David Morey 
Every small business owner has an ‘off’ week from time to time. You might typically make enough to cover your everyday costs, but something unexpected meant you earned less than is standard. While challenging not to have enough money to cover your business’s costs for the week, there might be light at the end of the tunnel when you take the following actions.
Take Out a Payday Loan
Not having enough money to cover your business’s costs for a week can often mean that you aren’t able to pay yourself a wage. You might then not be able to pay for your personal living expenses. In that situation, consider a payday loan from a reputable provider like My Canada Payday.
Such a company can offer a small loan to tide you over until payday. The money is paid out quickly, and you can pay it back over multiple pays. Payday loans can be a lifeline when you know your financial struggles are temporary and need a fast helping hand to keep afloat and keep business stress to a minimum.
Talk to Suppliers
If you work in a business that requires you to purchase products from a supplier, don’t be afraid to talk to them about your situation. Rather than avoid buying things you need to run your business, you might be able to negotiate a more suitable payment structure. Many suppliers are happy to alter their invoice terms if it means they’ll get paid and you’ll continue doing business with them in the future.
Cut Unnecessary Spending
Your financial woes might only be temporary, but cutting unnecessary spending might be how you prevent such a situation from happening again in the future. Look at your outgoings and see if any money savings can be made.
For example, you might cancel your weekly newspaper subscription, shop around for utility providers, and negotiate more favorable pricing with your suppliers. A few small changes may make a significant difference.
Research Business Grants and Financing
You might not be eligible for most business grants available in Canada without making upgrades or innovations. Still, there’s no harm in exploring your options. The Government of Canada offers a number of business benefits to suit a range of small and large businesses. They also provide helpful information on tax credits you might be eligible for to reduce your everyday business costs. By researching your eligibility for help, you might find resources you never knew existed to get the support you need.
Talk to a Business Budgeting Service
Not all business owners know what caused them to have an ‘off’ week with insufficient income to cover their business costs. While it might be an irregular event, it can be worth checking in with a business budgeting service to see if there are changes you can make that you haven’t thought of.
You might be a skilled business owner with a great deal of knowledge, but outside experts can be invaluable.
Supporting yourself during an off week in business can be stressful. Fortunately, you have options. Take some of these actions above, and you might find supporting yourself now and in the future much easier.
