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How to Weather the
COVID-19 Storm

by Paul Northway

As the COVID-19 pandemic continues to impact our economy, small business owners will need to increase their attention on managing liquidity in the short-term and implementing financial plans to strengthen their business over the next 18 months.

The old saying is that cash is king and now that is more relevant than ever. Here are some cash management and liquidity practices to follow.

Once you have determined your short-term financial needs, I would suggest you revise your 2020 budget and begin to look at 2021.

We will get through this health crisis, but the economic crisis it has created may very well be with us for the next 2-3 years. Be pro-active and develop both a short-term and long-term financial plan to help your business get through this storm. Share the plans with your banker and accountant. It is critical to have strong relationships with these advisors at a time like this.

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