Using LivePlan forecasts to help businesses apply for federal COVID relief programs
Like many business owners, Enae was worried her clients would cancel their contracts. COVID hit Enae personally too. After recovering from the coronavirus, Enae examined her clients and her firm's potential. She wondered how she could do more to help other businesses—especially as she got word of Small Business Administration (SBA) aid programs opening up.
Initially, SBA COVID relief programs required forecasts, but many business owners didn't have any. Clients suddenly needed forecasts, right away, so they could apply for relief. The challenge, though, was figuring out how to complete forecasts for multiple clients, quickly and accurately.
“Immediately, I was able to handle six clients. I got their forecasts done and got their applications done.”
“I got an email about a LivePlan forecasting webinar,” recalls Enae.“When I checked it out, it clicked for me. The templates were already ready to go. They had recorded the instructions. I saw I could do this and make it work.”
Shortly after, Enae subscribed to LivePlan and started using its forecasting tools.“ Immediately, I was able to handle six clients. I got their forecasts done and got their applications done.”
With contingency plans and funding in place, Enae's clients could continue operations.
“I did some cash forecasting and worst-case scenarios for all my clients,” she explains. “I could tell them exactly how long their cash would last, and run through scenarios with their personnel. For existing clients, I offered them free COVID relief advising services, on the condition that they would renew their contracts.”
Only one client declined.
“They came back two months later,” says Enae. “They said they didn't understand how much I had been doing, and they couldn't do it.”