant cash advance can reduce necessary revenues.

Let’s Get Started 

You’ve got a great business idea, and you’re ready to take the next step. But before you can get started, you need funding. You may be wondering if a lender or merchant cash advance is right for your business. Here’s what you need to know to make the best decision for your business. First of all, there are two main types of financing options that are available to businesses: loans and merchant cash advances. A loan means you’re borrowing money from a bank or other lending institution at an interest rate set by them (you’re paying back more than you borrowed). A merchant cash advance means you’re borrowing money from a company like us that will pay you in full upfront with no interest charges and no monthly payments required. The benefit of getting a loan is that it’s easier to qualify for because most banks have strict lending requirements for companies that want capital.

Partner with United Funding Group

In these uncertain times, it’s more important than ever to have a reliable partner you can count on for funding, especially with a Startup business. United Funding Group has a long history of helping small businesses weather tough times. We offer a variety of funding options that can be tailored to your specific needs. So if you’re worried about how inflation will impact your business, give us a call. We’re here to help.

Contact UFG, Today!

United Funding Group provides funding for all types of businesses, regardless of industry. We provide merchant cash advances for many industries, including retail, service, restaurant, and real estate investment. Whether expanding your business or opening a new one, we can get you funded quickly and easily. Contact us today to learn more about merchant cash advances from United Funding Group, ufgfunding.com.

How to launch a new app business: Dos, don’ts, and startup costs

Starting an app business might sound like an impossible feat, but once you get started, you’ll find that it’s easier than you think—you just need to make sure you know what you’re doing. As you start your journey, keep these dos and don’ts in mind to help you stay on the right track from day one of your startups until the big day when your product hits the Apple or Google Play stores.

Launching a New Business

Before you launch your new app business, there are a few key things you should do (and avoid doing). Make sure you have a clear understanding of the market, create a budget and marketing plan, and build a great team. Plus, be prepared for some bumps in the road—it’s not all smooth sailing when you’re starting out! Here’s what you need to know to get started.

1) Know Your Market – One of the first steps is figuring out who your target audience is. Is it parents with kids? Millennials? Librarians? Knowing this will help you determine how much money to spend on advertising, which features to include, etc.

2) Create a Budget – You’ll also want to estimate how much money you’ll need for initial development and research, as well as design and manufacturing costs.

The Do’s and Don’ts of Launching an App Business

1. Do your research. There’s a lot to learn about the app development process and the mobile market. Before you get started, make sure you understand the basics.

2. Don’t try to do everything yourself. Unless you’re an experienced developer, it’s unlikely that you’ll be able to build a successful app on your own. Work with a team of professionals to increase your chances of success.

3. Do create a prototype before you start coding. This will help you get feedback from potential users and investors and make sure your idea is feasible.

4. Don’t skimp on marketing. A great product won’t sell itself—you need to let people know it exists! Make sure you budget for marketing and advertising from the start.

Startup Costs

Before you can start raking in the dough, you need to have an idea of how much it’s going to cost to get your app off the ground. Depending on the complexity of your app, you could be looking at spending a few thousand dollars on development alone. And then there are other costs like marketing, hiring, and so on. So what are some of the things you need to take into account when budgeting for your new app business? The first thing is deciding what type of app you want to create. There are different price points depending on if it’s simple or complex, but this can also vary depending on the developer’s skillset as well as their experience level with various programming languages. For example, if you want something really simple that just needs a little design work done before uploading it to an App Store, then the estimate would probably be around $1,000-$2,000 USD. But if your app requires more intricate programming and uses multiple programming languages (like iOS Objective-C/Swift), then we’re talking about $10,000-$15,000 USD or more.

