Business Task Force member helping other CEOs find financial support

While some members of The American Legion’s Business Task Force are working to ensure front-line workers have the equipment they need during the COVID-19 pandemic, another member of the task force is helping guide those companies and others to find ways to stay afloat.

“More than ever, this is a time for CEO’s to open their eyes, to engage and collaborate with each other and other people. It could be a good time to identify new revenue streams, especially if the old one has dried up on some level,” said Kirk McLaren, CEO of Foresight CFO.

“What we do in the normal world, it’s almost like we were built for this kind of thing, because if you take business owners, there’s something they’re really good at. Normally what they’re not good at is using the numbers, creating financial models on how to engineer profitability, what growth options are the right growth options that give them more profit now but also make their business more valuable tomorrow,” McLaren said.

Foresight’s team of CFOs help clients find the capital they need to survive and thrive. McLaren said the services Foresight provides are relevant in a “normal” competitive business situation but are even more important during the pandemic.

“A lot of businesses will pivot to a new business model, (but) a lot of businesses will not come out of this,” he said.

Some companies are doing strong, of course, because the services they provide are in high demand. That increased demand comes with challenges too, McLaren said.

“Are you in a position to increase sales and marketing, either now or at some critical point in the future? Are you in position to hire, maybe it’s people you didn’t have access to before? Can you be the shining light to help us get out of this?” he said.

McLaren said it’s important for business owners to avoid a “wait-and-see” approach.

“If the past recession taught us anything, the companies that were out in front, eyes open, who based on what they knew at the time took action, those are the ones that survived and thrived. Each step of the way as you know more, make adjustments,” he said.

Foresight has been offering webinars to keep business owners informed. Topics have included financial strategies to thrive and survive the pandemic and how to apply to the Small Business Administration’s Paycheck Protection Program. That loan can be forgiven if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.