With the flood of information and rapidly-changing circumstances, there’s no single solution for businesses. The first step is to submit an impact survey and get connected with us. The next step is to comprehensively assess your business’s individual needs. Finally, we have a list of documentation you should have together, no matter what kind of assistance you might pursue.
Assessing Your Needs
BDCC-Resiliency-Assessment: This tool helps you look at different scenarios and options for liquidity so that you can create a plan of action for your business.
Resiliency Assessment Tutorial Video:
https://www.youtube.com/watch?v=UQ0l6O33Gcc
Gathering Your Documents
Regardless of the kind of aid you might pursue – the following list of items will be required. You should start to gather these because it will take some time and you need to be ready to produce them when you’re asked.
-
- Employee Summary
- Last Year Balance Sheet
- Current Balance Sheet
- Last Year Income Statement
- Current YTD Income Statement
- Business Plan, if available
- Provide 2 Years of Personal and Business Income Tax Filings
- Current list of Account Payable
- Current list of Accounts Receivable
- List of Collateral Sources
Now that you have a detailed picture of your business’s needs, you are better equipped to understand which, if any, funding programs are right for you.
Consider using two new tools the VtSBDC has created to help small businesses navigate 2021:
1 – The 2021 COVID-19 Roadmap: https://www.vtsbdc.org/covid-
2 – A new 7-part financial literacy series titled “Know Your Number$”. They will be short, recorded segments available “on demand” and accessed via our website. The content includes:
-
- An overview of key financial metrics (no matter what type of business)
- Where revenue comes from
- Expenses (what is costs you to generate revenue)
- P&L – where are you?
- Balance Sheet
- Basic Cash Flow management
- Internal controls–incl. tips for how to hire a bookkeeper