Yes, Ashley Altum, CPA and Colleen Lotz are talking COVID and the effects this dreadful pandemic has had on small businesses. BUT, fear not, on a more upbeat note, the two hosts will discuss ways to keep your business afloat and (you got it) ways to stop bouncing those checks!
Listen to the full EPISODE
That wasn’t too much of a downer episode, right?! So, we learned that you CAN recover from COVID ruining your business. Actually, you can use this time to learn so much about what your business can do and what it has to offer. I know a bit of fear exists about upcoming months when school starts, flu season hits, etc. so let’s put those fears aside and go over how you can avoid bouncing those checks!
1. Cut expenses, cut out the fluff you once deemed necessary
- Payroll (Colleen has a huge issue with this, Ashley does not!) but payroll is the first place to cut. It’s the highest line item on your P&L so it’s typically the first to go
- Find the “fluff” meaning subscriptions, or items you pay for that you really don’t need. These may be small, but all the little things add up!
- Can you downsize, which could help with rent…
- Take a risk and make cuts for a few months and just see what happens
- Remember, this is temporary! At least I tell myself that for all the people that have to get let go…..
2. Need to generate revenue, find another way to sell, or rebrand!
- Can you offer consultation work to other businesses in your industry?
- What kind of training do you offer internally that you can offer externally?
- Do you sell a product? Find a way to rebrand that product to flow with the times we’re in
This is an excellent time to explore new options to generate revenue!
3. Cash Flow Forecast
** Need a refresher in Cash Flow? We’ve got an entire episode on this topic right HERE
- People are scared of projecting cash flow, but it is so necessary because you can predict if you will end up negative months ahead! Then you have time to figure out how to avoid that and you guessed it, NOT BOUNCE CHECKS!
Also, one final key point that cannot be missed…do NOT stop with your marketing/advertising! That’s right, you can cut back on marketing, but do not completely let it go! (hint, hint…hire Colleen to help you!) You can email her directly at ColleenRyan7@gmail.com
And for all your financial needs….and just to have the best small business guide in the world, contact Ashley Altum, CPA!
As always, thank you so much for listening and reading! Please if you have a moment, go subscribe, download, leave a review! We are here to help and want the word to spread.