Michael Gogan sat down with CompanyCam’s own Head of Finance, Tulles Mabbutt, to discuss how business owners can make smart financial decisions in the wake of COVID-19 and the economic impacts it’s already having.
Tullen’s background in business lending as well as his experience here at CompanyCam planning and making financial decisions as we adjust to COVID-19 means he’s got some solid advice for all you business owners.
You can check out the full webinar here to catch everything Tullen had to say.
You can view all of our COVID-19 resources here.
The two main focuses of Tullen and Michael’s conversation were what mindset should business owners have, and what aid is available for small businesses to take advantage of?
Mindset: A running theme in each of our COVID-19 webinars has been mindset. Being aware of your mindset and how it impact those who work with and for you is crucial during times of uncertainty. When it comes to the finances of your business, what mindset should you as a business owner have? Tullen says that you should always be planning ahead.
Have you had your “oh shit” moment yet? Good. That means you’re paying attention to what’s going on and you’re taking it seriously. Actively pursuing information and resources during this time of constant change and adjustments is critical as a business owner. Being properly informed and aware of all your options will allow you to make smarter, better financial decisions when it comes to your company and your employees.
Part of being informed means being willing to adjust your goals or trajectory as needed. Tullen’s advice? Contingency plans, contingency plans, contingency plans.
With the amount of new information, legislation, and resources coming available everyday, it’s important to hope for the best, but prepare for the worst. Tullen recommends using an operating model to help you visualize what the numbers would look like for your company.
Aid and Assistance: Tullen and Michael went over the basics of two government aid resources for small businesses to take advantage of during COVID-19, and Tullen’s advice — the sooner you apply, the better.
- Paycheck Protection Program: This is a great resource for retaining and paying employees through the COVID-19 crisis. To take advantage, you must apply through a local bank and provide information on your employee related expenses.
- EIDL Loans: These loans are issued through FEMA and are typically reserved for businesses impacted by natural disasters, but have been expanded to include businesses who have been materially impacted by COVID-19.
You can view the full list of government aid resources in full detail here.
Above all, the biggest takeaways from Michael and Tullen’s conversation were:
- Be transparent with your employees.
- Plan ahead, way ahead.
- Don’t make rash decisions, look at the numbers first and tap into available resources.
This is a time of great uncertainty for all of us, business owners and employees alike, so be kind, honest, and open to assistance. We’re a tough nation and we’ll pull through this! Be kind to those around you and stay healthy!