KIS & Tell March 2020
Unprecedented. Unpredictable. Once in a generation.
Those are just a few of the phrases we hear a lot now. Our lives are being turned inside-out by the coronavirus. It's a serious public health problem demanding some business owners risk everything.
If you've had to close your doors, know that you can start back up again. It's not going to be easy, but you're an entrepreneur because you aren't scared of the work.
You don't have to do it alone either. Many people and big businesses are looking to support small businesses. The government is creating lots of stimulus programs as well.
Try not to look too far into the future. We don't know what is going to happen and you don't need to worry yourself sick. Be conservative with your money, stay safe, and help others.
Let's help each other get through this. Know that everyone is suffering, but we'll pull through this together. I'm creating content specifically to help you navigate this crisis - like tips on how to manage cash flow, stimulus programs, and best practices during a recession.
If you need assistance, lean on me. I'll do what I can to help you through this too.
Fresh Content
Hot off the press & onto the blog, website, and beyond.
If you are worried about your income right now, head over to this blog. It covers my take on what’s going on and where you can find help. I’ll update it periodically as new aid programs are released. Bookmark it and check back every week.
Everybody is hurting from this pandemic and lockdown. For some “non-essential” businesses, their revenue is $0 – no exaggeration. Federal, state and local governments, as well as big businesses are setting up programs to help struggling areas. If you think you may need help, check now. It’s easier to get help when you don’t desperately needed.
App of My Eye
I'm always on the lookout for new apps that help make running business easier! Here are the best finds over the past month.
If you’re new to remote work and looking for apps to help you do it successfully, check out this list. Organized by category, the article gives a summary of each app, highlighting their best features. Even if you’re not looking for a new app, its fun to see what’s available and imagine how it could help you!
One app on the list that I’m installing now is ColdTurkey. This Chrome extension blocks specific websites. For example, if you have trouble focusing amid all the horrible news, you can block particular websites during work hours. I am!
Best Reads
I love to learn. Especially with business, there are always new perspectives and information we can benefit from. Here's my latest fav.
How do you build good habits and lose the bad ones? Atomic Habits by James Clear goes through exactly that. It’s well-written and surprisingly engaging. From his ideas on 1% improvement to the four parts of building healthy habits, he breaks down the what, why, and how to do it.
James’s book dovetails with a blog I published last month on leading indicators. Your habits are the foundation of your future. We are ruled by our habits, so choose yours wisely.
Practicing Simplicity
Practical tips to simplify your business.
Practice: Use a habit tracker
Rationale: Keep yourself accountable by tracking how often you perform critical tasks. Track new habits you’re building, leading indicators, or specific results.
Tools: Planners, paper, excel, Asana, Google Tasks, etc
Tax Tips
The world of tax is constantly changing. Here's what you need to know.
The IRS pushed back the April 15th tax returns and payments deadline to July 15th. Right now, this appears to apply to estimated payments as well. Many states are following suit, including Connecticut.
The government is working on providing relief to individuals and small businesses. For more advice, be sure to check out my COVID blog. Congress just passed another stimulus bill aimed to help individuals and companies. I’ll update as more information becomes available. Within the next week, small businesses with under 500 employees will qualify for a payroll tax credit to cover paid sick and family leave.
Out & About
We're going places! Whether it's for networking, client meetings, or personal travels, I love to explore. Here's one recent stop.
Just this week, I gave a webinar presentation on how tour operators can manage their finances during a recession. Mostly I focused on cash flow management.
The principles work for most businesses and downturns. Check out the recording here.
Your number one business priority needs to be to conserve cash. In the presentation, I go through several ways to do so. Most businesses fail because of poor cash flow management. Act now and make sure you have the cash you need to get through this period.
Kitty Corner
It's probably impossible for me to get through a newsletter without mentioning my furbabies!
You may think cats are docile, but that’s a myth. They need to play, run, and hunt. It’s so good for their emotional health, especially if they stay indoors, like Cami.
Last week, Yigit and I were at the pet store looking at the fluffy beds. While there, we grabbed some catnip and new toys. One toy of those toys has since become her favorite.
It’s like she’s a dog how often she wants to play! Or a clock, always set to playtime.
On the Horizon
Here's what we'll be focusing on over the next few weeks.
We need to expect lots of craziness in the weeks (maybe months) ahead. It’s impossible to know how this virus will play out, so just do what you can to stay safe and sane.
Before the coronavirus spread throughout Europe and the US, I planned on going back to CT. I scrapped that plan last week. I’m aware of the State Department’s recommendations, but I feel safer here. Currently, I’m applying for a visa extension . There’s no good reason to travel now with the health risks and social distancing recommendations.
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My hope is for us to get this pandemic under control quickly. That will save lives and limit the economic fallout. In the meantime, be kind to those you know, be patient, and stay inside. We’ll get through this together.