Everything has changed! Focus on these 3 KEY Areas for Business Survival!
FINANCIAL
Kristin Bodnar
In the last two months our WORLD has changed! I have gotten endless calls from people who are confused and don’t know where to start on salvaging what they can so they can survive financially business wise and personally.
In this guide I have clarified the key 3 areas you as Health Professionals and Business Owners should be focusing in on. You need to read this guide today because this is timely and is not something you can put off.
First, ask yourself this question. Do I need help Financially to keep my business operational? If so, what loan should I apply for? I have broken down the EIDL and Cares (PPP) Loans to help you understand which may be right for you, or if you should get them at all. First and foremost, these are both loans that can turn into forgivable grants IF you meet the requirements. Make sure you read the guide and consult a financial professional when considering either of these. You may have talked to a colleague in trying to navigate the current situation, but just like you urge patients to consult your professional advice for back pain you should do the same for your business.
Secondly, what is happening with your Federal Student Loans? Don’t panic and start making emotionally driven decisions! Read the updates in the guide multiple times. Most of you won’t need to do ANYTHING to get your payments suspended. I hope by now you’re starting to say, finally some good news, and can relax and take a deep breath!
Thirdly, many of you will have an incredible opportunity to become more Tax Efficient. Many healthcare professionals I’ve worked with never thoroughly evaluate this area that could be saving your business thousands, and truly come out of this crisis ready to thrive! Don’t miss this part, even if the other two do not apply to you. This applies to EVERY business owner and Individual. And if the term Tax Efficiency confuses you; this a red flag that you should be meeting with a financial advisor. I can tell you from experience that you are likely paying the IRS way too much annually both on a personal and business level. I want to see you be wise by learning just a little more.
Lastly, all of this will in no doubt affect everyone personally and I want to encourage you to get advice regardless. If you’re in survival mode OR in surplus it doesn’t matter, you should be meeting and talking with a pro you trust and count on to be helping you make good choices for you, your family, your patients and your employees.
There is a lot of information available, but it is undoubtedly confusing and conflicting when you’re left to navigate everything on your own. I like to make the information clear and easy to understand. There are no bad questions, except the ones you don’t ask. I am here for you and am available as a free resource to answer questions. What is good for you, is good for all of us right now and our economy.
Kristin Bodnar owns a Financial Practice in Geneva, IL. She lives with her husband Frank, a Chiropractor & Nutrition Coach, and her two children Braelynn & Tony. She has a Bachelor of Science in Business Management from Western Governors University and holds her Series 7, 66, Life & Health Licenses in both IL & Wl. She volunteers as a member of her local church in Children's Sunday School and is a Community Group Leader. She also heads up a Women's Business Entrepreneur Group locally in Geneva, IL.
