Entrepreneur (noun):
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

As entrepreneurs, we've built our businesses on risk and change. We've had to innovate, adapt, create, and pivot until it worked.

But it is unlikely we've had to do it while facing a global pandemic.

The good news? You're still doing what you're doing best. Adapting and innovating.

I know as a business owner, though, you're concerned about how this will impact your company’s bottom line. Depending on your industry, there could be a huge financial shift for you and your team. Add in the additional need for all of your employees to stay home, and there are a lot of areas of your business no doubt being affected right now.

What can you do, financially, to maintain your company?

1. Reserve your cash, because cash is king. Right now you need to work with what you have on hand. This isn't the time to pay off huge debts or purchase assets. The cash will rule what your next steps can or cannot be.

2. Don't make large decisions or risks. If you had a product launch that you were working on, or an investment you've been saving up for, put that on hold. Right now is a good time to simply stay the course and focus on your primary source of income (or any other sources of income that can be most beneficial for providing income for your company, such as online stores).

3. Do an expense audit or have an assessment done on your company to see where you can cut costs. Take a moment to review your current expenses. Start with your fixed expenses - what can be negotiated or reduced? Can your bank allow interest-only payments for the next few months? Could you renegotiate lease terms for rent and utilities? Are there any software subscriptions you're still paying for that are no longer being used and could be cancelled or dropped to a cheaper plan?

Now is the time to look at what you have and what you can do with it. Pull your reports and your company budget and see what can be managed. If you don't have a budget, or do not trust your financials, NOW is the time to have someone fix those books. You need numbers you can trust because the ramifications of this current pandemic are still unknown.

This may not be the time to invest in major projects or make risky investments, but if you don't have a team providing you with strong financial reports, who can stay on top of your cash flow, this is a MUST HAVE. We're not biased when we say that this is NOT the time to cut back on bookkeeping. Consult your CFO's, make a plan, start a budget, long before you're faced with harder decisions such as layoffs or closing departments.

If you're not confident in your financials, please please give us a call.

We are here to maintain the calm in a difficult time and we want to make sure you, your family, your employees, and their families are able to stay afloat for the coming months.

Contact us today and we'll walk you through our entire process. Within a week, we'll be able to tell you if your books have been maintained and if there are any areas of major concern.

Entrepreneurs, we know we are living in unprecedented times, but we are made for this. Stay the course, keep an eye on the cash, and be the leader your team needs.

In the meantime, we're here for you.

Stay strong and stay home.

Pam