Provided by Geal Talbert, CFP®, CEPA®, and Brandon Park, CFP®, CEPA®
There are many considerations for owners during times of uncertainty – safeguarding employees, limiting operational disruptions, and protecting the assets of their companies. Oftentimes, the biggest “asset” of a business is the owner.
To navigate the COVID-19 crisis and prepare for future disruptions, owners should have a financial plan in place that addresses potential business and personal challenges and can weather continued volatile periods.
Reassess your business assets
Step 1: Review your most recent company income statement to assess your short-term liquidity needs. Work with your business manager to identify fixed expenses, such as payroll and rent, versus variable expenses, such as marketing and future capital investments. Bring in your leadership team to review your company’s growth plan and decide which items are…