Triage is a medical term often associated when there’s a mass casualty in combat. In that situation, you have to make decisions fast, or people will not survive. Many medics call this situation “controlled chaos”, because you’re using speed, knowledge and whatever resources you have to save as many lives.
What makes triage most effective is the knowledge and training done BEFORE the actual catastrophic event.
The world is uncertain right now, especially those in the business world. Many business owner/operators aren’t prepared or know what to do.
Luckily, we have Steven Kuhn who can perform “business triage” on your business and give you the next steps to ensure you still have a business, even in these trying times.
To be clear, this is a session to immediately secure your business in the areas of assets, cash flow, IP, Sales, debt and continuity of your business … this is a powerful session so you can start in less than an hour.
No fluff, not fancy words or tricky methods.
Straight forward and clear actions steps to get you on top of this economic minefield that you can implement immediately on your own.
TOP TRIAGE ACTIVITIES:
-Be proactive, act now, don’t wait for something to happen
-Email all your clients to ensure stability
-Debt holiday – 6 weeks no payments – explain that you are doing the same with your clients
-Securing the value in your business: Assets secured away from creditors
-Put all your employees on home office where possible
-Collect all debt, call them now and create a win-win and agree on a payment plan with no interest or offer early settlement discount
-Speak to the bank and change credit lines to long term loans
-Speak to the bank and negotiate payment freezes and no penalties (if you don’t ask you don’t get)
-Establish a robust cash flow plan
-Overhead reduction, get rid anything non-essential that does not result in revenue
-Reduce costs to the sales. Reduce production, overheads to match sales volume
-Negotiate a new lease or lease freeze
-Renegotiate mortgage for a cash out
-Call Tax authorities and ask for a stay of filing and or payments
-Company car payments and insurance reductions by calling.
-All company insurance payments reduced or broken down into payments or holiday so they don’t laps
If you found this information valuable, please share this to those with small businesses today (You’ll see the share buttons below). Let them know the options they have to ensure they can survive and potentially thrive in these uncertain times.
You can also learn more about our book, “Unleash Your Humble Alpha.” We are donating 100% of net proceeds to Generosity Feeds, who have provided over 3.6 million meals to children living with food insecurity across the country. Find out more here.