How To Sustain Success During Coronavirus (COVID-19)
By Octavia Conner
During this economic crisis, the decisions you make now can make or break your business. As the CEO, you must think about not only the short-term impact but the long-term desired financial position of the company when making decisions.
The truth is – the steps you take now will determine if your company will survive now and thrive later.
In this episode, I will provide you will particle strategies you should implement starting today:
- Maintain your bookkeeping records. The one task you do not need to slack on is keeping your accounting system up to date. If you're not currently working with an accounting team, then spend at least 30 minutes every Friday, deeming it Financial Fridays, to update and review the accounting system for your business. You should also receive or prepare monthly financials.
- Review all of your vendor contracts and obligations. Contact your vendors to discuss either temporarily reducing the monthly payment or pausing the payments for a few months. Now, be sensitive during these challenging conversations because the current economic crisis is impacting all businesses.
- Develop a passive income product or service. Do you have content or materials that you can repurpose and offer to your mailing list or followers? Now is the perfect time to use your time wisely to develop and market something that will enable you to make money repeatedly.
- Examine your sales pipeline. Identify the areas of improvement that will lead a prospect to a client faster. If you desire to earn a certain amount of revenue, does your current revenue model and pipeline support that goal? If not, what must you do now to guarantee your success?
- Cultivate your current relationships. Who can you have a virtual coffee meeting with that could either become a potential client or a center of influence? Instead of binge-watching Netflix, how about you use Zoom, to schedule and conduct two to three meetings per day or week.
- Maintain at least a weekly cash flow forecast. The difference between your bookkeeping records and the cash flow forecast is that the forecast identifies not only the amount that will enter and exit your business, but it also highlights when the transaction will occur. It also provides a picture of the impact each transaction will have on the company's cash position. A cash flow forecast places you as the CEO in a proactive operating position instead of a reactive operating position like bookkeeping. The objective is to combine both bookkeeping with a cash flow forecast and make wise and strategic decisions based on both.
- Read, read, read. What areas of your business do you need to improve on the most? For example, for me, it's marketing. Therefore, I have downloaded several highly recommended marketing books in which I will read and implement the strategies provided.
Listen, this is NOT the time to worry and stress. The goal is to come out of this pandemic – thriving in business. Now is the time to stand fully in your CEO position and sustain your business success. You accomplish this by using your time wisely and making strategic business decisions.
Also, remember that Cash Is Your Business's Superpower! Maintaining a positive cash flow will make BIG obstacles look really small. And most importantly, preserving and increasing cash should be the foundation on which all decisions are made from this point forward.
For additional strategies, joined me for the Endless Cash Flow Virtual Class by going to Sayyestoprofits.com/virtualclass to secure your space.
About Octavia Conner
As the CEO of Say Yes To Profits, a virtual accounting firm, Octavia Conner is an award-winning financial strategist that specializes in helping businesses grow between 30% and 350% within 12-months while saving over 55% in taxes. For more information, visit https://sayyestoprofits.com