May 12, 2020

3 Survival Tips for Businesses During Uncertain Times

Did you know 82% of small business failures result from poor cash flow management? In the midst of the COVID-19 crisis, 74% of small business owners operating without a financial plan. Furthermore, they will be pressured to make business decisions without financial confidence.

Many of you are pivoting your business, some are starting out brand new, and others are seeking financial assistance – no matter what you are planning – these 3 survival tips for surviving tough uncertain times will help you.

Survival Tip #1 -Know your personal financial standing.

Know your numbers. Now more than ever, you need to go back to your personal budget and start re-assessing your priorities.

Here’s what you can do right now: Write down your current personal and business goals. They’re your guide – your motivation! Then look at your personal budget and spending habits. Cut out useless spending that is keeping you from your goals. No excuses!

Survival Tip #2 -Use SWOT to analyze your business in the new market.

In these fast changing times, knowing your strengths and using them to meet the needs of your ideal clients is your fastest way to more cash.

If one of your weaknesses is finance or maybe you don’t know where to start with your numbers – then this is a great time to reach out to your resources. This doesn’t have to be me. But if you are struggling in this area be honest with yourself and ask for help.

Survival Tip #3 -You need to get a handle on your cash flow.

Cashflow -the timing of the money coming in and the money going out of your business. You’re not alone if this seems like a daunting task – like I said, 74% of small businesses do not have a financial strategy, but that is not an excuse for you to be a slacker! No Excuses – do different – be exceptional.

These are my top three tips for surviving not just through a pandemic – but through all of life’s ups and downs. I have lived through and coached numerous business owners through unprecedented times – the market crash of the 80’s, 2008 recession, now and multiple dips in between. I know that knowing your numbers and using them to make confident – determined-decisions, is the difference between those that will fail and those that will thrive.

If you would like help with analyzing your SWOT or setting up your cash flow management system, let me know! I’ve help hundreds of business owners come through the other side of tough times.

Schedule a call with me here.

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