The COVID-19 pandemic has put all markets and economies on their knees around the world. Most businesses took a massive blow since people are obliged to stay at home for their safety. One of the challenges business owners face right now is how they’ll adapt to the situation and keep their business running in these turbulent times.

In order to adapt to the new normal, we’ve listed down some tips that might help along the way:

Use available tools to manage your cash flow better

The most important thing in managing your cash flow is segregating personal from your business disbursements.

This can be best done when you have a separate business account for all your business finances.  With a separate account, you would be able to view your business’ cash flow better without having to worry about personal finances.

• Have a systematic way of segregating cash flow better within your business.
  If you have multiple divisions that spend heavily, you can either hire an administrator or bookkeeper to monitor all these expenses or assign separate account lines per division to track spend better. Luckily, the BusinessPlus account comes with 5 additional debit cards that can be used for that exact purpose. What’s good about it is you get to fully customize the monthly limitation for each division’s needs without having to maintain multiple bank accounts. Learn more about BusinessPlus.
• Consider that cash flow isn’t always consistent, it’s best to know that you have options to counter and help alleviate these surges.
  Take SimplyPay, a credit card feature that allows you to pay direct deposit payments using your credit card.With SimplyPay, you can use it to pay your suppliers or landlord who doesn’t usually accept credit cards as a mode of payment. What’s best is that you can even convert it to installment at low interest to help manage and spread out big expenses over a long period of time. Learn more about SimplyPay.
• Know what impact would contribute to making a difference in your business’ liquidity.
  It’s good to know that in case of receivables in USD Checks drawn from banks within the USA, you can have them deposited to your account in as fast as 8 days. This is available within Metro Manila branches.

Pay your government duties and taxes online

Having a business has more responsibilities than just running it. Why spend time lining up in the bank or government agencies to pay when you can do it online?  With DigiBanker, you can pay government remittances such as BIR, SSS, PhilHealth and Pag-Ibig online and in real time. You can also efficiently manage your business’ cash management online. Learn more.

Have an automated salary system for your employees

If your company manages a small number of employees, manual timekeeping and payroll disbursement might be an easy task.  However, as the company grows, shifting to online payroll management is your best solution. Companies like Sprout Solutions offer cloud-based systems that focus on the harder task of doing business in this very unpredictable time.  You can check their HRIS and payroll solution offerings to gauge what suits your business best. Learn more.

Form a business support group

Support the business community by helping organizations that require membership fees open their doors for free via social media platforms. One good example is the Buyanihan Shop which supports local food sellers and small businesses through Buyanihan.Shop, an online shop of micro-enterprises.

How to join Buyanihan:

1. Fill out the Merchant Application Form
2. Submit the required documents to [email protected]:
   • Owner’s 1 Valid ID (Government-Issued)
   • DTI or SEC Certificate
   • BIR Certificate
   • Mayor’s Permit
   • Brand Logo in High Resolution
3. Buyanihan team will contact you for approval and schedule an online technical meeting.

These are some of the tips we can offer to keep growing your business, especially at these trying times. You can enjoy all of these features from our BusinessPlus account! You can now apply easily at the comforts of your workplace or home using our online account opening via Skype. Start your business journey hassle-free.

Read more: How to open an account via Skype