Is There a Path Forward for My Business?
The Greater Des Moines Partnership DSM Forward webinar series offers insight on moving the Greater Des Moines (DSM) region forward in the aftermath of the COVID-19 pandemic. As plans are made and businesses reopen, The Partnership has put together resources for employers at DSMpartnership.com/DSMForward.
In June 2020, The Partnership hosted the “Finding the Path Forward — How to Get Right Side Up When Your Business is Upside Down” webinar. Speakers at the event included Jonathan Porter, McGowen Hurst Clark Smith, David Ling, Bankers Trust, and Drew Larson, BrownWinick Law, as they offer insight into how DSM businesses can determine a clear financial vision post-pandemic and help outline the path forward within their industry.
Tap Into Your Personal Board of Directors
Businesses should not feel that they need to be knowledgeable on all aspects of how to proceed during and following the pandemic. Small business owners should feel comfortable with reaching out to contacts within accounting, banking and legal who can offer industry-specific options and financial advice during this time.
The Big Financial Picture
Porter says that understanding your business’ complete financial picture will guide you through uncertain times. Make sure your financial statements are complete and accurate so you can analyze where your business is at and make smart decisions as you move ahead. Explore a break-even analysis, burn rate analysis and cash flow projection to assist you in your decision-making process. These tools offer you a realistic outline of how long you can operate with your current revenues. See timestamp 3:34 — Advice from an Accountant.
Ling calls on small business owners to work with their bankers by having those difficult conversations. Bankers can help business owners understand what is impacting their financial situations, and encourage candid discussions in order to offer the best possible solutions for the business to move forward. Ling proposes ongoing conversations between the bank and the business to discuss reports and financial benchmarks. See timestamp 22:06 — Advice from a Banker.
Larson gives advice for business owners who have fully explored their options with both accountants and bankers. He says the goal for any business is to remain open and suggests business owners examine how to reduce costs through loan extensions and salary reductions, negotiating with creditors and more. As time goes on, businesses must continue communication with their personal board of directors as ongoing changes surrounding COVID-19 come up, including seeking assistance to close their business. See timestamp 37:59 — Advice from an Attorney.
See the entire webinar below:
Webinar speaker companies outline their COVID-19 resources at the links below:
For more industry-specific information related to the COVID-19 pandemic, see The Partnership’s DSM Forward initiative, an expert-led guide featuring assessments and recommendations to help businesses prepare for the next steps to economic recovery.
You can count on The Partnership to continue to share accurate and fact-based updates as well. See more on COVID-19 here.