With the world still reeling under the pressures of the COVID-19 pandemic, we are provided an opportunity to learn lessons about strategically planning for the future. Entrepreneurs across the globe have undergone serious disruptions in business operations, changing the way they view the parameters of business. The Women’s Business at CBP outlines the major lessons we can all learn from pandemic disruptions in 2021.
Always be prepared
When the pandemic came to the fore in late 2019, businesses did not have past experience on which to predict lockdowns, travel bans, work from home and the like. When offices were closed in early 2020, companies scrambled to develop emergency plans as the emergency was unfolding. Initially, employers and employees expected that they would work from home for a matter of weeks, so plans did not look too far into the future. As weeks dragged into months, many businesses were still in reaction mode, simply responding to new issues as they came up.
A scaleable emergency plan – one written while NOT in crisis, and while able to think in terms of various scenarios, can be especially helpful when helping a team pivot.
Changes to the workplace
With most employees working from home for 18 or more months,, they are now accustomed to their space and privacy during work hours. It is now the responsibility of entrepreneurs and business owners to create a healthy, calmer and stress-free environment at work where their employees can still be creative and feel at ease. Providing your employees with such an atmosphere can also make them more productive and responsible.
If you have employees returning to work after months, welcome them by making little or large (if you have the budget) changes to the workplace. If you leave the space unchanged, it may make them feel unsafe or uncomfortable as if nothing has changed since the beginning of the pandemic.
Establishing a common purpose
Setting a clear purpose and communicating that effectively to staff and stakeholders is key. This ensures every member of the organization is on the same page, especially to deal with the demands of the pandemic. It is also important that frequent communication shares policies, decisions and rationales.
Rapid decision making
It is recommended to establish advisory boards or committees that can make quick decisions on behalf of the company. Senior members who are part of these committees can meet regularly, make important decisions and allocate resources wherever necessary without the usual red tape.
For more information on the key takeaways and lessons from 2021, contact The Women’s Business CBP.
With the end of the year inching towards us, it is important to look forward and take stock of the new year, especially by organizing your year-end finances. As a woman entrepreneur, you must plan and prepare for the coming year to avoid any bumps in the future. Follow these tips from the Women’s Business Center of Northern Virginia to stay in control.
Organize receipts for 2021 taxes
If you want to stay on top of your business finances, ensure you keep and organize your tax receipts throughout the whole year. They are one of the key elements of your expense management and must not be neglected. If you have neglected this step, take some time NOW to organize your records. Don’t wait until taxes are due or you will be overwhelmed.
Review Your 2021 Business Plan to Set Up 2022
It’s that time of the year when you must consider how your business can reach greater heights in 2022. So how do you set up your 2022 financial system? Read on to find out:
- Identify your assumptions and biases from 2021 and determine what worked and what did not.
- Analyze your results for the year and figure out how you can maintain or improve them.
- Set the foundation with some realistic projections that include unforeseen circumstances as well as best and worst-case scenarios. Apply what you learned in 2021.
Develop Cash Flow Projections for 2022
Forecasting your cash flow for the coming year will give you the power to track or predict cash movements in the future. You can also identify shortfalls and cash crunches before they take place. Follow these simple steps to conduct your cash flow projection:
- Determine the time period you are forecasting for (1, 2, 3 years?)
- List out all your income including sales, tax refunds, grants, license fees and the like
- List your outgoing costs such as salaries, rent, bank loans, assets and more.
- Calculate the running cash flow
Compare years: look for trends, differences and more
Trend analysis involves the analysis of data over a period of time to understand and identify consistent patterns and trends. Comparing trends over years can help you understand how your business has done in the past and how it is likely to fare in the future. Trend analysis helps in three main ways:
- Duplicate well-performing trends and actions for business success
- Identify trends that make the business perform poorly and eliminate.
