August 21, 2020
Your very own (cash flow) crystal ball
We’re taking over this week’s newsletter to announce a project we’re very excited to share with you. We’ve heard from many of you that one of the hardest things about this current pandemic and recession is the economic uncertainty of it, and that you need tools to help you understand how it’ll impact your business.
That’s why we partnered with Jirav, a forecasting and analytics software company, and small business finance expert Andi Smiles to create a three-part cash flow forecasting series. Why is cash flow forecasting important? It’s the process of translating external and internal factors into predictions about your business’s survivability and ability to grow. This, in turn, allows you to make smart, informed decisions.
The series includes a free template to help you build your own 18-month financial model and use it for business decisions, like staffing changes, cost cutting, and financing options. It also covers:
- What info you need to assess your business’s financial situation
- How to set your business goals and KPIs
- How to build your cash flow forecast, step by step
- How to use your forecast to make crucial business decisions
Check out the full series below, and dive into Part 1 to get started:
- Part 1: Set goals and fill out your Prep Sheet tab
- Part 2: Build your cash flow forecasting model
- Part 3: Use your model to make projections
Watchlist: Cash flow forecasting 101
To get even more out of the series, tune into our webinar to hear our experts’ tips and suggestions on how to use the forecasting template on September 1 at 12pm PT | 3pm ET. You’ll get to see the business model in action, plus ask any questions of its creators, Jirav’s Blake Oliver and Andi Smiles.
Novel Black entrepreneurship report released, and other headlines from the week
- First-Ever Report on the State of Black Entrepreneurs in NYC Reveals Sharp Disparities (Fast Company) — BE NYC and New York City’s Department of Small Business Services released a new report assessing disparities experienced by Black entrepreneurs in New York City and around the US, including access to capital, resources, and affordable workspaces.
- Saving Jobs by Sharing Them, With Government Help (New York Times) — Worksharing is an unemployment insurance program that helps employers keep workers employed and supplement their income even as business operations are reduced, but only 1% of the 30 million people receiving unemployment benefits is participating in a shared work program.
- Lyft, Uber Get More Time as They Fight California Order (Wall Street Journal) — Uber and Lyft have been granted more time to reclassify their workers after threatening to shut down their California operations this week. For now, they will remain in operation as they continue to fight a legal battle against the state’s AB5 employment law.
Top relief options for the week
- Facebook is now accepting applications for its Small Business Grants Program for Black-Owned Businesses. Businesses can receive grants of up to $4,000, including $2,500 in cash and $1,500 in optional advertising credits to use on the Facebook platform. Applications close on August 31.
- Ladies Who Launch is a year-long launch program that provides an immediate cash grant of $5,000 to $25,000, mentorship, advisory support, and amplification for women (female identifying and non-binary) entrepreneurs. Applications are due on September 1.
- Sunwest Bank, a privately held, entrepreneurial business bank serving the Western United States, opened registration for the Federal Reserve’s new Main Street Lending Program. The program aims to help businesses with up to 15,000 employees or up to $5 billion in annual revenue. The minimum loan size is $250,000 while the maximum loan size is $300 million.
- Denver’s Priority Neighborhood Small Business Fund supports micro and small businesses in priority neighborhoods with grants up to a maximum of $7,500, not to exceed 60% of their COVID-19 related revenue loss. Applications are open through September 11.
- Arizona’s Small Business Rent and Mortgage Relief Grant program provides grants for up to two months of rent or mortgage payments due by small businesses with fewer than 50 employees. The maximum award will be $25,000.
- See more relief options in our Small Business Relief Finder.
Want more small business news and resources? Check out past editions in our archive.