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I know this is a trying time for all of us.

John T. Lally

March 20, 2020

As small business owners you are juggling demands at home as well as concerns about your business and employees. A little planning now can hopefully go a long way over the next few months.

One critical item to watch is your cash flow. Lack of cash can force a small business to close. It is even more crucial now to plan your cash flow.

Some items to consider:

  • What sources of cash do you have available such as business or personal savings, line of credit or other sources.
  • How will the coronavirus impact your customers and the payment of your receivables?
  • Can any vendors or banks give you extended terms to pay?
  • Can you afford to keep everyone on payroll?
  • Are there any new sources of revenue? For example, some liquor companies are now making hand sanitizer.
  • Now is a good time to evaluate your customers, services and/or products. What are the most profitable items to focus on now that will help your business?
  • Prepare a cash flow forecast for the next 30-60 days, then keep it updated.

The SBA is offering low interest working capital loans. Check it out at https://disasterloan.sba.gov/ela/
Some banks or credit card companies offer 0% credit cards for a limited time.

The MA unemployment office is doing everything they can to expedite unemployment claims.

Congress is working on a disaster relief package. Stay tuned for further details.

Massachusetts is offering some relief for sales and meals taxes. Details are expected by Friday March 20.

Is your business set up to do some work remotely? If not, now is the time to look at some remote technologies in case that is necessary.

If you have questions or concerns about your business please reach out to us. We want to do everything we can to help. We will provide a free telephone consultation to any small business. If you are interested please email us and we will call you back. This will give us a chance to think about your business and then we can call and give you our undivided attention (even during these trying times).

By working together we all have a better chance of coming through this situation even stronger. If anyone knows of additional small business resources or ideas to weather this storm please pass them along.

Now is the time for strong leadership.

“This too shall pass”. Hopefully it passes before too much damage is done.

Take good care of yourself and your business.

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