20 March 2020
At Misencil®, we are committed to ensure that every day of your week is punctuated by some new knowledge, a new course or a new blog post. Today let’s talk about finance, about cash and my feedback on our experiences and on current events that we all try to follow in different ways … I am Olivier, Co-Director and Chief Executive Officer at Misencil® France and it is up to me to share some tips & tricks
Well, here we are! You’ve seen all the NETFLIX series and you’ve scrolled through all Facebook pages to yet find another fun image. Your spring cleaning has been done for 2 generations. And then you tell yourself… It’s only been three days of confinement! And then, a fear that you are trying to push away: will my business be solid enough? So you go back to Facebook, and then you come across this text!
I will try in these few lines, to point out the path to follow to help your business and which you can implement now. I would like to draw your attention that it is March 20 and that other aid will most likely see the day very soon from the Federal and/or Provincial Government(s).
You are an entrepreneur, solutions exist to help you. As a first step, it is important to freeze all cash outflows related to your business. And it starts with the taxes – you have until this summer to do remittances (see the exact dates on government websites).
You can ask your landlord for an arrangement for your rent. This could be a delay in rent payment or rent rebate (depending on the relationship you have with your landlord). Electricity and other suppliers should also be contacted (proposals for free or deferral exist depending on your supplier).
Turn off any charges that could impact your cash flow, as an example, your music subscription, marketing paid tools, cleaning services and other services that you use to run your business.
Your suppliers are in times of crisis too, but perhaps asking them to defer deadline payments to 30 days could lift the weight off your shoulders.