Stop, assess the situation and determine where you need to change course. Plan the work then work the plan. Here are 5 questions to help assess how prepared your business is for a dramatic economic downturn.
If you need support to understand or answer these questions, just send us a note and we can help walk you through this health check.
Treading Water - How long could you run your business with little or no sales?
Collect Money - Do you have receivables you can collect now to increase cash?
Stretch your money - Can you extend your payables to stretch your cash?
Think Differently - Think outside your normal delivery - Can you innovate how you might sell or engage customers?
Can you access additional money - lenders, angels, grants or programs ?
LINKS on the Web
Here are some useful links that will help you build a COVID19 Business Survival kit. If you don't understand them let us know and we can help translate them into plain language .
Managing Cash flow during a period of crisis - Great document from Deloitte based on data gathered from SARS and the 2008 downturn.
Take advantage of Government Support - Canada's Economic Support Plan - Options to access an unemployment benefit for self employed Canadians. Payroll support up to $25,000.
The federal government will offer a 75% wage subsidy to all businesses that have lost 15% of their gross revenue as a result of COVID-19 pandemic. Sole proprietorships, partnerships, non-profits, and charities are also eligible. DETAILS
A solid summary from the CFIB - How is our government supporting small business.
Time for some binge learning - Manage your Cash flow - KPMG Podcast.
As we work with business in our community we will compile tools to address some of the most common questions and challenges and list them here for you to download and apply.
Stay tuned more tools and templates to help with cash flow planning, innovating you business and links to webinars and other support tools.
Tool #1 - Tax Templates Inc., a Toronto company that specializes in creating specialized tax spreadsheets for professional tax advisors, has created a free worksheet that can be accessed online to help Canadian businesses and their tax advisers calculate their businesses’ wage subsidy.