- Use tangible evidence to make informed business decisions
For more information on understanding small business taxes, watch our webinar here. You can also review the IRS Small Business and Self-Employed Tax Center to get a better understanding of your taxes. The Women’s Business Center of Northern Virginia also recommends reading up on your federal, state and local tax obligations to stay compliant. Check out upcoming trainings at https://cbponline.org/classes-counseling/class/all-classes/ The WBC can also help you prepare your cashflow projections. Request a free, confidential counseling session at www.cbponline.org/counseling
The holiday season is one of the busiest times of the year when self-care is forgotten. Most often, women business owners bear the brunt of managing home holiday traditions in addition to keeping their business in top shape. As much as they need to prepare the home and make the family feel festive and special, they still have to handle all their business needs to ensure seamless operations. The Women’s Business Center of Northern Virginia understands and offers the following tips so these amazing entrepreneurs can take care of themselves while preparing for the holiday season.
Rethinking holiday traditions
We understand the importance of traditions, but tweaking holiday rituals slightly can go a long way. Chances are, before you started your business, you had dozens of little traditions that celebrated your bond with your family. However, with the added responsibilities of a business, it makes sense to rethink certain traditions that take up too much time or effort. Do you really need to bake 3 pies? Does the menu require 6 side dishes? Consider that a luxury that you simply can no longer provide. If your regular guests miss something in particular, they can bring it! Overwhelming yourself to complete each and every tradition can be stressful and let’s be real, the last two years have been stressful enough! P.S. Don’t forget to delegate the cleanup.
Balance your needs to align with the future
As a woman in business, we are sure you have set realistic goals such as a robust 5-year plan that you want to achieve in the prescribed time frame. In such a situation, taking time off or focusing solely on the holiday season can be a scary thought. We urge you to do the following to help with your mental health:
- Ensure you have 30 minutes of ‘me time’ every morning and evening.
- Do not overbook your time off with coffee dates or parties. TIP: schedule in-person meetings first thing in the morning or at end of day. Don’t let lunch meetings interfere with your momentum.
- If you feel stressed or overwhelmed, ask friends and family for help.
- Communicate your needs and expectations with those closest to you.
- Stay motivated.
Remember, it is only when you are stress-free and happy that you can focus on future business goals and objectives.
How to manage your time
Did you know time management and self-care are linked? It is only when you manage your time effectively that you can enjoy the perks of self-care.
Time management can be key during the holiday season if you plan and prioritize early enough. Make your lists, compile recipes, plan a day to put up decorations and wrapping presents—these are just some of the ways you can ensure all your holiday tasks are completed in time.
As mentioned previously, do not overwhelm yourself with umpteen holiday traditions. Instead, ask friends and family members to contribute and help. A great holiday season is only possible through team effort and recruiting family members to run errands or provide food should be encouraged.
Celebrate yourself
Finally, celebrate yourself and your accomplishments! It’s not easy being an entrepreneur and also managing the home front, especially during the holiday season. Investing in yourself through self-care can rejuvenate you. And remember, you deserve it!
Check out upcoming training sessions at https://cbponline.org/classes-counseling/class/all-classes/
To set up an individual, free consulting session, contact The Women’s Business Center of Northern Virginia today! www.cbponline.org/counseling
This year marked the first year that the CBP recognized its expert volunteers and Business Incubation Center graduates. Amid the setting of an amazing lunch, the CBP hosted over 20 volunteers and representatives of three graduated incubator companies.
“Our graduating companies leave the CBP as financially viable, strong enterprises that create jobs and contribute mightily to the regional economy,” stated Business Incubation Center Director Tori Swann. “We are very proud of their progress.”
The companies who left or graduated from the CBP during 2019 include:
CBP Executive Director Mark Scarano distributed framed commendations to the five volunteer companies and individuals who donated the most amount of time. Scarano noted how much the CBP depends on the generous donation of time by volunteers who share the CBP’s mission: “Our volunteers take their counseling and training roles seriously and proudly give back expertise and experiences to help other entrepreneurs.”
The five companies or individuals who provided the largest donation of time to the CBP in 2019 include:
