Pandemic forces businesses to reevaluate 2020 budgets
The pandemic has made it almost impossible for business owners to make any predictions about revenue or recovery. Budgets that businesses had to start 2020 became obsolete with nearly 90% of businesses reporting COVID-19 affected their projects or budgets, according to Dresner Advisory Services LLC. Due to COVID-19, the majority of small businesses had to reevaluate their 2020 budgets, says Erica Chase-Gregory, director of the Small Business Development Center at Farmingdale State College, which offers free business consulting that includes all aspects of financial and business planning. With so many unknowns, its so difficult to have just one plan that will be effective for success.