When it comes to the times that we are seeing right now, so many things are out of our control. However, lucky for us, there are some things that are in our control. And so we are concentrating on that! Take this journey with us.
With so many people emailing which topics they would like to get information on first, we decided to talk about money. What expenses do we need to cut out in a time like this and what items should we be keeping? This topic can be for both businesses as well as our personal accounts – it’s time to take a good hard look at everything.
To be honest with you, I have cut out quite a few variable costs this last week – something – I should have done long ago. My goodness, the amount of money we have been spending on just “stuff” is pretty unreal. I have also frozen all company expense cards. Everyone is on an “ask me first” basis, which for a company my size works. I did this because I needed to make sure that my accounting team knew every dollar that was coming and going out of the business in times like these. Again – why we haven’t been doing this all along is beyond me. But here we are, and the theme of this COVID-19 crisis is to learn and grow and make ourselves better, so let’s do this!
WE’RE TALKING MONEY
WHERE WE MADE CUTS & WHAT WE KEPT:
01. GOT RID OF
Some of these are a bit obvious – we don’t need to have regular office cleaning or internet if we are not in the building. Other items we have gotten rid of temporarily are our client gifts. I hate to do this, but they are expenses that we can afford to let go of right now. Our clients know we love them and are here for them. We touch them daily and I don’t know if a present on their house doorstep is currently appropriate. Last one – we have a mental health benefit that I have always loved. During this time, I have removed that from our budget. I am on the fence with this one. Thoughts?
It is amazing how much you can reduce current bills. We are not spending as much on meals and supplies due to not being in the office, our utilities have been cut in half, and we have been able to put a pause on the internet. Some software that we have been using but isn’t crucial to our business has been paused and our landlord has been amazing to work with during this time. JUST ASK and you will be thankful for the cost savings. Call every single bill and provider and talk to them. I call and say “What are you guys doing to help with COVID-19 relief?”
My team is important to me as I said in the first email. The people I work with are taking care of my company and that means I have to do my best to take care of them during this time, so payroll is still full force for us. I have also kept all services like our CPA, Telephone, Healthcare, and Tithing. These things are crucial to keep the business going as well as for our value as a company. Lastly – of course, we have kept marketing expenses – we know we cannot afford to get rid of these, especially in a time like this. Really think – if you aren’t working even harder to get new clients now, what is going to happen later?
HOW DID I DO ALL OF THIS?
I would like to say that it is just pure brains and a little bit of beauty that allowed me to pull this action plan together, but alas….it has not been!
First, we have been listening intently to Cody Lummus and Andrew Smith with Delos Capital Advisors. Delos sends a weekly email called “Coffee with Andrew” where they talk about the current economic climate and what you might be able to expect.
Next, I have the help of two awesome groups that have created and showed me a handy budgeting tool. Ryan Huettner from Qoverage and Chad Montgomery from Civil Pour have been using this spreadsheet for years. Click the button below to download the spreadsheet (no sign-up required, just a useful tool).
Tabs you will find in the spreadsheet:
- Cash Position
- Budget Forecast
- Recurring Revenue
- Current Production
- Production Possibility
You will need to tailor this spreadsheet for yourself and/or your company. At the below link, I will show you some ways to do this. I would love to hear some ways you are working to reduce costs! Email me your thoughts.
And lastly – I have been paying attention to what assistance is available for Businesses and People from the federal government. We work with Ryan Suchala, Dallas President at First United Bank, who has been texting (yes, texting) me weekly asking how everything is going and giving me banking resources to help. They have a huge SBA loan department as well as internal resources to be able to lend a hand in times like this! Below you will find documentation for federal resources.
NOW…I NEED YOUR HELP!
1. Do you think the mental health benefit should be removed right now?
2. Do you think marketing should be kept, decreased, or cut from your budget right now?
TODAY’S MARKETING TIP
Spruce Up Your Google Business Page
Since today’s topic is money, let’s talk about ways you can continue to grow your brand and online presence for FREE! Yes, completely free. Today we’re going to discuss Google Business. Whether you are a professional services business or a mom-and-pop shop, Google Business is an essential marketing tool for any company. Here’s where to start:
- Go to business.google.com
- If you haven’t already, claim your business. On average, well-maintained listings get 5X more views on Google than listings that aren’t claimed.
- Make sure all of your information is up to date! Business hours, phone number, address, industry, etc.
- Add your photos! This should include your logo, top products, pictures of your business office or store, etc.
- Respond to your reviews! Whether they are good or bad, a response is the best policy!
- Ask for reviews! Ask your colleagues, referral partners, employees, family, and friends to leave a positive review about your business on Google. You can even share a direct link with them to make it a super simple, easy process. We’ll even write you one too – just send us a ping!