EMERGENCY SOLUTIONS CHECKLIST IMMEDIATE CHECKLIST continued SHORT‐TERM CHECKLIST Do you use a full‐service payroll company? If not, now is the time to hire one!
The new CARES Act complicates payroll, even giving you flexibility to make only partial payroll tax deposits. You will probably want to have a payroll company help keep track of these intricacies for you.
Create a 3 month Cash Flow Projection. Hire someone versed in HR Update your policies, if necessary. Create an Action Plan of what tasks need to be completed, by whom, and by what date for you to be ready to reopen Consider retirement plan modifications: + You or your team may be able to borrow from the Plan + You may want to freeze your plan (if a DB plan) or consider a partial termination + You may want to change the 2019 or 2020 profit sharing contributions LONG‐TERM
CHECKLIST Set your 6‐month, 1‐year, 3‐year and longer goals. Make sure this includes business and personal savings goals so you are better prepared for a future decline in revenue.
Create a 1‐year Cash Flow Projection or Budget. Review once a Quarter and make modifications during the year based on team and income or expense changes. Go back three years using month to month to predict cash flow to view business trends (business cycle).
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