Don’t panic…it’s time to strategize. In these times every business is being affected.
Some are being forced to close by government mandate, some are operating with a reduced workforce and a few are carrying on with a semblance of normalcy. People are feeling like they are drowning.
Whatever your situation, breathe deeply and take a deep dive look at your business.
It’s time to think outside the box.
Shake things up. Can your business spin to another format? Can you take it online? These are extraordinary times and people are looking for ways to keep their business operational. Not all businesses can, can yours?
Check your insurance coverage.
Does your insurance contain “business interruption”? Not all plans do and some are very restrictive but it’s worthwhile checking it out.
Look at the financials (I mean really look, don’t just skim over them!)
With the help of your bookkeeper or accountant (remotely of course), it’s time to examine the cash flow. Assuming your books are up to date and accurate, this will help you see how long you can carry on and also give an idea of how much financial help you may need to get through this.
If needed, is there a line of credit you can access? Are there loan funds you can access? Is there credit card credit available for you to use? Are there mortgage payments you can defer?
It would be great if you didn’t need to use any credit but choose wisely and remember, it will have to be paid back.
The government has promised help.
There have been lots of promises from the government for help but most are very fuzzy right now as we wait for details on amounts, qualifications, application processes, pay back terms, etc. Your bookkeeper or accountant can help you sift through all the information and determine what program(s) would help your business the most.
Now is a good time to make sure your bookkeeping is up to date and accurate!
It’s a great opportunity to position your business for growth.
There’s no better time to assess your business and plan for the future.
So wash your hands and get to work!