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Smart Strategies to Protect Your Business During the COVID-19 Crisis

by | May 14, 2020 | Debt Collection | 0 comments

At Southwest Recovery, we’ve always been committed to helping you keep your business successful. That’s why we help you collect your debts and get the money you’re owed. We know businesses are having a tough time during the COVID-19 lockdown, so we’ve put together some tips to help you keep your business going. 

Be Careful with New Customers

Odds are, your business is probably struggling with money right now. As tempting as it might be to take on new clients for more profit, we at Southwest Recovery advise caution. You may be better off sticking with the clients you’re familiar with. Your new clients might be fine, but they could also be unreliable. You may not want to focus on profit right now. It may be wise to focus on sustainability, so try to keep your regular clients happy.

Take Advantage of Government Loans

The federal government just announced a sharp increase in funding for SBA loans. These loans are given with the goal of putting money into the economy to keep it flowing. This is a great time to take advantage of loans. These loans have small interest rates, and the criteria are probably much less strict than usual. Take a loan and pay your bills so you can put your own money towards other parts of the business. You may not need to pay back some of these loans.

Postpone Taxes

This might seem ironic coming from a debt collection company, but this might be the only time we encourage you to postpone paying your taxes. The government is waiving interest and penalties on some taxes, so hold onto that money and use it to pay your bills and employees. You might also want to check your local or state government to see if they’re accepting later tax payments. If your bank is accepting late or cancelled mortgage payments, take advantage of it. Ask your landlord if they’ll take reduced rent payments, and see where else you can reduce or postpone your payments. 

Try to hold onto as much of your money as possible. In this kind of crisis situation, you should be focusing on retaining cash and cutting down on your losses. You don’t know how long the COVID-19 lockdown will last, so you need to sustain your business and keep as much of your money as possible.

Get the Money You’re Owed with Southwest Recovery

If your business is struggling with money, now might be the time to collect your debts. We know it can be detrimental to businesses to not be paid the money they’re owed. That’s why Southwest Recovery works hard to get in contact with your clients and get your money back. We’ll use all appropriate means necessary to get you your money. 

Southwest Recovery’s team of experienced debt collectors is dedicated to helping you, so call or contact us today to learn how we can help your business. We look forward to helping you get your money back!