Author, Meaningful Work
Founder, Askinosie Chocolate
2017 Forbes 25 Best Companies in America
Excerpts below (paraphrased)
“ Pick 2 or 3 people to be on your informal advisory board to help you through this crisis. You’d be amazed at the people in your community who would be willing to help at this, if you ask”Shawn Askinosie
On Business Survival in COVID-19:
I want you to think about your training. The training that has prepared you for this moment. When I say training, I mean the training that have assisted you to who you are. The decision-making process is easier or at least not as challenging if you are in touch with the essence of who you are as a person.
A pilot, when facing a crisis, he would be operating in a calm manner knowing exactly what he should do (with a prescribed standard operating procedure).
Even though I don’t have all the answers with my team, I tell them what I am working on. I have been practicing open book management for the last 20 years, and we are transparent with our financial reporting. When something like this happens, they understand the finances of this company. When my revenue is cut in half, they’re going to know that we can’t operate like that without making changes.
Everybody has their fears about the unknown, me included. I have done a lot of spiritual work and it has helped me. If you have a practice, some kind of religious, spiritual or meditation practice, now is the time to reach into it, even if you don’t feel like it.
Watch full video here!
What can you do:
Pick 2 or 3 people to be on your informal advisory board to help you through this crisis. You’d be amazed at the people in your community who would be willing to help at this, if you ask.
During the 2008 financial crisis, I had a mentor who taught me Cashflow management. I developed a tool that I use every week up until now. It is important to fully understand short-term and long-term cash flow needs of your business.
You need to project your cashflow need for the immediate 120 days. Don’t wait until you can’t make payroll. You need to be able to know if you won’t be able to make payrolls 4 months from now.
You need to know the basics of:
- What is your cash beginning balance?
- What are your cash receivables this week?
- What are your upcoming account payables?
- Where does it leave my projected cash ending balance?
Then go back to the top next week. Do it for 4 months. Then, you need to also have a projection of your 6, 12 18 months revenue. I know this is not an exact science, as many people would agree in the current situation. We have no idea what’s going to happen. However, you need to prepare for the worst, while hoping for the best.
Watch full video here!
Watch the entire interview with Shawn Askinosie here!
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About Shawn Askinosie
Shawn Askinosie is Founder/CEO of Askinosie Chocolate named by Forbes as “One of the 25 Best Small Companies in America” in 2017. Shawn was named by The Oprah Magazine as “One of the 15 Guys Who Are Saving the World”. His book “Meaningful Work: A Quest to Do Great Business, Find your Calling and Feed your Soul” (2017) co-written with his daughter Lawren Askinosie is a #1 bestseller on Amazon.
Shawn will be a keynote speaker at our next AFES Conference on Business + Community Re-imagined.
You can watch his talk on Tedex here!