Think About what the User Needs 

Before starting the development process of your app, it is important to think about what the user needs. This can be done by surveying your target market or conducting interviews. Once you have an understanding of what the user needs, you can start mapping out features that will meet those needs. However, it is important to not overload your app with too many features, as this can lead to a cluttered and confusing user interface. Keep it simple! After deciding on the basic features of your app, it is time to sketch out a prototype so that you can see how these features might work together. If, after creating your prototype, there are some aspects that need more work or changes in order for them to function well within the rest of the app’s design, then go back and do more planning until everything looks good before proceeding any further.

Establish a coherent app marketing strategy.

Before you even start building your app, you need to have a plan for how you’re going to get people to download and use it. That’s why a coherent marketing strategy is essential for any new app business. You need to think about everything from how you’re going to generate buzz before launch to what kind of in-app purchases or subscriptions you’ll offer. And, of course, you’ll need to come up with an effective way to get people to actually download your app once it’s live in the app store.

Don’t be in a hurry to release the App

Releasing an app before it’s ready can lead to negative reviews and downloads. Make sure the App is high quality and user-friendly before putting it out there.

It’s also important to do market research and target a specific audience for your App. Figure out who would benefit from using your App and how you can reach them. Once you’ve targeted a group of people that need what your App has to offer, you’re ready to move on. 

Start with figuring out the size of investment needed. How much money do I need? 

The amount of money required varies depending on whether or not it will be solely your project or if someone else will help pay for development and marketing expenses. If this will be solely up to you, then $10K-$50K should be sufficient, depending on what type of product you’re launching. If someone else is pitching in some funds, then all the better, as that means they have faith in what you’re doing!

Final Thoughts

So there you have it—a simple guide to launching your own app business. Just remember the dos and don’ts, do your research, and put together a solid business plan. And last but not least, make sure you have the financial resources in place to get started. With a little hard work and dedication, you can make your app business dreams a reality. You just need to be patient, stay committed, and learn from your mistakes along the way. Remember that failure is just part of the process when it comes to building something great!

Partner with United Funding Group

Starting a new business can always be a stressful decision, but In these uncertain times, it’s more important than ever to have a reliable partner you can count on for funding. United Funding Group has a long history of helping small businesses. We offer a variety of funding options that can be tailored to your specific needs. So if you’re worried about how inflation will impact your business, give us a call. We’re here to help.

Contact UFG, Today!

United Funding Group provides funding for all types of businesses, regardless of industry. In fact, we provide merchant cash advances for many industries, including retail, service, restaurant, and real estate investment. Whether expanding your business or opening a new one, we can get you funded quickly and easily. Contact us today to learn more about merchant cash advances from United Funding Group, ufgfunding.com

10 Ways to Boost Your Business Profits and Reduce Expenses

How can you ensure that your business runs smoothly and profitably all year round? In this article, we’ll discuss some of the most effective ways to boost your profits, minimize your expenses, and improve your cash flow so that you can rest easy at night knowing your business is in the black and running smoothly. Let’s get started!

1) Get Rid of Bad Clients

It’s time to get rid of those clients who are always late on payments, don’t value your work, or are just a pain to work with. Keeping them around is only going to hurt your business in the long run. Here are seven strategies for getting rid of bad clients

1) Add provisions to your contract that penalize clients for non-payment, non-performance, late delivery, and other infractions. 

2) Charge fees (including interest) if they miss deadlines that you agreed upon in advance. 

3) Stop taking their calls until they have paid what they owe you. 

4) Stop accepting orders from them until they have cleared their debts with you. 

5) Cut off their credit lines so they can’t purchase from you anymore if they’re not paying on time.

2) Make Payment Terms Standard

It’s important to have a clear understanding of your business’ finances. This includes knowing how much money is coming in (sales) and where it’s going out (expenses). One way to ensure a healthy cash flow is to make payment terms standard for all customers. This means that invoices are due within 30 days of the purchase date. You can also offer discounts for early payments. This will help you get paid faster and improve your cash flow. By having a more consistent income, you’ll be able to invest in inventory, which will save you money on suppliers down the line. 

