How is your business navigating this time?
In the last several weeks, almost every business we know has been deeply impacted by the COVID-19 virus. Many are completely shuttered, some are still in limited operation, while others in essential industries are operating at, or above capacity.
As a result, business owners face countless numbers of tough choices. Who do I lay off? Who do I keep? Which bills do I pay (if any)? Do I draw on my credit line? What government loan and grant programs are available to my business and should I apply to them? If I am still in operation, how do I keep my clients happy and my people safe?
Two things make these decisions infinitely more challenging:
The situation changes daily: Things we know for sure today might not be true tomorrow.
No one can predict when, and exactly how, this crisis will end.
For the last several weeks, Profit Soup has been talking to business owners across the country to listen and learn about what they are experiencing. We’ve been looking at the new SBA programs, and we’ve been drawing on our skill set at helping business owners make sense of their numbers.
As a result, we’ve developed a webinar, “People First. Cash Next. Both Now,” which we have delivered to multiple clients for their network and franchise members.
You can watch a copy of this webinar for FREE here.
This webinar covers the three things we believe every business needs right now:
A Staffing Plan – A plan that considers current and, as best as you can predict, future staffing needs, employment law and available enhanced unemployment assistance.
A Cash Flow Plan – For the next 13 weeks, what cash is coming in from sales (if any) and what cash is going out to pay staff that I do keep on (see Staffing Plan) and bills I cannot negotiate or put off? All this to answer: how many weeks’ cash is available and what can I do about it?
A Borrowing Plan – Once my Cash Flow Plan is in place: how much do I need to borrow to fill the gap and buy me more time? What’s available to me (bank loans, credit lines and government programs) and how do I take advantage of any loan forgiveness features?
Ready to get going on your plan? Here is a FREE resource for you. Watch our most recent People first. Cash next. Both now. webinar here.