A few lessons from the oil crash

The date of April 20, 2020, will go down in history as the 1st time the price of a barrel of oil crashed below zero. The price war between Saudi Arabia and Russia, compounded by the unexpected impacts of coronavirus, sent the value of oil spiraling in mid-February.

What does all this mean for small and medium-sized businesses? 

* If, as a small or medium-sized business, you’re heavily invested in oil-related industries, now is a good time to diversify your portfolio.

* Consumer and business prices for oil-related products aren’t determined by the base price of a barrel of oil. There are other costs involved, including refining, distribution, packaging, etc. While slightly lower prices are likely, you shouldn’t count on pumping stations offering petrol for free just yet.

* Taxpayer-Backed Loans for SMBs Went to the Fossil Fuel Industry

Result:

Good financial management is essential to small and medium businesses. Many companies will shut down as a result of what’s happened over the last few months. And an even greater number will struggle to get back on their feet. That's why it's important to cut costs with no upfront fees at  BusinessRefund.com