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Safe through the crisis for start-ups, artists, small solo self-employed and medium-sized companies

If a sudden crisis leads to loss of earnings, this can be the case for start-ups, small self-employed people, artists, but also for medium-sized ones Company be dramatic. The key is how you deal with it.

Protect against loss of earnings with the right strategy

Business start-ups, small self-employed people, artists, but also medium-sized, established companies depend on consistently generating their profit. The self-employed have the advantage that you can determine your working hours, your pace and your income yourself. However, the downside is that the income you are making is very volatile and you have a lot of administrative and accounting responsibilities. A self-employed person must therefore have a certain level of income in order to survive a crisis.

The greatest threat to your livelihood as a self-employed person is therefore a sudden and unforeseen crisis - such as the corona pandemic. The fact that many self-employed people were completely unexpectedly banned from practicing their profession, which is certainly a drastic and new experience with extremely dramatic consequences. But with the right strategy, you can remedy this.

A crisis can happen at any time

Because apart from Corona, something can happen almost at any time - just think of the loss of earnings that you would have to suffer in the event of personal illness. Or what if you had to take care of your sick relative, your parents, your child's kindergarten, or even your partner?

There are simply very different types of crises that can affect you as a self-employed person at any time: A crisis can be defined as a temporary event that causes severe stress, loss of control and / or serious changes in our routines or expectations. What decides is how we deal with such a situation.

In every crisis there is also an opportunity

Because in every crisis there is also an opportunity - this applies to all areas of life, including finances. Now is the time to set the course again and prepare your finances for the future. That assumes that you take responsibility and look after your money. And that is not as time-consuming and difficult as many think. Here we have put together tips for the self-employed as well as small and medium-sized companies.

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While workers during the Corona-ZSince short-time work allowance has been able to cushion income losses, pensioners and retirees only have zero pensions and civil servants have no restrictions at all, many self-employed and small businesses are struggling with the economic consequences of the pandemic.

5 tips for managing crises as an entrepreneur and self-employed

If you are struggling with the consequences of a crisis, be it financial but also personal, or if you want to run your company successfully in the long term, then today we will give you some tips:

  1. Draw up an honest roadmap out of the crisis - list debts, costs for the next few months, expected sales. We realize that a lot is difficult to predict. But at least everything that has accumulated, you can relentlessly add up.
  2. Try to reduce costs in the longer term too. Especially those who currently have more time should use this. The situation invites you to "muck out". Bank fees in particular have risen sharply in the last year (although that has nothing to do with Corona). Find a free or inexpensive bank for your company. Check membership fees in associations, etc., newspaper subscriptions and similar ongoing obligations that do not have to be. Keeping costs down is one of the success secrets of successful entrepreneurs.
  3. Talk to your tax advisor and take advantage of all government support options that are available. Be persistent but honest. Nowadays, many tax advisors seem to forget that their name also includes “advisor” - ask for advice on what you can and should do.
  4. Negotiate tax deferrals, suspension of advance payments, etc. with the tax office - more is possible here than most people think.
  5. Make sure that your reserves are built up again in the future. Bit by bit. Until the Corona crisis, the rule of thumb was "three to five monthly needs (expenses + own salary)". This is exactly what we advised our independent clients - from doctors to coaches to management consultants. In the past, a quarter of a year was considered to be the period in which the lull could prevail. Now we have all seen that crises can be much longer and, above all, completely “externally controlled”. Extend this rule of thumb to 12 months in the future. From the moment sales pick up again, save part of your sales month after month in a separate overnight money account for your emergency reserve.

Conclusion: emerge stronger from the crisis

In summary, it can be seen that the right strategy can help start-ups, small business owners, self-employed persons and medium-sized companies to protect themselves against crises and to secure their families and their companies.

We hope that in the end you will emerge stronger from every crisis, benefit from the growing needs of your customers and, thanks to better financial management, are better positioned should there ever be another crisis of this magnitude.

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2 responses to “Safe through the crisis for start-ups, artists, small solo self-employed and medium-sized companies”

  1. Daniela says:

    Really nice, encouraging post

  2. Gerhard says:

    The contribution encourages you to get through the crisis on your own, thanks for that!

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