Adding fees isn’t always a bad idea. In many cases, monthly fees are unavoidable and are actually helpful. For example, banks charge monthly fees but they’re designed to keep track of your spending habits, send reminders about overdrafts, etc. These fees may be annoying, but they’re not completely useless as they contribute toward maintaining better financial management skills

3) Don’t Use Credit Cards

One way to improve your business’s cash flow is by not using credit cards. This means that you need to have strategies in place to increase sales and reduce expenses. You also need to be mindful of your finances and make sure that you are not spending more than you can afford. Credit cards can be a great way to finance a business, but they can also be a huge drain on your cash flow if you are not careful. If you don’t have strategies to increase sales and reduce expenses, it will be difficult for your business to grow. 

Oftentimes people who use credit cards see an immediate return with the interest being paid off over time. If the cash flow is steady, this method may work well for some businesses. 

If the cash flow isn’t steady or doesn’t happen at all, then this type of financing might not work for you unless there are other sources like a bank loan or private investor (there may be interest rates associated with these loans). Regardless of which option you choose, you must have strategies in place so that your cash flow remains consistent.

4) Hire Employees as Independent Contractors

One way to improve your business’s cash flow is by hiring employees as independent contractors. This can help reduce expenses since you won’t have to pay for things like health insurance or other benefits. Additionally, you can often negotiate a lower rate with independent contractors since they’re not expecting the same compensation as full-time employees. Furthermore, you can use independent contractors to scale your business up or down without having to lay off or hire full-time staff. Finally, if you have inventory you’re not using, you can sell it at a discount to help boost profits. If sales are on the low side, consider increasing inventory levels to ensure more product turnover. Conversely, if you’re selling out every day, it might be time to pull back inventory levels so you don’t end up wasting money on items that will never sell. 

Maintaining a healthy balance between expenses and profits can be difficult in any industry, but following these 10 tips should go a long way towards making sure your business remains successful.

5) Deal with Problems Quickly

As a business owner, you can’t afford to ignore problems. That’s why it’s important to have strategies in place to deal with them quickly. By doing so, you can minimize the impact they have on your business. For example, if one of your vendors offers you a good price for something, but there are only three left in stock, contact that vendor as soon as possible and ask if they can provide another option or just move their delivery date up by two weeks. 

A strategy for dealing with these types of problems is to plan ahead so that when an issue arises, you know what steps to take immediately. For example, come up with alternative suppliers or plan out how much time the new supplier will need before delivering inventory so that production schedules are not disrupted. 

If there is a problem that needs immediate attention, make sure someone from your team follows up every day until it’s resolved.

6) Pay Yourself First

One of the best ways to improve your business’s cash flow is to pay yourself first. This means you should set aside a percentage of your profits each month to reinvest back into your business. This can help you fund future growth and expansion. Plus, it’s a great way to build up your emergency fund in case something unexpected happens. For example, if you’re currently saving 3% of your monthly income for retirement, increase this number to 5%. If you’re saving 10% for retirement, then increase this number to 15%. Don’t forget to consider other expenses like vacation days! Consider how much time off work would be needed if someone in the company became ill or injured. For example, if one day per week will be used as PTO days for staff members at all levels, then plan on reducing this by half or more (i.e., cut time off from two days per week down to one).

7) Set Goals Every Month

1. Set a sales goal for the month and strive to reach it. This will help increase your business’s cash flow.

2. Take a close look at your expenses and see where you can cut back. Reducing your expenses will help boost your profits.

3. Make sure you are invoicing your customers promptly and collecting payments on time. This will help ensure a positive cash flow for your business.

4. Offer discounts or incentives to customers who pay their invoices early. This can help encourage prompt payment and improve your business’s cash flow.

5. Review your inventory levels and make sure you are not carrying too much stock.

8) Get an Office (If You Need One)

1. If you work from home, there are a few things you can do to make sure you’re as productive as possible. 

2. First, set up a dedicated workspace in your home. This will help you get into the right mindset for work and minimize distractions. 

