As we continue to navigate these unusual and challenging times we wanted to share some a few tips from a #TeamMLE member, Pam Saul of Saul Bookkeeping to help you and your business not only survive but continue to be successful.
It's important to check in with yourself, your clients and your business to keep things running smoothly and adapt as much as possible. Talk to your clients and see how they are doing. Find out is there anything extra you can be helping them with or can you offer to stop services until a future date that you both agree to? Take a look at your client list and see who may be hit the hardest in their cash flow and contact them to see what they are doing to try and continue working. Also don't forget to make sure any new clients are fully able to pay you!
When it comes to your finances, making sure everything is in order is a must. Make sure your books are up to date (shows all your income/expenses) and reconciled. Get out all billable services/products by invoice now! Always pay payroll taxes first…always!
Be sure to check with your payroll provider on current state withholding and unemployment regulations (changing on a daily basis). Also check regarding the Families First Coronavirus Response Act regarding sick leave.
Shut off all automatic payments from your account. By doing this it gives you leverage to decide what to pay. Contact your local bank manager and see if you can get a Line of Credit (LOD) before you need it. And if you have a Line of Credit (LOC), see if you can get it increased. If you do need a loan, make sure you specify that this is directly related to the actions regarding COVID-19. It's not a bad idea to call your insurance agent and see what you need to do while out of work. Watch for credit card deals that will allow you to transfer balances from other cards for less interest. Lastly, contact your vendors and see if you can go from 30 days to 45 day or even 60 days to pay your bills.
Perhaps most importantly, be sure to check in with yourself on a daily/weekly basis. You can't take care of your customers unless you are taking care of yourself first. Try to make this a learning experience so you can grow in the future. Be sure to think clearly about your business, not emotionally. You need to make informed decisions and not when you are panicked.
If you have concerns, share them with a non-judgmental person….your mentor, friend, or other person you trust. Don’t let shame or guilt make you feel like there is nothing you can do. Take small steps towards positive action. Be sure to create attainable goals so that you don’t have self-fulfilling failure. Make sure to physically take care of yourself. Your health is the most important thing right now.
And most importantly, realize that it isn’t just you, that we all are dealing with the same issues and going through this together.
If you want some extra help or guidance in a particular aspect of your business during this pandemic or to boost sales once things begin to normalize, contact us at: www.mythiclanding.com. We're here for you!