These resources were shared during the Ready, Set, Get Back to Business symposium May 12-14, 2020
Session 3: What’s your Financial Plan to Move Forward?
Have a financial plan — that was the key takeaway from Cheryl Baldwin’s presentation on financial planning during WEOC’s virtual symposium.
Preparing for different scenarios will help your business, she said. It’s good to have plans for your company’s most likely scenario, and for its best and worst outcomes. Ask questions — how would a second wave of COVID-19 affect your business? Is there a point where you’d have to close shop?
Knowing the numbers will guide you to make informed decisions about your company. You can get help from an advisor at a women’s enterprise centre, from an accountant or bookkeeper, or from an organization like BCP Business Services.
- “You need to understand what your numbers are telling you to make business decisions.”
- “In normal times, we need to plan… With all this happening, it’s absolutely critical for your business to survive.”
- “Make sure that you’re taking advantage of the benefits that are available to you, but when they make the most sense for you.”
- “The more that you practise and do the budgeting, the more you’ll realize what your natural tendency will be.”