Here's how you can effectively manage your finances during a layoff with business coaching.

Knowing what you spend and where should always be a priority. If possible, saving money each month should also be a priority. When you sit down and really create a budget of required expenses, and then all the other places you spend money where you could either be more conservative or just stop will help you identify areas where you could save. A 401k is always great for pretax but having true savings that you can access if a time comes where you need to live off liquid and available funds is important too. Once you get in the habit of saving it becomes a habit! And even better if you can direct deposit a portion of your paycheck into a separate account, it’s done for you!

To be fair, managing personal cash and expenses is the domain of a financial planner or a personal wealth coach. It’s not traditionally something you would seek out a business coach for. A business coach should be an expert at business cash flow and could do a personal budget… but they may not be qualified in the traditional sense to give financial advice to a person.

So many businesses fail or experience cash crunch because of poor financial planning. Budget reviews are so superficial and impractical in most of companies, as everyone follows a cookie-cutter method to budget planning and review. A business coach would help you create a sustainable budget review process that is best for your specific business. If you are DIYing your way through this here's what you need to do: 1. Consolidate & Categorize: Gather all financial statements. This provides a clear picture of cash flow. 2. Prioritize Ruthlessly: What expenses can you operate without? 3. Renegotiate Existing Expenses: You will be amazed to see how much you can save. 4. Identify Revenue Streams: Explore unconventional methods.

Assess Financial Situation: Evaluate savings, expenses, and debt to understand the current financial standing. Create a Budget: Develop a detailed budget outlining essential expenses and areas where spending can be reduced. Explore Income Options: Identify alternative sources of income such as freelancing, consulting, or part-time work. Review Insurance Coverage: Understand available insurance benefits like unemployment benefits, health insurance, or severance packages. Seek Financial Advice: Consult with a financial advisor or business coach to strategize long-term financial goals and investment opportunities.

Having 1-6 months of operating capital in the emergency fund is advised, however, I know that is a far-fetched reality for most businesses. Laying off, and not being able to pay your team and vendors on time is the worst nightmare of any business owner. But, if one is in the situation, let's prepare to face it as gracefully as one can: 1. Assess Your Existing Emergency Fund 2. Prioritize Emergency Fund Usage 3. Explore Alternative Funding Sources 4. Explore Government Assistance Programs

1. Analyze all outstanding debts (credit cards, business loans, etc.). Prioritize them based on interest rates, with the highest interest debts tackled first. 2. Debt Avalanche vs. Debt Snowball: Which of these two debt repayment strategies works best for you? 3. Negotiate with Creditors: Don't be afraid to contact creditors and explain your situation. Be upfront about your layoff and reduced income. Negotiate for lower interest rates, extended repayment terms, or hardship programs. You will be amazed to see how many creditors are willing to work with borrowers facing temporary financial setbacks.

When you are hit with an Avalance like layoffs you have to find out ways of surviving, it could mean various things that you have never considered until now. Here are a few ideas to get you started: 1. Monetize Existing Assets Which are not so much in use 2. Offer shorter offers to your clients. 3. See what else you can sell. Something you already have sitting with you, a software you made for yourself, a set of templates you use in. your business, an eBook you made, service calls to the equipment you manufacture. 4. Host a sale 5. Offer consultation services Be creative with what you can offer. Focus on survival at this point of time.

A layoff necessitates a close look at your investment portfolio. So let us start with: 1. Portfolio Review and Risk Assessment: In a layoff scenario, prioritizing stability might be prudent. Consider reducing exposure to high-risk investments and increasing holdings in more stable assets. 2. Identify Underperforming Investments: Are there any holdings with significant losses or consistently low returns? Discuss the possibility of selling these underperformers to free up cash for essential expenses. In the future, to stay prepared for such scenarios consider exploring Income-generating Investments.

Here are a few ideas to try: Embrace Abundance Mindset: Instead of dwelling on what you've lost, focus on the potential income-generating avenues and cost-saving measures that are still available to you. Practice Financial Mindfulness: Be mindful of your spending habits, track expenses diligently, and make conscious choices that align with your financial goals during the layoff. Foster a Learning Mindset: Use this period to invest time in learning about personal finance, budgeting, or investing to enhance your financial knowledge and make better financial decisions. Remember, mindset shifts are powerful tools that can help you navigate challenging situations and achieve financial stability.