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Covid-19 & Your Business Podcast


Here’s the podcast:


If you’re a business owner in this Covid-19 economic environment, you are likely focusing on whether your business will be able to survive through the huge changes we are facing.

A primary rule of business survival is to not run out of cash! In this episode Dave and Diane discuss various aspects of cash flow including:

  • Getting a clear picture of what you are owed – and creative ways to collect those funds.
  • Creating a list what you owe and when – and connecting with your suppliers and vendors.
  • Why it’s important to fully understand the details underlying the new, and rapidly-evolving government programs.
  • Being realistic about how to help your company best weather the storm.

What you’ll hear in this episode:

  • When it comes to collecting amounts owed to you, each day you are not paid narrows the likelihood that you WILL be paid!
  • Get your invoicing dated properly and completed right away. If you have work in process, keep it up to date.
  • Include change orders and everything you’re going to invoice.
  • Check your terms (e.g., Due on receipt,10-20-30 Days etc.).
  • Prepare an Accounts Receivable Aging Summary (in your bookkeeping system or in a spreadsheet) so you can see when Invoices are due to be received.
  • Lay out different scenarios: best case, realistic outlook, worst case
  • Look at the cash flow by week
  • Don’t blindly rush into decisions. Be sure to stop, think, and be creative.
  • Collections: consider accepting credit cards, offering (reasonable) discounts for immediate payment, watch for when economic assistance payments are distributed as that may be a good time to collect.
  • Don’t forget to file your liens! (cash much further down the road).
  • It’s important to maintain good relationships with both customers and vendors – work WITH them vs. slipping into a stressed, antagonistic mode. We’re all in this together!
  • Prepare a similar Accounts Payable Aging Summary to see what you owe and when.
  • Be realistic about the viability of keeping your business going. Consider whether it may be better to shut down for a while, and re-start later.
  • Be cautious about getting into debt.Most debt needs to be repaid!
  • In some cases the government programs offer forgiveness, but be sure to fully understand the conditions and penalties for mis-use.
  • The new business assistance programs and rules are fairly complex, and the logistics keep evolving.

 Resources:

Build Your Numbers (free newsletter, videos, articles, etc.)

COVID-19 Employer and Business Resources (extensive list of business and employer resource links)

Job-Costing Secrets Video Series (entertaining, insightful videos)

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