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Shrinking Your Business to Survive a Storm: Live Q&A with Finance Expert Lauren Schoenfeld

Shrinking Your Business to Survive a Storm: Live Q&A with Finance Expert Lauren Schoenfeld

You read the playbook, you get the gist of the idea but do you still have some questions left unanswered? Don't miss this opportunity to "sit down" with your very own fitness industry finance expert and ask your lingering questions.

About this EVENT

It’s August 2020 and we just passed mile 5 of a marathon you didn’t know you would be running. You’re now waking up to that fact and realizing that you didn’t train for this. We need to slow down your pace to make it through the 26.2 miles by conserving what is left of your energy (CASH!)…

It is time to mitigate your cash burn and STOP funneling money to areas where your business is not (1) operating (ie studio costs when your studio is not open) and (2) generating revenue.

Listen to this Q&A to get all of your questions answered on topics like:

  • Handling rent
  • Payroll
  • How to use your PPP
  • Operating costs

and so much more.

 

Links to Additional Resources

Notes

THE TWO FINANCE-DRIVEN CONCEPTS FOR OWNERS TO BASE EVERY DECISION ON:

#1 Know your cash burn rate = when cash going out (expenses) is greater than cash coming in (revenue).

#2 Only funnel money to areas of your business that are revenue-generating. Ask yourself, does spending this $1 help me earn $2 (or at least $1)?

THE TWO HIGHEST EXPENSES

1. Rent – find a way to negotiate with your landlord, if you are not having success consider bringing in a third party – see Q&A with Robin Fischer
2. Payroll -Total monthly payroll costs (including taxes) cannot be higher than the associated revenue stream. Temporary payroll reductions need to be seriously considered.

Notes

THE TWO FINANCE-DRIVEN CONCEPTS FOR OWNERS TO BASE EVERY DECISION ON:

#1 Know your cash burn rate = when cash going out (expenses) is greater than cash coming in (revenue).

#2 Only funnel money to areas of your business that are revenue-generating. Ask yourself, does spending this $1 help me earn $2 (or at least $1)?

THE TWO HIGHEST EXPENSES

1. Rent – find a way to negotiate with your landlord, if you are not having success consider bringing in a third party – see Q&A with Robin Fischer
2. Payroll -Total monthly payroll costs (including taxes) cannot be higher than the associated revenue stream. Temporary payroll reductions need to be seriously considered.

Thriving in the COVID era requires a successful hybrid model of virtual and in-studio offerings, creative ancillary revenue streams and the strategic management of cash flow – the core of all business decisions.

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