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Positioning Your Business to be Back in Action

Recently, Petra Coach hosted a Coaches’ Corner – a 1-hour session of live Q&A with Certified Petra Coaches. This webinar featured coaches Marshall Martin, David Pierce, and Jennifer Faught.

The content is invaluable to leaders during this unprecedented time.

You can find the full recording here.

To augment the recording, below is a brief recap of questions and answers from the session.

 

Q: What trends are you seeing emerge out of this?

A: Distilleries are now distilling alcohol to create hand sanitizer – this is technically a pivot, but also a trend because it will continue.

The act of “virtual selling” – We have gone from face-to-face to virtual, and we’ve needed to make that as easy as possible

The moments that are being created during these times will make a huge impact on company culture in the future.

 

Q: How are people preparing to return to work?

A: Adapting behaviors to the new “normal” is the biggest challenge we have right now. Half of your team may feel fine to return to work, and the other half may be weary. Transparency and having a plan are key – Make sure people feel safe coming into the office environment.

Examples:

  • How will it be cleaned?
  • Does spacing need to be rearranged
  • Washing hands before entering the space

Suggestions:

  • Have only half of the people from each team come in and switch up schedules
  • If you have a team member that does not feel comfortable coming into the office, then accommodate their needs and make them feel safe

 

Q: When conserving cash, normally you should keep 3 months cash – What is your mindset on cash and what guidance do you give to business in how to best position themselves with cash?

A: However you can hold onto cash, do it!

Six Months Out – think about what you will need from a cash standpoint to see what you need to keep your business open.

Look Daily – instead of looking at cash on a monthly or weekly basis

Improving Liquidity – get rid of excess assets you don’t use and raise some cash

Simplify – get rid of the complexities in your business and do what you do well

You don’t have to be everything to everybody

Q: What new financial information has come out in the past couple days that would be helpful?

A: PPP forgiven funds cannot be deducted on your tax return

Main Street Loans – $600 billion in loans to help liquidity in the future. Call your bank and let them know when they get information on this to let you know.

It’s getting clearer on how to track the forgiveness money. You have 8 weeks left to use these funds, so you need to start the process immediately. Do the best you can with integrity to document your spending

 

Like what you hear? Click HERE to get yourself and your team registered for next week’s Coaches’ Corner today!