We talk a lot about personal financial advice but the truth is that business and professional advice often factors into personal finance. Especially given that we’re in the middle of a pandemic that is dramatically hurting the economy and eviscerating small businesses around the country, it’s important to consider how freelance contractors, entrepreneurs, and small business owners can keep their financial houses in order during this unprecedented environment.

Maybe you’re trying to reset or put your business on pause until the economy reopens. Perhaps your business went under and you’re considering your next steps. Or maybe you want to persevere and open a new business.

Regardless of your situation, there are a few time-tested ways to get yourself back on track as a business owner weathering tough years.

Remain educated on your supply chains

The supply chain refers to raw material planning, purchasing, inbound logistics, and manufacturing. It is the strategic lifeblood of a company. Unfortunately, global supply chains in many different industries have been severely tested and damaged during the pandemic.

Without sound financial planning, production lead time management, risk assessment, and operational efficiency, your business will not survive long.

Look into demand forecasting, which includes both qualitative and quantitative analysis of your most critical business assets. This method allows you to effectively plan and streamline your activities by assessing emerging technologies and product lifecycles, as well as thoroughly understanding your own specific financial data like sales revenue and website analytics.

If this sounds complex, don’t get overwhelmed. Once you absorb your own numbers and data, you will learn to love it. But in the meantime, it’s important to start getting a handle on how supply chains can make or break a small business.

Don’t stretch yourself too thin

Many small business owners make the mistake of trying to diversify and expand too quickly. While having multiple revenue streams and market opportunities is a good thing, if you try to stretch your business into uncharted waters too quickly you might just sink.

Make sure you’ve mastered one product or service first and are generating consistent revenue and operational efficiency on it before moving on to others. And make sure you have thoroughly situated yourself in one market before trying to branch off and tap into others.

Customers these days have many, many options to choose from on just about everything – quantity, therefore, is less important than quality in this kind of business environment. Build a loyal following in one niche market before outspending yourself on moonshot ideas that haven’t been fully thought through and analyzed.

The time will come for diversification and expansion, but first you have to be smart.

Invest strongly in your online brand presence

These days, online activity is the most important part of growing a business. Ecommerce sales have transcended brick-and-mortar revenue and without a strong brand presence online, you will be completely covered up by the bigger companies.

The days when you could survive without a highly functional, user-friendly website and social media marketing are long over. Companies don’t last long without a robust brand presence and right now brands are built and maintained online.

Your best investments for this purpose will be: hiring a developer to build you an incredibly responsive, well-designed website; putting together a stellar social media team on platforms like Facebook, Twitter, Instagram, etc.; and outsourcing the assistance of a search engine optimization (SEO) agency to make sure you rank for certain keywords on search engine page results.

If this sounds like a lot, again, don’t stress. A single business owner can not do all this stuff alone. You have to assemble a team that can manage it so that you can focus on raising and streamlining your capital, loans, partnerships, investors, supply chain, and logistics.

However, you do need to be able to clearly articulate to your team what your brand stands for and who you’re trying to reach. This requires you doing your due diligence and research.

Running a business is one of the hardest things to do, especially during a pandemic and economic recession. But if you build strategically from the ground up and lay a solid foundation, you can flourish. And there’s no greater feeling than earning a living from your own business success.

Don’t think of yourself as an amateur just because your business is small. You are still a professional. Don’t let anyone tell you anything different. You should also ignore anyone who tells you that you are an amateur because you use consumer products and services for work. They don’t know what they’re talking about. If what you are using gets the job done, then it is plenty good enough. And if it costs hundreds less than the professional equivalent, that makes you all the smarter for using the consumer gear.

Consumer gear has come a long way in the past decade. A typical consumer PC runs circles around the typical business computer found in office cubicles worldwide. The typical consumer smartphone is faster, more capable and just as secure as anything you will get from the office. The internet in your home runs many times faster than the one in most offices.

That said, there comes a point when consumer technology meets its match and you have to get something more robust. It often comes down to a single function. It just happens to be one your business can’t do without. Here is how to tell when it is time to upgrade to a business product:

A Production Printer

If your printing needs are modest, you don’t need anything fancy. That said, you will want a good printer, not so much for the print quality, but for the way it uses ink and toner. Cheap printers are almost never worth it because to replace the ink cartridges, you would be financially better off just buying a whole new printer. As the price of the printer goes up, the ink replacement cost tends to go down. Try to find a balance.

