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What’s your Financial Plan to Move Forward?

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?

Session overview: Do you know if you have the finances to get through the COVID-19 business disruption? Will you have the money to pay back your loans and deferred payments that you’ve just signed up for? Find out what you need to do so you can make a solid financial plan for your business and get back in the game on solid footing.
Presenter: Cheryl Baldwin, BCP Business Services

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.

A few tips from Cheryl:
  • “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.”
Sample Profit/Loss Template (pdf) – Session 3 – Sample P&L – Handout
Related podcast: Cheryl Baldwin covers so much ground as the guest on The Successful Bookkeeper podcast, from hiring great staff to business continuity.
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