What I learned from PPP!
While helping my clients go for PPP funding (a forgivable loan, read GRANT) I learned that a lot of us don’t have our “Business Basics”.
Basics such as:
Having a centralized place to keep our all of important documents (e.g. articles or organization, EIN letters) — digital and physical copies.
Keeping our business in good standing with the state — did you know you have to renew it EACH year? Not being in good standing affects your ability to get money.
Having a business bank account — your business should function as a separate entity from YOU - that means keeping your money separate too.
Having Financial Statements and/or a Money Tracking System — so many business owners can’t tell how much money they made or spent in a year. No invoices, few receipts and no summary of their money accounts.
Having Checks — Although it may seem outdated, checks allow us to withdraw cash from our accounts fast, help us track money spent and serve as a quick verification of our accounts for third party lenders who may ask.
We all should have our “Business Basics” together. Ready to go on our computers, in our clouds and in our homes. So that anytime there is money out there or other opportunities we want to go for, we are positioned for success.
Let’s be prepared and already at the starting line so when the ball drops, all we need to do is run! If you need any help check out our “Services” page so we can get you in order!
-Jamila Akia-