Strategic Planning for Financial Success During the Pandemic
In this webinar, the accounting team at Logistis shares financial strategies to help you strengthen your business
This is the time to be thinking about your firm’s financial future. As part of our ongoing Resilience series, bookkeeping and accounting experts Marissa McKinney and Emilie Naderzad of Logistis, an accounting service for home design professionals in Los Angeles, sat down with Reisa Elden of Houzz. They discussed what home design and remodeling firms should be doing in terms of forecasting, continuity planning, tax deferment and spending of federal relief funds. Read the highlights below, then click the link to watch the full webinar.
Creating a cash-flow analysis and planning for worst-case scenarios is vital. “During this crisis it is more important than ever to know your numbers,” Naderzad says. “What we really learned from experiencing the last recession is that firms who had accurate and current financials were better positioned to handle a downturn in the economy.”
Naderzad stresses that if you don’t already have one, you should purchase an accounting software system. “You can’t make any sound business choices or decisions without having your full financial story,” she says.
Naderzad stresses that if you don’t already have one, you should purchase an accounting software system. “You can’t make any sound business choices or decisions without having your full financial story,” she says.
Key takeaways from the chat with McKinney and Naderzad include:
- Run a cash-flow analysis and plan of action based on your better, same and worse scenarios.
- Perform a SWOT analysis, evaluating the strengths, weaknesses, opportunities and threats your business faces.
- Reshape your 2020 business plans, consider deferring taxes and create a clear vision for moving forward.
To learn more, watch the full webinar.
Tell us: What financial strategies are you using to bolster your firm right now? Share in the Comments.
More for Pros on Houzz
See more from our Resilience series
Learn about Houzz Pro business software
Browse millions of photos for inspiration
Talk with your peers in the Pro-to-Pro discussions
Join the Houzz Trade Program
Tell us: What financial strategies are you using to bolster your firm right now? Share in the Comments.
More for Pros on Houzz
See more from our Resilience series
Learn about Houzz Pro business software
Browse millions of photos for inspiration
Talk with your peers in the Pro-to-Pro discussions
Join the Houzz Trade Program
- How to create three-way forecasting plans that address scenarios from the good and the bad to the ugly
- How to create a business plan that focuses on growth
- How to avoid operating in the red, as well as how to protect your cash flow
- How to defer or delay IRS and state sales tax payments
- How to keep your focus on your current clients
- Where to use relief funds
Creating a strategic financial plan for business success should go beyond acquiring immediate funding and temporary relief, McKinney says. “I really think that businesses need to shift their mindset and start thinking more strategically about how you’re going to ride this out and emerge stronger on the other side.”Learn about Houzz Pro business software