Navigating Financial Challenges: Key Strategies for Childcare Businesses
In my recent Forbes Business Council article, I share my expertise on how childcare businesses can navigate financial challenges in the wake of the American Rescue Plan Act (ARPA) funding. Drawing from my experience working with thousands of childcare providers, I outline several strategies that can help alleviate current financial pressures and promote long-term sustainability.
Key strategies include:
Maximizing stimulus funding programs like the Employee Retention Credit (ERTC) and Families First Coronavirus Response Act (FFCRA)
Retaining compensation by mitigating taxes owed
Diversifying funding sources, such as the Child Care and Adult Food Program funding, subsidies, and pre-K programs
Adjusting service rates to keep pace with inflation and market changes
Exploring business partnerships with corporations or local collaborations
Leveraging technology to reduce administrative burden and improve efficiency
While these strategies don't replace the need for long-term funding solutions, they can help mitigate the impact of the sunset of ARPA funding and provide a foundation for long-term success and resilience.
Want to dive deeper into these strategies and learn how to apply them to your childcare business? Read my full article on the Forbes Business Council website.
At Civitas Strategies, we're committed to helping childcare businesses thrive in the face of financial challenges. Stay tuned for more insights and resources to support your success. As always, if you have any questions or need guidance on implementing these strategies, don't hesitate to reach out. Together, we can build stronger, more resilient child care businesses.
