Actions you can take to improve your cash flow now!

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.

1. Collect any amounts owing to you
2. Delay payments where possible, consider: Taxes and payments to Government and municipalities where deadlines have been extended, Deferring loan payments
3. Apply for any subsidies and grants being offered to help with the crisis
4. If prudent, apply for a loan or line of credit
5. Think about how best to serve your customers
6. Ensure you are able to collect payment – collect up front as much as possible
7. Consider your supply chain, and factor in any cost adjustments you anticipate
8. Move any inventory you have sitting around
9. Update your financial statements
10. Consider what can be done remotely and automate your tasks
11. Support each other

Stop, take a breath, get your numbers in order, and plan.

Resources in Canada:

• Canada’s COVID-19 Economic Response Plan
• ‍The Canada Emergency Wage Subsidy
• ‍10% Temporary Wage Subsidy for Employers
• ‍Business Credit Availability Program (BCAP)
• British Columbia Resources
• Canada Emergency Business Loan (CEBA)