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Business Oxygen

Most business owners are paralyzed right now. They are struggling and lack clarity on where to turn for support or how to make sure they increase the odds of survival. Below are thirteen priorities that must be managed as you navigate these choppy waters. Share this advice with everyone in your network. Keith J. Cunningham www.KeystotheVault.com www.CFOScoreboard.com (512) 231-9944 info@keystothevault.com Business Oxygen By Keith J. Cunningham March 22, 2020 Oxygen is something we rarely think about until it is cut off and then it becomes our highest priority. The reason is obvious: Without oxygen, life rapidly becomes increasingly uncomfortable and then you die....quickly. In business, oxygen is cash and cash flow. When your cash becomes low or cash flow lurches into negative territory, your survival is dictated by how quickly and effectively you address this problem. Delaying or minimizing the fix or hoping the cash supply lines are quickly restored and things get back to "normal" is a prescription for a painful death. In light of the current economic turmoil, you probably have several competing agendas and priorities. While all these issues must be addressed, your highest priority is having a granular, detailed, specific, up-to-date understanding of your oxygen, oxygen supply, oxygen production capability and oxygen storage tanks. You must be able to accurately estimate the changes you must make to ensure survival. The problem is correctly estimating the length of time. The mistake most people make when dealing with a crisis is to be overly optimistic about the time period they need to be in survival mode. The default assumption we make is the problem will be rectified sooner rather than later and therefore, the adjustments and cuts that get made are not deep enough, particularly with our personal spending. The unhappy result is cash that could have been preserved to extend our life if the problem goes on longer than estimated, gets consumed... and once cash has been spent, it is gone... forever! It is critical that you have extreme clarity and specificity about your financial status, cash reserves and anticipated short term cash forecast. (Glossy, foggy, fluffy, gut feel generalizations are the enemy of clarity!) I strongly recommend you immediately start using a Rolling 13-Week Cash Flow Forecast to help you get and maintain clarity about your true cash picture. This one tool is likely to be the difference that makes the difference for weathering this storm and successfully emerging on the other side. (See the detailed information and formatting on that at the conclusion of this article.) https://keystothevault.com/business-o...