Life has been a challenge for everyone during the COVID-19 crisis. That being said, it has been especially difficult on businesses, and even more so on businesses that didn’t receive COVID-19 stimulus money.
At Evolve CFO Services, we feel your pain. As a result, our founder and highly experienced virtual chief financial officer, Marilyn Magett, has outlined some helpful tips on how to keep your business afloat if you didn’t receive stimulus funding.
Create a Financial Forecast
A financial forecast is a great way to understand your current financial situation, and you can use that data to inform how you move forward. A financial forecast is especially important during these trying times. Come up with a plan for the next three months that includes best and worst-case scenarios so you’re prepared.
If you don’t know how to create an accurate financial forecast, we can help!
Know Where You Can Get the Money You Need
If you aren’t getting money from stimulus funding, you have to find other sources of funds should you need them. Know what lines of credit you have available to you immediately, renew your relationship with your bank, and reach out to lenders about extending deadlines or negotiating better terms.
Be Flexible With Money Coming In
Undeniably, some cash flow is better than none at all. To increase the chances of ensuring you still have money coming in, you might consider loosening payment terms or offering discounts to customers. Our virtual chief financial officer recommends making sure your new terms are clear and you are able to hold individual customers accountable to payment agreements.
How Can We Help?
Evolve CFO is an outsourced part-time CFO firm dedicated to offering the highest level of strategic financial services. For decades, our virtual chief financial officer has helped clients successfully overcome economic turmoil. If you are experiencing a cash flow crisis, contact us today at 1 (888) 400-2148 to find out how we can provide you with some of the best virtual CFO services around, or click here to schedule a free consultation.