Did you miss out on relief funds during the first round of PPP? We have good news! On January 13th, 2021, Congress opened up $285 billion for PPP2 (Paycheck Protection Program) funding making it possible for you to strengthen your business with available financial funding of 2.5x to 3.5x your monthly payroll in a 100% forgivable loan.
Cash is king in restaurants. In the midst of this crisis situation with COVID-19, knowing your restaurant’s current cash position is one of the most important insights an operator can have.
We have created a simple, yet effective, Weekly Cash Flow Worksheet that you can easily download and modify (fill out the form below to access).
The COVID-19 pandemic continues to impact the restaurant industry. Uncertainty looms with the on-going challenges of containing the virus. This uncertainty creates obstacles in business decision-making. With public health requirements and customer preferences changing as the graphs on infections and deaths rise and fall, restaurants have more hurdles than ever. These challenges mean that restaurants need to respond quickly to a constantly changing environment.
Our national partner, Sage Intacct, and the National Restaurant Association surveyed over two-hundred restaurant finance leaders. This survey revealed COVID-19’s impact on their business, their actions in response, and their lessons through the process. Here is what they have to share.
We’ve found that businesses don’t generally have friendly strategic referral partners. When the pandemic crisis hit, we had five different firms like ours, with different specialties, that were not able to serve clients when their phones rang off the hook. This opened up an opportunity.
Leading people in a crisis is better done with swift communication and quick decisions. Make the hard choices now and don’t procrastinate.
“The hardest part of the journey to personalized success isn’t adopting the new mindset…it’s letting go of the old one.” – Todd Rose
As a cutting-edge organization, the newness of our approach to business in the past decade has been challenging to teach to prospective and actual clients. Because of the crisis, the value we provide has become apparent to our customers even though it’s been available. Thus, the crisis has illuminated the clear value propositions of companies working with us.
In retrospect, this season has been a lesson learned for us on how we can better communicate the value we deliver to our clients going forward.
There are countless unknowns in our collective and uncertain future. We’re living in a new paradigm without knowledge of how long this season of uncertainty will last. Understanding this reality, NOW is the time to get back to business basics.
PROSPER OR PERISH #11 by Stephen Gross. Click here to read past issues.
The federal relief package was great for delaying the terrible impact of the pandemic on businesses for eight weeks. In that window of time, companies learned where they stood before the crisis and were generously given a countdown clock of eight weeks for an upcoming failure that would have been an immediate one.
One of the most valuable resources companies can have during a crisis is an advisor on retainer. By having a guiding firm (like Trusted CFO Solutions) available on the spot, clients can focus on their growth while mitigating their risks.
We’re in a season where exceptions to the rule are quite common. For example, landlords are giving companies months of free rent. How is your business reporting on this discount and how are you keeping it in the front of your mind so you don’t lose sight of an expense that will come back later? Making it relevant today is now important.
The guiding partnership in a transition will dictate the ease, relevancy, and success of your digital cloud ERP transition. How much help your business needs depends entirely on the specific requirements of your business.
