For one small business owner, the COVID-19 pandemic changed how he operates
Not only did they have to rethink their operations, but their finances as well
TWIN FALLS, Idaho (KMVT/KSVT) — The COVID-19 pandemic has been hard on small businesses all across the country.
Body Balance Physical Therapy has been a part of the Magic Valley since 2003, and when the COVID-19 pandemic hit in March of 2020, they had to completely rethink how they do business.
“Social distancing, we also started cleaning, after every single patient, not that we didn’t do it before but we are always very mindful of exactly how we are doing things,” said David Hutchinson, the owner. “We became very disciplined in that way, again we are also screening people as they are coming in, giving them facemasks, we want people to feel safe in an environment like this.”
Not only did they have to rethink their operations, but their finances as well.
“It’s taught me that I always have to have cash, and so I want to make sure that I always have cash flow, I always have to have money in the bank, in order to keep our doors open,” said Hutchinson.
It wasn’t always easy. In the beginning, many people weren’t comfortable going to stores or appointments in person. Hutchinson says he is thankful for the different loans he was able to secure, the paycheck protection program loan and the economic impact disaster loan.
“I wanted to make sure that we did not lay off anybody in the company, we are a sound enough company that we have disciplined to put cash in reserves, but as I wasn’t sending anybody home, I kept everybody on staff, I saw that reserve starting to decrease,” said Hutchinson.
One small business banker says, with the possibility of more variants popping up, now is the time to prepare for the unknown.
“If they don’t have that relationship with the banker, now is the time to find someone who can add value to their business, and then use them to guide them through this economic struggle that we’ve been going through and will continue to go through with the different variants of COVID,” said Sarah Thompson from Zion’s Bank.
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