The Cash in Your Bank Account

When you run out of cash, you go out of business. 

Now is the most important time to make sure you are preserving your cash flow and improve your liquidity (your cash and access to cash).

Here are a few ways to help:

1. SBA Loans

Pending you’re in a disaster area you can apply for support from the SBA at the link below. Only try to fill this out after 8 PM as they are jammed all day.

2. Secure Fundingvia a Line of Credit

This is something I have preached for years and the ones that listened to me are grateful they have a liquid stockpile of cash right now.

Visit your local bank or your financial advisor about securing a line of credit. Interest rates are VERY low. 

Bank of America also has something called the SBA Express program which is another form of a line of credit. 

3.  Negotiate your lease

Send an email to your landlord and try to negotiate free or reduced rent over the next few months. They most likely are going to get support to pay their mortgage and they certainly don’t want you t
o go out of business so this is a no brainer. 

4.  Take advantage of help on the way!

Read every word of this article and keep your eyes peeled for when this Bill gets passed.

5.  Reduce any unnecessary expenses

Now is the time to be as disciplined as possible with your money. Only spend on essential things for your business. 

Look through expenses and trim all unnecessary things. This also goes for your personal life too! 

6.  Reduce Payroll

You may need to reduce payroll hours to help keep expenses down. This does not mean you need to fire people but simply temporarily reduce hours to manage cash. 

7.  Furlough 

If you have full time team members that get benefits, furloughing them means that they still stay an employee of yours but they can collect unemployment and you continue to pay their benefits and payroll tax. Always check with your states employment office as these things vary state by state. 

NOTE: Be sure to check about the rules of the stimulus package above with furloughing. 

Please note that these are things for you to look into and each of you may have a different strategy depending on your current situation.

The bottom line is, now is the time to be sure you have as much liquidity as possible as the following months are very uncertain. 

However, I am certain if you are smart about this, the other side will be lucrative. 

Vince Gabriele

P.S. Reply here if you need anything, happy to help in these situations.

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