This will be an atypical summer. Rather than rest and relax, we will be focused on reigniting business and recouping from the pandemic. In other words, things are a little bit out of order these days. Usually you work harder over the spring and ease into summer; but since we had no choice but to “rest” over the last few months, our seasonal roles will reverse.
As you think about your business, it is important to get the creative juices flowing as you determine what areas of your business need to be recharged or reevaluated. Here are some of the areas that Scott and I have evaluated at AcceleratingCFO over the past few months as part of our action plan for the remainder of 2020:
- Marketing Approach: Over the past few weeks, we have focused a lot of our attention on our social media and digital marketing strategy. Although we don’t historically get a lot of clients off our website, we started to realize that not everyone knows what a fractional CFO firm does. As a business owner, have you reconsidered your marketing approach? Are you really marketing to your core customer in an effective manner? This pause will hopefully have been able to evaluate your brand and how your brand is perceived in the market.
- Financial Approach: For regular readers of my posts and newsletters, you are very aware of the PPP and the assistance that it has provided to small businesses. But that is only a small remedy to deal with the short-term solution. As part of the CARES Act, the government has sponsored the mainstream lending program to help companies grow post pandemic. But there are also more traditional lending opportunities, i.e. banks and other large financial institutions. Be sure to forecast your expected performance for the remainder of 2020 and identify cash flow gaps that need to be filled.
- Infrastructure: During boom or bust times, the implementation of your operating procedures must be efficient. Over the next few months, it is important to challenge ideas that may have once been sacrosanct:
- Do you need a 3 person sales organization?
- Could you replace your expensive software application for a less robust, but more affordable version?
- Do you need to be in as large of an office as you’re in right now?
And don’t just rely on yourself, find a friend, co-worker, a partner or anyone who knows your business well enough to provide good advice from an outsider’s perspective.
If this pandemic has taught us anything, it is to expect the unexpected and challenge long-held, entrenched beliefs.
Takeaway: As we begin to emerge from the recent crisis, look inward and evaluate how you are going to run your business going forward. For a free diagnostic on your business and your financial operating processes and procedures, contact AcceleratingCFO.
Co-founders & Managing Partners