Although the COVID19 pandemic wreaked havoc on economies around the world, it’s clear that small businesses have suffered the most. Most small businesses in the state are struggling with pandemic-related fiscal adversities. What will happen to these small businesses in the post-COVID19 world? The vents will vary by industry. But, it’s vital that all small business owners have a clear reconstruction strategy to get their organizations back on their feet. Small business owners who are dealing with debt after COVID19 should seek advice from an experienced debt lawyer in Houston. Here’s what the top business debt settlement attorneys are recommending to debt-ridden small business owners –

Conduct a Thorough Financial Assessment

Before rebuilding comes assessment. To create a customized strategy for re-instating your business, you first need to assess the financial damages caused by the pandemic. That means assessing both “hard” and “soft” elements of the damage. The “hard” damages are the more obvious ones. You can understand the extent of these damages just by reviewing the company’s profit/loss or cash flow statements from the past year. After assessing the direct damages, ask your debt lawyer in Houston to discuss the indirect damages. For instance, if your clients have said that they’ll keep delaying payments for the foreseeable future, you’ll need to account for how much monetary harm that’s causing to your business.

Secure Funding, If Needed

Not many small businesses have emergency funds or significant amounts of capital set aside for rainy days. That’s why businesses that need some capital injection to relaunch operations in the post-COVID19 world better hurry. A top debt lawyer in Houston, can help you access different financing options during the rebuilding period. Apply for different sources of funding. There are several banks, credit unions, and private lenders offering small business loans. Many merchants are offering cash advances, inventory advances, and even equipment financing. Review these options before opting for federally funded relief programs (funding options are limited in federal plans). Ask your debt lawyer how much short-term financing you need to get on track. Debt lawyers help their clients choose the most viable financing options.

Consider Re-Shaping Your Business Model

Being knee-deep in debt isn’t always the worst thing for small business owners. A top debt lawyer in Houston will see such situations as an opportunity for change. Assess how your industry has reacted to the pandemic. Analyze all the current trends, spot potential opportunities in the market, and start planning to capitalize on these opportunities. Your debt lawyer will help you select the right sources of financing. Meanwhile, use the capital to tweak to re-shape your business model. For instance, brick-and-mortar store owners should prioritize building their online presence.

Start the Process Immediately

Businesses that have accumulated significant amounts of debt during the pandemic have no time to wait. Many small businesses are currently in the rebuilding phase. The small businesses that act the fastest are likeliest to bounce back stronger. Start consulting with an experienced debt settlement lawyer now and initiate your plans to get your business back on its feet! For more information visit Our Website