It is our goal to help businesses survive this economic storm and for them to come out stronger on the other side. There has been a ton of content pushed out about the Family First Coronavirus Response Act (FFCRA) and the CARE Act.
The enclosed links do a good job of summarizing those Acts. Read them if you are not familiar with the details. Today we are going to discuss actions business owners should take and things they should be thinking about.
During challenging times, the key to surviving this is cash. You need to figure out:
1) How are you going to keep generating cash (via revenue and collections)?
2) What expenses can you cut or reduce to conserve cash? Do you have underperforming employees that it makes sense to let go? Can you negotiate a pause on rent if your landlord has a pause on their loan payment? Take a deep dive and evaluate your expenses. That being said, try to help out your fellow local business owners where you can.
3) What programs (in the links above) could help provide you with cash?
You need to model scenarios with what your cash looks like based upon scenarios incorporating plans under 1-3. Almost everyone we’ve heard from is focused on number 3, which will only result in temporary benefit. You need to think deeper than that.
Think Outside the Box
A lot of press has been given to the stimulus programs but you should not view them as the only tools to attack your current challenges. Consider the following actions and opportunities:
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