Sunday, 6 March 2011

Gulf Oil Spill & Accounting - Keep Your Business Safe With the Oil Spill

By Judy Driscoll
The Gulf Oil Spill has effected the local economy in more ways than one including: Less people booking vacations in the coming and future weeks, fear from small business owners from decrease in travel, and damages to the environment. The below article is going to outline ways to keep your small business safe in these tough times.
Things to do keep your business a float in the oil spill.
1) Be prepared for a decrease in business from the oil spill. Have workers on notice or try to staff part time help that can be easily told to go home if changes in business occur.
2) Try to build cash reserves to allow for at least a 6 month emergency fund based on your business operating at 50% capacity.
3) Offer discounts if visitors pre-pay to help reduce cancellations.
4) Offer rebates and incentives to encourage clients to book stays in the future with the oil concerns.
5) Be ready if you are not in the tourism business for these effects to trickle down.
The Florida tourism market is a multi billion dollar business and is the life blood of the Florida economy. If you are in the restaurant business you will be directly effected but if you are in another business you will get effected as the spending slows for other industry's. When managing your cash disbursements and auditing your books please allow for extra reserves.
Banks are not lending like they used to in the Tampa Bay area so make sure you address cash flow concerns at least 6 months before you need them.
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Specializes in Business Audits, 401k Audits, and Financial Statement Reviews.
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