In these totally uncharted waters we are all facing, it is imperative that we all plan for our future. It essentially boils down to three simple rules –
Accept the things we cannot change
As we are all adjusting to the “new normal”, it is absolutely beyond our control what restrictions the federal, state or local governments are going to impose around our ability to serve families. Social distancing and other restrictions being imposed are having everything from minimal to extreme impact on our business.
Recently the Governor of New Jersey imposed a mandate that all deceased be handled as a direct burial or direct cremation. Now, we don’t have to totally accept that lying down but it does have an immediate impact.
Change the things we can
In the funeral and cemetery world there are often far more things that are within our control than people typically recognize. Do you have the proper capital structure? Do you have the proper offerings for your client families? Are your prices properly set to cover your overhead? Do you have a plan to manage your variable expenses? Have you properly managed terms with your suppliers?
Each of these questions when properly addressed can have a meaningful impact on whether your business survives, thrives or ultimately perishes during the turmoil. A little bit here, a little bit there and before you know it, you are talking about some serious money. All of us business owners know how easily things get away from us when our eye is off the ball. Now is NO time to lose focus!
Create a plan that maximizes your opportunity for success
Depending upon the source, a written plan is upwards of 42% more likely to succeed if it is written down compared to others. In the midst of the current environment it seems almost impossible to think that anybody can simply press pause and evaluate your current state of affairs, but that is exactly what you need to do. It does not have to be a wholesale change, but you need to think about each of the things that are within your control.
Hopefully, all of us have received the PPP loans under the CARES Act. First, you must make sure that you are properly planned and documenting the use of these funds for full forgiveness. Second, this should give us all a little breathing room to modify our existing budgets and operating plans to survive and thrive through the next several months.
Whatever you do, do not wait! Make sure you are addressing all your controllable factors. If you do not know where to begin, ask for help. We are all in this together and together we can survive and thrive.
As we are learning to navigate through these times of uncertainty and adjusting to our new normal, we here are at The Foresight Companies want to be your source for all topics related to your business operations.
Please visit our COVID-19 new Business Operations Resource Center frequently as we continue to update as changes are occurring.
If you have any questions or concerns, please do not hesitate to pick up the phone and give one of us a call at 1-800-426-0165.
*Please note that as information is updated and modified, terms and conditions are subject to change.