How do you plan for the future in this uncertain climate, with no end to our collective troubles in sight? What can you count on? There are some steps you can take to protect your business now and in the future.Most business owners are wondering when things will return to normal or where their next major revenue opportunity will come from.
Either way, cut expenses where you can, on things like nonessential technology, employee perks, or even your office lease, if possible. We all want to avoid layoffs during a pandemic so if you have to cut employee hours to ensure you stay in business, that's preferable. For many businesses, forecasting revenues even one month into the future is difficult, let alone doing it for six months to a year out. Right now, it's next to impossible to do it with confidence.
Your most likely scenario is, of course, difficult to accurately create right now, so take an informed guess based on the various drivers of your business and the numbers you've seen over the past four months.Once you have your forecasted scenarios, take a look at the cash forecast for the business based on each scenario. Knowing how much cash you'll have on hand should each scenario play out will help you plan for necessary changes.
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