On Wednesday, April 15th, we were joined by veteran small business CEOs to share tips on how to pivot to protect your top assets, cash and people.
Ellen Wood, President & CEO of vcfo reminded everyone of her mantra, "cash is king." She offered key advice for preserving cash:
- Prepare a detailed 12-week cashflow working guide
- Don't make payments before they're due, and delay/defer when possible
- Delay capital expenditures
- Closely monitor your accounts receivable, and collect as much as possible
- Negotiate with vendors and landlord for lower/later payments
She advised leaving no stone unturned when looking for ways to preserve cashflow, because:
this is how you'll best protect your main asset: your team.
As the leader of a service business, Bobby Jenkins, President of ABC Home & Commercial Services expressed that his employees are by far his company's top asset and keeping his team team together is goal number one.
He identified the most critical priority at a leadership level is communication. At ABC, they practice what they call "ownership thinking" where they are transparent and share key metrics throughout the company. He said that they are leveraging more technology than ever to communicate more frequently. Bobby has even started filming video messages throughout the week, letting his team know how much he values the work they are doing.
As moderator Jeff Hahn, President of Hahn Public Communications pointed out, ABC now stands for "always be communicating." He also echoed the importance of staying connected, even while we're physically apart.
Jeff added that he has leveraged his Chamber network a lot to chat, seek advice, and commiserate. Now more than ever, the Austin Chamber is dedicated to be a resource for Austin-area businesses and provide opportunities for businesses to come together.
Hahn Public Communications