On March 31, 2020, the Department of Treasury (the “Department”) issued guidance on implementing the Paycheck Protection Program (PPP).
Very simply, I encourage all readers to go the attached link. Within that site are four links including:
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How’s your cash flow planning?
We can probably all agree that the right moment to start systemic cash flow planning is not in the middle of an economic crisis, as it would have been better to start prior. However, now I say, “No time like the present!” or “Better late than never!” or “Do today what you would prefer to do tomorrow!” You get the point. I’m so glad I’ve been able to help several clients improve their cash flow planning in “good times”. Sometimes that has involved simple planning for an operating checking account, and other times, it has involved a more comprehensive approach to cash flow planning including “P&L” forecasting. I’m offering some ideas here to help, as many business owners and/or executives have cash flow on their minds. The following is a high level overview of the process I would encourage business leaders to take: We are all being impacted in one way or another by the current COVID-19 (coronavirus) pandemic running around the world. If you are running a business and you find that the impact is more than the business can handle with its own resources, you should know about the resources available.
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act) was signed into law by President Trump on Friday, March 27, 2020. This act was an effort to provide assistance to individuals, businesses, and health care providers in response to the outfall of the health pandemic and its economic consequences. Continuing my series offering best practices and tips to address the many challenges executives at health centers face, this month I am addressing the topic of key performance indicators.
I hear it all the time. How do we compare to “the benchmarks”, Karl? How do we know if our results are “right”? I think it’s important to let “industry” benchmarks inform an assessment of your organization, but I do not think that industry data on a stand-alone basis is the only guiding light to follow. Metrics mean something different for everybody. Everybody has different goals, values, positioning initiatives, and they are all in different places within a business’s life cycle. With that in mind, I encourage organizations to assess what are your goals? Is hitting a certain benchmark the endgame? Why are you striving for a certain benchmark? Is it for a financing? Hitting that goal will be a litmus test for hitting another benchmark? Will achieving a certain benchmark allow you to invest in a new program? Those are the questions to be asking. Are you achieving those goals? Take a survey by clicking on the link below to provide feedback about articles and webinars to help me serve you better. Take the survey here.
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