Despite the challenging times we are currently in, Kris reminds us that there are ways we can use our time productively and even shift from feeling powerless to powerful. She uses this episode to share tips and strategies to create awareness about our financial situation and our mindset, and also discusses the Paycheck Protection Program, how to use a cash forecasting sheet, and case studies of successful companies that have used innovation to thrive during similar times in history.
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Here Are the Key Takeaways From This Episode:
- Kris walks through the Paycheck Protection Program in the United States, which you can check out here. This can be a lifeline and a source of financial relief. The point of it is to promote the retention of employees by subsidizing small businesses.
- You need to understand your cash picture and all the different variables in order to project and forecast where your cash will be going over the next couple of months. Using a spreadsheet will give you a realistic look at cash flow.
- Secure as much funding and loan protection as you can, as long as it makes sense for your business. Many of the expenses will be forgivable, and it will help keep your employees with you instead of having to let them go or lay them off during this time.
- Be sure you jump on the Paycheck Protection Program sooner rather than later, as you have until June 30, 2020, for now.
- The Economic Injury Disaster Loan allows businesses expedited access to capital through an emergency fund.
- This can be a time that we experience high levels of stress and anxiety, and it is normal for that to affect our decision making. It is important to stay informed, but not fall prey to sensationalism and fear in the news.
- Get creative on how you can shift into a place of power and how you can reach your personal best at home.
- Three ideas to continue work during this time:
1. Start an online preschool free to existing parents or with a small fee to new parents.
2. Take all the blog posts and content you have already written and pull them together to write a book.
3. Work on the outdoor appearance of your school so that by the time we are back in session, it’s even more beautiful and landscaped.
- To give you some food for thought and inspiration during this time, some of the successful and innovative companies that were created in economic downtime include: Pinterest, Uber, Airbnb, Slack, Venmo, and Square.