|The Corona Virus and related economic fluctuations will impact all of our small business. There is no such thing as a “safety net” for small business owners. We don’t get sick or vacation pay, we don’t get unemployment benefits and we often make sure that our employees receive a pay check before we do ourselves. If you are a small business owner who is available to help you? Most entrepreneurs aren’t that comfortable with their bookkeeping & financial reporting and few can afford a monthly consultation with a CPA. The main resources that are available to help small business owners in Central Ohio are:
For all of us, the core principles of managing our company still rely on the most important tool that we can use which is a Cash Forecast. Since 2016 I have advised hundreds of small and emerging businesses and many CEO’s and Small business owners do not have a current cash forecast. The forecast or cash projection, provides visibility into how your business will fare in the coming months ahead and allow quick calculation of “what if” scenarios. A business lives or dies based on its cash so an owner must have an accurate cash forecast to determine how their business will fare when or if:
For everybody that is a small business owner, the most imperative task that we do is to maintain a cash forecast. This forecast is the essential decision making tool that provides a dashboard for our decisions. This is how we know when we must adjust payroll, defer new investments into our company or take other steps for the business to survive. For this reason, I am announcing that starting immediately, Cultivate will host a business owner group that meets twice monthly. This group is exclusive to our members although we have spots for new members in specific business categories at our various locations. This group will:
Our goal for this business owner group is to help our members make good financial decisions with input and feedback. The last thing a business owner should do is try and navigate uncharted territory in isolation. There is no added cost to our members for participating in this business group and getting this extra layer of business advising support. Our members that are unable to attend in-person will be able to participate using our online meeting software (Zoom) as we have Zoom room capabilities in all of our locations. These zoom rooms are also a member amenity should you need to video conference or live stream a presentation. Lastly, we are hoping that our elected officials take action to provide financial relief to small businesses and our employees that miss work because of illness or because they need to stay home. We will try to be our members best source of information for these programs.
Matt Yerkes- Founder
Schedule a Cultivate tour or exploratory conversation https://www.cultivateoh.io/grow