Business owners struggle to cope with economic uncertainty
According to new research by Bredin, two-thirds (64%) of business owners rate “coping with economic uncertainty” as a somewhat or a much higher priority now than it was before the COVID-19 pandemic. The research also identified that business owners are struggling with “retaining current customers,” which was reported as 63% higher now than at the beginning of the year, as well as “managing costs” and “finding new customers,” both of which were tied at 62% higher than at the beginning of the year.
The pandemic has created a challenging environment in which to operate a business, with some sectors struggling more than others to remain viable. While their doors may be open for business, it continues to be difficult to manage costs and produce cash flow with so many mandates and limitations in place from regulatory authorities. In addition, the economy has been unpredictable and many clients have struggled to keep up.
As Michael T., an Oasis, a Paychex® Company client from the manufacturing sector, explained: “Oasis payroll and personnel services have always been excellent, but they reached a level of true indispensability when we were applying for the Paycheck Protection Program (PPP) to keep our business alive during the harsh onset of the COVID-19 pandemic. The PPP legislation was a fast-moving target, and Oasis provided up-to-the-minute analysis and hands-on guidance to help us accurately complete the application and receive the funding in the first round of the program. We continue to rely on the Oasis team’s research and expertise to help navigate the ongoing implementation of the PPP and are happy to say that it is working really well. The diligence, competence and responsiveness of Oasis HR team is truly amazing!”
Unfortunately, we don’t know how long the COVID-19 pandemic will go on. The Centers for Disease Control and Prevention anticipates a vaccine to be six to 18 months away as of August 2020. The World Health Organization has stated the COVID-19 virus may never fully go away and become another endemic virus in our communities. We need to prepare for this to be a marathon, not a sprint.
We are working with business owners to help them with the massive influx of administrative tasks, legislative and regulatory compliance and need for ever-changing policies and procedures. It’s hard to keep up. As Mike M., an Oasis client from the Counseling Services sector, said, “If I didn’t have Oasis, I’d be losing valuable time that would take away from my practice. If I was trying to navigate all of this on my own, I would be constantly wondering if I was getting it right. Having Oasis’ support reduces my anxiety.”
With Oasis, a Paychex® Company by your side, you can trust that our expertise and guidance can help you to navigate these uncharted waters and build resiliency to stay afloat until the pandemic eases and the economy stabilizes. If you would like to learn more about how Oasis can help your business, please visit www.OasisAdvantage.com and check out our resources available at the COVID-19 Resource Center.