Corona Proofing Your Business
We are so excited for this Make Chic Happen podcast episode, because our friend Jaclyn Wise is on with us to talk about Corona proofing your business, and here’s the deal. I don’t know about you, but I need all of the advice that I can get when it comes to my financial status, and all of the chaos that is happening right now. We knew that this was the perfect time to get some hands on advice especially for small business owners. 
Jaclyn, she is a financial coach, she’s a speaker, an owner of her own coaching practice the Wise Way. Her job is to help her clients learn from how to successfully manage their money building wise habits to help them reach their goals. Now, here’s what’s cool. Jaclyn has actually been featured in multiple digital courses for her expertise in personal finance, regularly hosts in person and virtual workshops, and continues to help professionals and solopreneurs reach their financial goals through her one-on-one financial coaching, and I guarantee right now she is helping so many other business owners as they work through what the coronavirus is doing right now with their financial well-being.
Make Chic Happen Podcast – Episode 53: How To Corona Proof Your Business
On Episode 53: How To Corona Proof Your Business, we have the honor of having Jaclyn talk with our listeners on the importance of properly preparing your business, and personal finances for possibly the next couple of months to minimize financial burden by making good financial choices.
Jaclyn dove right into explaining the importance of pausing and to just think of those couple of things that are going really well. You know, some people do still have income coming in, and that’s something they can be grateful for. Some of us are getting some extra time with our kids and our families right now, and that’s something to be grateful for.
Jaclyn reminds us to focus on just being grateful for those things, it’s really going to help us build contentment overall. A lack of contentment, a lot of times, impacts our financial spending decisions, and so if we can focus on that every day, even starting your day with that, even finding one thing from the day before to be grateful for, could be really impactful.
SPENDING AND SAVING During Corona
We asked Jaclyn what suggestions she has for people about spending and saving, and what is just smart advice she could give people right now.
Jaclyn recommends, first to look at your personal finances first. The number one thing that anybody can do in their personal finances right now, is make sure they have something called an emergency fund. Which is just a savings account, or it could be a money market account that you have set aside. I actually suggest renaming it so that when you log into your bank it says “emergency fund.” It gives us permission to use those dollars for emergencies.
SAVING Tips For Corona
She also suggests, doing whatever you can right now to get that money into an account as fast as possible is priority number one. Whether that’s cutting back on any unnecessary spending, or as a business owner, launching a low cost product that could generate some quick, extra sales. The funds from the sales could go right into your emergency fund, um, even like selling things on reseller websites, like ebay, yanno that kinda thing can help you boost that account really fast. In terms of spending, I kind of mentioned this already. Stop spending money on everything but your absolute essentials, at least until we see where this thing is kind of taking us.
Jaclyn says that subscriptions such as Apps on your phone, Netflix, Hulu, Amazon Prime, etc are one of the number one things that I see eating up people’s savings. The other area is eating out, which we don’t have to worry about as much right now. The goal is to put as many dollars as possible into an emergency fund right now. Another thing you can do is pull up your bank statements from a year ago, and see if you have any yearly subscriptions that are about to hit anytime soon.
Jaclyn’s Top 7 Budgeting Tips During Corona:
- Make minimum payments on debt
- Don’t focus on major financial goals currently
- Focus on having an emergency fund
- Protect your headspace and energy
- Watch spending decisions you’re making
- DON’T PANIC SELL
- Reach out to your financial adviser about any questions you may have
We asked Jaclyn how she would recommend us supporting small business owners especially in a time like now where they need us more than ever before!
How you can support small business owners during the Corona virus:
- Order takeout or delivery from those locally owned restaurants, and continue to support them
- Tip more than you usually would (every bit counts)
- Purchase gift certificates now for places that you frequent often to use at a later date
- Even if you don’t want to go get your haircut or get your nails done, because you’re practicing social distancing. But you want to go still help them put food on the table, buying that gift certificate that you can use like down the road, is a great way too to kind of support their business still
- Sharing the posts that they make to your stories, liking their business page on Facebook, writing reviews
- Purchase from a small business owner whenever you possibly can
Want to learn even more from our interview with Jaclyn? Be sure to listen to Episode 53: How To Corona Proof Your Business on your favorite podcast platform.
Learn more about Jaclyn Wise HERE.
