Hi
COVID is ramping up again, bars in Florida have been forced to close and Texas is delaying their second phase of opening. Many businesses who received PPP loans are finding that they have reached the end of their loan money but their business has not ramped back up. What should be done now?
1. Check your expenses and reduce or eliminate the correct ones. Cutting THE RIGHT EXPENSES is important. CUTTING THE WRONG EXPENSES Will hurt you.
Cutting the wrong expenses is the number one mistake that I have seen new clients make since COVID hit. Be very, very slow to cut advisory services (accounting, coaching, legal, insurance), advertising, and staff.
2. Re-visit your income goals and make sure that you have a well thought out written plan and a well thought out written contingency plan. The real lesson here is to be prepared. If you are using hope, luck, and prayer as your strategy, you should replace it with a written plan, accountability, and prayer.
3. Cash is King and it always will be. We teach our clients how to cash flow properly and how to build up an emergency fund. You can not rely on PPP loans or any other government program to save your business. You must know and understand cash flow. You must make hard cuts in your personal life and you must seek professional help from an advisor if you do not understand
how to achieve this.
Now for some good news. This crisis like all others will pass. Channel Jeff Bezos and just take action steps today that will benefit you over a ten-year time horizon. Create a plan and build your masterpiece. You deserve it!
Obsessed with your success.
Paul Inselman
PS: When you are ready to explore possibilities and opportunities CLICK HERE to set up a free telephone consultation and screen share. You will be given a free plan of what you need to do to grow your business to the next level.
