5 steps to take to financially protect your business
With the financial impact of COVID-19 hitting businesses throughout the world, Shift Financial Insights developed our Financial “Survive to Thrive” Program. Along with offering complimentary 30-minute consults and deeply discounted services, we created a 5-step program to help entrepreneurs navigate, make decisions, and pivot during these unprecedented times. A summary can be found here, with each step explored further below.
In Part 1, we guide business owners through understanding their “new normal” by completing a risk assessment of their revenue by client and/or segment and by scrutinizing their expenses.
In Part 2, we explore ways entrepreneurs can further cut costs by sharing 9 creative ways of reducing expenses that they might not have previously thought of.
After completing Parts 1 and 2, some entrepreneurs might still find themselves in the red. In Part 3, we help those entrepreneurs identify potential funding sources that they might not have considered.
In Part 4, we encourage entrepreneurs to take the opportunity to reinvent their business model to thrive post COVID-19 and explore ways they might consider doing this.
In Part 5, we look at how entrepreneurs can use this, or any crisis, as an opportunity for learning, growth and reflection, coming out the other side stronger and thriving in a whole new world.