In this time of COVID-19, managing cash flow is more critical than ever. A new commitment to cash flow planning and management is needed. Projecting the results of reduced income, even if temporary, will guide changes in spending priorities, billing, and business model. In my work with small businesses I have seen how necessary current cash flow projections are to quantify those changes.
The recent COVID-19 crisis has had a major impact on small businesses everywhere. Cash flow may be a challenge during normal times but this emergency is putting at risk the survival of each business. Further, it threatens the livelihood of owners and employees.
In my work with small businesses I am familiar with how cash flow management can make-or-break a company. Simply stated, if you aren't properly managing the flow of your money, then you are setting your business up for failure. In this time of COVID-19, managing cash flow is more critical than ever. A new commitment to cash flow planning and management is needed.
What seems true, now, is that when the COVID-19 threats have subsided, the ways of life we knew and counted on before the pandemic will not be returning to us in precisely the same ways. We are at the beginning of a new era, and it can still be hard to imagine. In short, this departure from old ways of doing things is not "temporary."
Many companies have been using video software to connect remotely for years. However, only recently have we seen almost every industry look for ways to work from home to follow social distancing recommendations due to COVID-19. Small business owners are hard at work imagining new ways to do business; new ways to lead and manage in a future that will rely more heavily on technology than ever before.
We recently focused on tips and links to resources for small businesses and nonprofits, including churches, that have been adversely impacted by the coronavirus pandemic. Today, we want to focus on resources for individuals in the Washington, DC metro region who have lost their employment due to COVID-19.
Sometimes it doesn't pay to reinvent the wheel, and this is one of those times! This special blog post includes, in its entirety, an important and time-sensitive message for church leaders, from the Rev. Saeed Richardson, Program & Operations Officer at the Samuel DeWitt Proctor Conference.
The world has changed in recent weeks and virtually everyone has experienced some kind of effect from the pandemic. Both health and the economy are under siege. We each need to do our part to stay as safe as possible and limit the spread of the virus by following CDC and state guidelines. We also have the opportunity to tap into financial relief sources that are rolling out now, for self-employed individuals, businesses, and nonprofits.
How old do you have to be to start thinking about planning for your retirement? It’s never too early, but when is it too late? Even later in life there are a number of ways to prepare for retirement, but what if you’re self-employed? You may be surprised to hear that you have many similar options as those who are employed by others.
While anyone can start a business, not everyone can make it a successful one. Entrepreneurs don’t think like everyone else. They see everything outside the mainstream mindset, with a new idea at the start of each day. If you want to be successful in life or work or starting your own business, you might want to start thinking like an entrepreneur.