3. If you have the space, consider setting up a separate room you can use as an office. If not, create a dedicated area in your living space where you can work uninterrupted. 

4. In addition to a physical space, it’s also important to have the right tools and supplies on hand.

9) Make Sure Employees Can Work From Home If Necessary

The COVID-19 pandemic has forced many businesses to allow their employees to work from home. This can be a great way to reduce expenses, but it’s important to make sure that your employees are still productive. Here are a few tips for making sure your employees are productive: 

-Choose the right time for the shift change 

-Make sure to have a list of nonessential tasks for them to do during the day 

-Provide deadlines for each task 

-Set up meetings in advance with people who live nearby so they know when you will need them back at the office

10) Keep track of your profits – and then make more!

1. Know your numbers. Before you can make more money, you need to know how much money you’re already making. Keep track of your income and expenses, so you have a clear picture of your business’s finances.

2. Find ways to increase your revenue. Once you know where your business stands financially, look for ways to bring in more money. This could mean offering new products or services, increasing your prices, or finding new markets to sell to.

3. Cut costs where you can. Take a close look at your expenses and see where you can cut back without sacrificing the quality of your product or service. This will help boost your profits even further.

4. Offer discounts and promotions wisely.

Partner with United Funding Group

With the current aftermath of Covid-19 that triggered a worldwide pandemic, nobody is immune from inflation’s consequences, especially small enterprises. It’s more crucial than ever to have a trustworthy partner you can rely on for funding in these unsure times. Small businesses have relied on United Funding Group for years to get through difficult times. We provide a range of funding solutions that can be customized to meet your unique requirements. So give us a call if you’re concerned about how inflation will affect your company. We’re prepared to assist. 

What Businesses Did to Survive the Pandemic Closures of 2020

The world has experienced many pandemics throughout history, but none like the one in 2020. This epidemic resulted in the closures of businesses worldwide and an overall loss of economic productivity that sent the world into a tailspin it has yet to recover from. Today, we look back at what businesses did to survive this pandemic closure and how we as individuals can learn from their examples.

In some nations, the COVID-19 epidemic is beginning to show signs of improvement, and most businesses have gradually begun to resume their regular activities. This is not the case for all enterprises, though, as the pandemic’s crisis led to the irreversible closure of many companies all around the world. Read on to see how businesses, small and large, help up during this time.

How much Economic damage are we facing due to the Pandemic?

The pandemic has caused immense economic damage globally. In the United States, the pandemic caused the shutdown of businesses and the loss of jobs. The federal government provided financial assistance to businesses and individuals through programs like the Paycheck Protection Program. Some businesses were able to adapt and survive by pivoting their business model or offering new services. Others were not so lucky and had to close their doors for good. Financial assistance helped many workers find temporary work while they waited out the pandemic.

The US Government has also been providing financial assistance to small businesses that are unable to get loans from banks due to regulations on banks limiting lending during a time of financial crisis. With this help, some small businesses have been able to re-open and continue serving customers who need their products or services.

Social Media Marketing

The pandemic of 2020 forced many businesses to change the way they operate. Some had to close their doors for good, while others had to get creative in order to keep their doors open. One way businesses were able to survive was through social media marketing. Businesses found that because there was no funding available from banks or investors due to the shutdowns, they needed an alternative means of generating revenue. Social media advertising allowed them to reach potential customers without having to pay upfront and without needing a physical location. Social media also allowed them to establish themselves as an established business even if their physical location was closed down by the authorities, and it gave new businesses a chance to gain financial help when there weren’t any other options available.

Paid Promotions and Targeted Ads

To stay afloat during the 2020 pandemic, many businesses had to get creative with their funding. For some established businesses, this meant reaching out for financial help from the government or banks. Others turned to paid promotions and targeted ads to bring in customers while their doors were closed. Some new businesses even started up during the pandemic, using it as an opportunity to fill a need in the market. Paid advertisements allowed some companies to advertise when they could not provide a physical service themselves and helped make up lost revenue. 

