I have put together a quick video with some actions you may be able to take now to improve and or preserve your cash flow during the COVID-19 pandemic.
Businesses are closing, customers are staying home, services are shifting to online – a little thought and planning now, along with applying for available subsidies and grants, may help your business to survive.
In the comments on the video I have encouraged you all to share any grants or subsidies you become aware of for your area – I will be keeping it up to date for Canadian initiatives.
Because small business and entrepreneurs are so close to my heart, I really want to see you all get through this. In my mind small businesses are the soul of my community, and without entrepreneurs I would not have a business. Please support each other, shop locally as much as you can.
I do hope there are some actions included here that you can take now. Don’t hesitate to reach out if I can be of assistance.
- Collect any amounts owing to you
- Delay payments where possible, consider: Taxes and payments to Government and municipalities where deadlines have been extended, Deferring loan payments
- Apply for any subsidies and grants being offered to help with the crisis
- If prudent, apply for a loan or line of credit
- Think about how best to serve your customers
- Ensure you are able to collect payment – collect up front as much as possible
- Consider your supply chain, and factor in any cost adjustments you anticipate
- Move any inventory you have sitting around
- Update your financial statements
- Consider what can be done remotely and automate your tasks
- Support each other
Stop, take a breath, get your numbers in order, and plan
Action plan download: https://bit.ly/34q8IhU