The SmallBizLady Buzz - Issue 23

Managing Your Finances through The Pandemic

If you are facing financial difficulties as a result of the pandemic, here’s some advice to help you to manage your personal and business finances. In terms of your business, Emergency Injury Disaster Loans (EIDL) and SBA 7(a) loans are still available through mid September. The 7(a) loan program is the SBA's primary program for providing financial assistance to small businesses. You can apply today if you haven’t yet.

Grants are still coming out from state programs, non-profits such as LISC.org, and corporations, which are sponsoring their own grant programs. So apply as soon as you see a notice as many are decided on a first come first serve basis.   

If you’re struggling to pay bills or loans on time, first look for ways to cut your expenses. Then, prioritize your mortgage/rent and car payments. Ask your landlord if he/she has applied for any assistance programs to subsidize your rent. If you have a business lease, talk to the other tenants in your building, and develop a plan for how you can renegotiate or break your commercial lease. Now is the right time to make a change. If your children attend private school, contact the financial aid office. Many private schools have emergency COVID scholarships.  

Ask for options with your creditors. A lot of lenders are offering forbearance, loan extensions, a reduction in interest rates or other flexibilities for repayments, including partial payments that can be made. As for your credit card bills, organize them by the highest interest rates or focus on the one with the lowest balance. You want to make sure you can keep using at least one of your business and personal credit cards so make sure you are maintaining payments on that one card. Also, credit card companies can do things such as waiving certain fees, like overdrafts and late fees, or allow you to delay, adjust, or skip some payments. Some lenders are also saying they will not report late payments to credit reporting agencies or will waive late fees for borrowers in forbearance due to this pandemic.

Whatever you negotiate, be sure to get confirmation of any agreements in writing.  

If you want some advice on managing your business finances, check out this week’s featured article, Ways to Manage Your Cash Flow as Your Small Business Grows.

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Ways to Manage Your Cash Flow as Your Small Business Grows

One of the earliest lessons I learned in business was that balance sheets, and income statements are fiction and that cash flow is reality. It would be best if you learned quickly that metrics like profits, sales, or net worth don’t impact the day-to-day operations of a small business as actively as cash flow. But some small business owners don’t have a solid grasp of their cash flow, which is problematic – especially as their businesses start to hit a stride. Continue reading....

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Mastering Money Mindset with Vanessa A. Lindley

Check out this week’s Podcast: Mastering Money Mindset with Vanessa A. Lindley

Vanessa joins me to share how your approach to finances can impact your personal and professional life. Vanessa A. Lindley is a consultant, speaker, coach, and the CEO of The Lindley Consulting Group, LLC., a personal and professional development consultancy. Throughout her career, Vanessa has worked with brands including Citi, Chase, and the National Urban League. Vanessa is also a guest lecturer at Columbia University, the author of Achieve Financial Victory: 7 Ways to Win With Your Money. For more information: www.VanessaLindley.com

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Are you looking for help with your Pandemic Pivot?

I’m now making my book Fix Your Business and the workbook available in a bundle deal. If you want help rebuilding your business so that you get on the other side of this recession with a strong business check out my Fix Your Business deal on Amazon today.

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Melinda F. Emerson, “SmallBizLady” is America’s #1 Small Business Expert. She is an internationally renowned keynote speaker on small business development, marketing and social selling. Melinda is also the president of the Quintessence Group, an award-winning marketing consulting firm based in Philadelphia, PA, serving Fortune 500 brands who target small business market. LinkedIn named her a Top Voice for 2019 in Small Business and Entrepreneurship. In addition to being a former NY Times columnist, she is frequently quoted by media organizations including The Wall Street Journal, Fortune, MSNBC, CNBC and Fox News. She is the host of #Smallbizchat LIVE and The SmallBizChat Podcast. A prolific writer, Melinda has published more than 5000 articles on her blog www.succeedasyourownboss.com. Her small business advice is widely read reaching more than 3 million entrepreneurs each week online. She is the bestselling author of Become Your Own Boss in 12 Months, 2nd Edition. Her latest book is Fix Your Business, a 90 Day Plan to Get Back Your Life and Reduce Chaos in Your Business.