Mobile App Marketing

In 2020, many businesses turned to mobile app marketing to survive the pandemic closures. Mobile apps offer a way for businesses to reach their customers directly, without paid advertisement. In addition, apps allow businesses to track customer data and preferences, which can be used to create targeted marketing campaigns. Overall, mobile app marketing was a key strategy that helped businesses survive the pandemic closures of 2020. Apps provide a valuable marketing opportunity for businesses that want to continue communicating with customers in order to stay afloat during the 2020 pandemic closures.

Email Marketing & Automation

As the pandemic forced businesses across the globe to shutter their doors, many looked for ways to stay afloat financially. For some businesses, this meant rent or lease forgiveness from their landlords. Others turned to government financial assistance programs. Still, others found new and innovative ways to keep their customers engaged, such as email marketing and automation. With more than 10 billion emails sent each day in 2019, it was a logical solution for staying in touch with customers when they couldn’t be reached any other way. And with subscribers at 75% open rates on average, it was a cost-effective option too! 

As soon as business owners realized that the closures would last longer than anticipated and knew there was no telling when things would get back to normal again, they implemented an automated customer engagement campaign using email marketing. From sending emails about upcoming events in lieu of actual showroom visits to sharing links to relevant articles via email newsletter campaigns, these tactics helped increase customer loyalty by keeping them informed during a time when nothing else could.

Offline Advertising

While online advertising is important, don’t forget about offline advertising. This can include things like print ads, billboards, or even TV commercials. Offline advertising can be beneficial because it allows you to reach a different audience than online. Plus, people are more likely to remember your brand if they see it in multiple places. During the pandemic, many businesses relied on offline advertising to stay afloat. Financial assistance from the government also helped businesses during this difficult time. They offered loans for small businesses that might not have been able to survive without them. Even with financial assistance, some businesses were forced to close their doors forever due to a lack of funds.

Local & Product-Based Content Marketing

When the pandemic hit and businesses were forced to close their doors, many turned to content marketing to stay afloat. Local businesses especially benefitted from this type of marketing, as it allowed them to connect with their community in a time of need. Product-based businesses also did well, as they were able to show their customers that they were still open for business and provide them with valuable information. In some cases, companies like Sunflower Market provided financial assistance to those who had lost their jobs due to the pandemic. They offered credit for groceries as well as other services during difficult times. 

In conclusion, even though not all businesses could stay afloat during the pandemic closures of 2020, those who took part in local or product-based content marketing found success amidst everything else.

Offering at-home services 

Many businesses had to get creative in order to survive the shutdowns of 2020. Some started offering at-home services, such as grocery delivery, beauty and spa services, and health and fitness classes. Others pivoted their business model to focus on online sales. And still, others found ways to serve their community in a safe and socially-distant way. Whatever businesses did, they had to be nimble and adaptable to survive one of the most challenging years in recent memory. In an increasingly digital world, many people were left without much contact with other humans during this time. But those who survived were grateful for the support from those who reached out during these tough times.

Partner with United Funding Group

Nobody is exempt from the effects of the pandemic, particularly small businesses. In these uncertain times, it is more important than ever to have a reliable funding partner you can count on. For years, United Funding Group has helped small businesses navigate through tough times. We provide a variety of funding options that can be tailored to fit your particular needs. So if you’re worried about how the pandemic and inflation will impact your business, give us a call. We are ready to help.

Contact UFG, Today!

Regardless of the industry, United Funding Group offers financing for all different kinds of businesses. In reality, we offer merchant cash advances for a variety of sectors, including real estate investment, service, and retail. We can help you be funded quickly and easily whether you’re starting a new business or growing an existing one. For more information about United Funding Group’s merchant cash advances, get in touch with us right away..