Managing Business Cost and Cash Flow During The Coronavirus [LNIM198]

Having trouble managing cash flow during the coronavirus? Having COVID-19-related revenue issues? In this episode, we talk about different ways that you can respond.

Show Notes

A lot of us are in tremendous amounts of stress because of the economic impact of coronavirus, and even us, online business people, are definitely not immune from it. Whether you have just started your business or have had it for years, we are both currently facing the same problem: losing revenue.

With the current situation, you might have questions in mind such as “should I be cutting costs during this time?” or “is this the time to cut back or time to double down?”

Here are the tips that can help you manage your business expenses during the coronavirus:

Skill is the new currency – Find out your amazing skills that are particularly relevant for the current situation, skills that really weren’t relevant prior to the pandemic ut can now help people.

Business pivot – Make a fundamental change to your business after determining that your product isn’t meeting the needs of the intended market.

Think out of the box – Consider whether or not there’s help uniquely available for you that you might not have considered before. All kinds of loans and grants that you can apply for to help replace employee salaries to help you manage a cost of inventory, take a look at them.

Cost identification – Create a list of all your expenses for the month and check for overlapping items, or find a cheaper solution. You may contact your providers and ask for suggestions on how you can manage your bill.

Don’t let pride get in the way of correctly managing your business. I’m not suggesting that you shrink your financial responsibilities, but if you’re trying to decide between folding up your shop or asking for help, seriously consider asking for a little bit of help.

And whatever you can do, find ways to invest, find ways to match what’s going on in the market, and take advantage of the situation to try and help people make it through this.

Links Mentioned In This Episode

Small Business Administration
Subscribe in iTunes, Google Play, Stitcher or Spotify

Help Me Help You Succeed Online

The more I hear from you about your struggles, trials and tribulations, the more I can help. So, be sure to leave comments on this post to reach out to me on Twitter or in the Late Night Internet Marketing Private Facebook Group

Tell Me What You Think

I’d love to hear what you think about the podcast. Better yet, Id love to answer your question about Internet marketing on the show. Just drop me a line here on the blog or on the digital recorder at 214-444-8655. Dont worry, there are no stupid questions. Unless you tell me not to, when you ask a question or leave a comment might even use it on the show.

Help Me Help Others

Thanks so much for your reviews on iTunes. We get a ton of exposure from iTunes, and we really appreciate the reviews there. At last count, we were over 100 reviews worldwide and counting. Reviews help us get new listeners — so I really appreciate you taking the time to leave a review on iTunes (link).

Get The Episode Transcript

Access The Vault (Coming Soon)

Interested in the transcript of this episode when it’s ready? Transcripts are available to all of my subscribers. You can find them along with all the other episode transcripts and special bonus content in the Late Night Internet Marketing Podcast Vault (sounds mysterious, doesn’t it?)