Talk of recession seems to be taking over the ecommerce circuit even more as of late. Everyone is buckling down, trying to figure out how they can come out on the other side if the recession does hit. The best thing to do is plan, not panic, and the best way to plan is to analyze the business crisis trend, figure out what stage you’re in, and start moving forward.
The Business Crisis Trend
The graphic below shows how businesses move through a crisis. If you’re feeling desperate, that’s totally normal. Look over the graph, think about the stages, and then let’s move forward with planning.
The 13-Week Plan
As we know through Profit First, the keys to managing a business are data and planning. Of course, this is always the case, but in times of crisis these fundamentals are even more essential. This is what led us to create our 13-week Cash Flow Plan that we use with our cash flow clients.
Now, we also offer it to you, so you can create your own 13-week plan for your business! The spreadsheet will take you through creating your current data as well as a forecast for the next 90 days to come. It’s this kind of attention to detail that will help you manage through a crisis and come out the other side.
I feel so strongly about the cash flow plan, that I even hosted a webinar on how to create one. We got so much positive feedback that I love sharing the recording because I know how much it can help.
While the webinar is geared towards ecommerce sellers, it can be effectively applied to most any other business as well. We talk about the cash flow pressure a crisis creates and how taking the 13-week standard approach-
- Allows you to look forward rather than look backwards;
- Shows you when it’s time to act; and
- Helps you to identify and understand patterns in your operations.
Make Your Own
Having a plan can be the difference between surviving and thriving, and we invite you to take 45 minutes and watch our cash flow webinar. Then download the 13-week Cash Flow spreadsheet and create your plan, starting with now. You can even watch the webinar again if you need to. However, the sooner you can get a plan laid out and start working through it, the sooner you’ll begin to feel like you are back in control of your business.
As a bonus, I also want to share our Ecommerce Sellers’ Guide for Financial Uncertainty. I know you’ll also find it helpful as you prepare for the uncertainty ahead.
Interested in Profit First?
If your ecommerce business isn’t where you’d like it to be in terms of profitability, check out my book, Profit First for Ecommerce Sellers. It answers important questions about how to implement Profit First in an ecommerce business. Take control of your money and your business, and put Profit First to work for you!
You can also sign up for the Profit First for Ecommerce Sellers Online Course. As a Mastery Level, Certified Profit First Professional, I will teach you why Profit First works so well for ecommerce businesses and the particular challenges for businesses that have physical products requiring inventory management. You will learn how your behavior drives your money management habits for your business and how you can set up your business bank accounts to work with your habits.
Check out all our ecommerce accounting and profit advising services here!
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