However, as your business grows, you will need to move up to a good production printer. If printing is a key aspect of your deliverables, you have a law firm, a doctor’s office, you run a private school, you have a small book publishing operation, or anything requiring a lot of painstaking print work, then you will need a production printer.

A Business Phone

How does your phone service compare to others? When it comes to your business phone, that might be the wrong question. It is a perfectly fine question if all you are looking for is cheap rates. But when the bulk of your business is done over the phone, you are going to have to think about more than the monthly payment.

If you are highly mobile, your plan is going to have to cover a lot of territory. If you make a lot of international calls, a typical plan won’t do. If you have multiple people in your company with similar mobile needs, you are going to have to get a plan specifically geared toward business. If your business involves a lot of call center work, you will need more than just a service, you are going to need some hardware for all that call routing. Will you have a decision tree? If yes, press 1, then ditch your consumer smartphones for a more appropriate telecommunications service for businesses.

A Paid Service for Meetings

According to the experts, Zoom is, by far, the best choice. It has a consumer component, but was built for professional video conferencing. You have already outgrown consumer services whether or not you realize it.

You might be losing sales to the competition for no better reason than that they looked professional on the video conference and you didn’t. That garbage webcam on your cheap laptop is not good enough. Your $20 microphone is not good enough. And the free service you are using for chat is not good enough. Don’t wait until you grow to upgrade. Do it now so that you will be able to grow.

There is no fixed rule that says you have to move to professional gear. But there comes a point when your consumer gear becomes more of a hindrance than a help. In the case of production printers, telecommunications, and video conferencing, there is no substitute for the better gear. You will know it when you need it.

You’ve got an idea that you believe would be a great business opportunity. You’ve taken the time to do some research. You’ve gathered your resources, devised a plan, and now you’re ready to get started. Although you realize that starting a business is a risk, it’s one you’re willing to take a chance on. While your determination is admirable, it couldn’t hurt to seek counsel before you get started.

It’s Not Easy

No matter how many success stories you hear about, it’s not an overnight process. Starting and maintaining a business is actually harder than you think. It involves more than money, education, and skills. There are long hours, sacrifices, risks, challenges, and obstacles you’ll have to overcome along the way. Unfortunately, not everyone succeeds.

Call On The Pros

If you’re going to be among the entrepreneurs that succeed, you must seek counsel. Talking to people that have experience in business and are experts in their field can give you better insight into what you’re up against. They can help expand your knowledge, sharpen your skills, pinpoint your weaknesses, and provide advice that enables you to beat the odds. Here’s a closer look at who you should call on before starting a business.

Your Partner

Although your significant other isn’t a professional, they are your life partners. Running a business requires a lot, and you want to ensure they understand. You’ll need them on your side to help keep home life intact as you pursue your professional dreams. So, before you make any significant moves, have a conversation with your partner. Let them know what your goals and intentions are, what it’s going to take, how it will impact your lives, and ways you could use their support.

Mentor Or Business Coach

No one is born with the skills and experience necessary to run a business. It’s developed over time. If you’re new to entrepreneurship, talking to a mentor or business coach is recommended. These are seasoned professionals that have gone through the trenches to reach the top. They can provide guidance on reaching your goals best while also helping you sharpen your skills and avoid common pitfalls.

Financial Planner

Until your business starts generating revenue to cover operational expenses and income, the financial responsibilities fall on you. This is a significant financial undertaking. Before investing, it’s ideal to talk to a financial planner. They can review your personal finances to help you determine how much of a risk a business is based on your circumstances. A financial expert can evaluate everything from your credit rating to your household budget to assess your ability to apply for funding and manage expenses. If you don’t have the money necessary to start a business, they can give you advice on how to acquire more capital and credit, so you don’t fall into debt.

Accountant

Your personal and business finances are two separate things. While a financial planner can help you assess and evaluate your personal finances, an accountant is the best person to talk about business financials. Their job is to evaluate your capital and assess how it can best be used to cover operational expenses and grow your business. They can help you avoid financial pitfalls by helping you to develop a budget, payroll system, and financial reporting process that keeps everything intact.

There are many facets to owning a business. It takes a lot to make it to the top. While you may feel you have what it takes to accomplish your goals, it’s easier said than done. The best thing you can do to increase your chances of success is consulting people like those listed above. Collectively, they have the experience, understanding, and resources you’ll need to overcome the obstacles and get where you want to be. If you believe you’re in the right position to get started after talking with these individuals, then don’t let anything stop you.