Cashflow Strategies In This Time of Uncertainty | WeMentor Mondays with Nancy PODCAST

Episode 238: Cashflow Strategies In This Time of Uncertainty

The fall is uncertain, and additional government stimulus monies are not yet worked out. Matt Clark and I talk about cashflow strategies to survive these times of COVID-19. The strategies we discuss apply to sole-proprietorships and businesses generating up to $35M in annual revenues. He is Vice President and Relationship Manager for U.S. Bank’s Twin Cities Emerging Business Group. DOWNLOAD

When Matt’s personal and business life turned upside down, he found a couple of mantras to live by, as you will hear. Even in the upheaval these past few months, he and his wife, Heather, were still able to realize a big 2020 goal. A testament to the importance of setting goals, working toward a big goal, and letting go of outcomes.

As a father of four young boys ages 3 to 12 (James, Henry, William, and Joseph), Matt describes fatherhood and how he and Heather pivoted to co-create an equality-based parenting model that has brought a new dimension to their relationship. They learned some things about homeschooling that will make you laugh. Find out what each family member is doing to remember this time.

Another dimension to Matt’s lifework is his impactful volunteering. You will learn:

U of M’s Goal Line Club and Matt’s influence. Financial reviews and fundraising. U of M Gopher Coach P.J. Fleck’s philosophy, ‘row the boat,’ and the impact of his positivity since arriving in 2017. Last year’s Gopher Football season ended with a historic fairy-tale ending with an Outback Bowl win at Tampa over Auburn.
Matt’s achievement in raising $44,000 for the Leukemia and Lymphoma Society.
A unique way of teaching Math to 4^th The Wonder Years monotoned nerd character, Ben Stein, gave Matt an idea.

Get tips on how to work more effectively with your banker.

Take Matt’s suggestions about cashflow strategies to heart and implement his suggestions for analyzing cashflow projections. The 1^st and 2^nd scenarios in the Payroll Protection Program (P.P.P.) he lays out could be useful for you to do, NOW!

By the way, State and local governments are considering their plans. Some states are projecting 20% shortfalls for 2020 and 2021.

“At his Bedminster golf resort on Saturday, President Trump signed four executive actions to provide economic relief amid the coronavirus pandemic. It amounts to a stopgap measure, after failing to secure an agreement with Congress.

Although the White House has not yet released the text of the actions, Trump said they would extend enhanced unemployment benefits that expired more than a week ago, extend a moratorium on evictions and continue the suspension of student loan repayments.

The previous enhanced unemployment benefits added $600 a week to standard state unemployment benefits. But Trump’s executive action would cut it to $400 and would require states to fund 25% of it.

“If they don’t, they don’t. That’s up to them,” Trump said when asked what happens if governors don’t have the funds available. “The states have the money. It’s sitting there.”

A fourth action would defer payroll tax collection for workers earning less than $100,000 a year.” For the full article, click here.

What will this mean for you and your business going forward?

Use your fear, trepidation, and anxiety to dig into the cashflow numbers. Dig out the truth. The numbers don’t lie. Gather feedback from your banker and bookkeeper to discover what is the potential and possibilities in your business right now. Project into the future with a variety of scenarios. Relieve some of the pressure in the balloon of unknowns.

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Resources

COVID-19 Updates & Projections

Coronavirus News in Minnesota: The Numbers are Still Climbing (8/8/20)

Projections for the U.S. through December 31, 2020, (9 Takeaways as of 8/6/20)

Executive Orders 8/8/20

Executive Orders 8/8/20

Family Cashflow Game

Cashflow Game

Conscious Attentive Leadership Mentoring

After listening, challenge yourself, do the following three WeMentor C.A.L.M. Exercises:

Take this risk: Do what Matt suggested by putting together Cashflow Projections for the rest of this year and through 2021. With the cashflow projections, you can test different scenarios to figure out the best route forward. Then, Connect with Sally Doyle for a free 15-minutes consultation to find out more about the Payroll Protection Program (P.P.P.). She can also help you with creating Cashflow Projections.
Apply Self-Compassion: We are moving into a pivotal time again, with schedules changing in the fall and the realization of our fall activities curtailed. Extend comforting words to yourself every day this week. Say aloud, “I am doing the best I can. I am doing the best I can, and so is everyone else.”
Welcome Appreciation: “I am grateful for the insights Matt shared about his life, pivoting, and his cashflow tips for us all. I am grateful for the goals we set that are realized in surprising ways during these difficult times. I am grateful Matt acknowledged that business owners initially felt scared, humility, guilty, resentful, and disappointed with the government P.P.P. process, and after filling out the paperwork and getting the funding they needed feelings shifted to being relieved and happy.” I appreciate his advice to stay tuned-in to what is happening and put your ego aside. There is a lot of uncertainty about the future that we are all facing together. Extend compassion and know your numbers.”

“I believe finally, that education must be conceived as a continuing reconstruction of experience; that the process and the goal of education are one and the same thing.” – John Dewey

Mine your experiences with new learnings so you can reinvent (or evolve) yourself as you redesign your business. When WeMentor… your life gets better!!! Mentoring WORKS.

Podcast Guest Mentor

Matt Clark. Matt is Vice President and Relationship Manager for U.S. Bank’s Twin Cities Emerging Business Group. Matt works primarily with businesses generating up to $35 million in annual revenues. Matt is responsible for delivering the scope and scale of a large bank with the service and touch of a small bank. Matt enjoys advocating for his clients to “Power their Potential.”

Matt’s volunteering brings another dimension to his lifework. As a Board Director with the Goal Line Club, he supports Golden Gopher Football. Recognized as Man of the Year in 2013, Matt raised $44,000 for Cancer Research at the Leukemia and Lymphoma Society. Matt also volunteer teaches “Finance for 4th Graders” at his children’s elementary school.

Matt graduated from the Carlson School of Management at the University of Minnesota with two degrees: a Business Administration degree and a Master’s degree in Business Administration (M.B.A.). He has been in banking since 2005, serving as an analyst, an S.B.A. lender, and a commercial real estate lender. Matt joined U.S. Bank in 2011.

In his free time, he enjoys spending time with his wife, Heather, and their four boys (James, Henry, William, and Joseph), running and reading.

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