04 Jul Need new sources of funding?
Before COVID, financial security was tried to your cashflow, ability to keeping recurring/repeat clients and having a good bank to back you up! This is now changed. Everyone is focused on cost savings and cutting down risks. What do you DO?
Review your financial plan and determine where the money is going. Any projects you might have made before COVID-19 will need to modified— just as business plans and infrastructures are shifting, the need for financial planning will also need to be modified. You need to start also looking at new sources that were outside of your radar or comfort before! There is no shame in getting creative! Crowdfunding using platforms like Indiegogo or Kickstarter are great sources if you have a strong following of supporters. Microlenders, such as Kiva and Accion, offer small loans to businesses with relatively low-interest rates.
Look for ways to pre-sell your product or services to loyal customers for a discount. ‘pay now pick up later’ model. If you have been anything free and it has VALUE, see if you can start to put a price on it. Yes, you might lose a few people, but slowly starting to convert your base if better than having ZERO ROI.