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Taking Positive Steps Toward Recovery
Given the time spent in our new reality, it’s fair to ask yourself how things are going. For me, I’ve worked hard every day to maintain some degree of normalcy; however, it is indeed a “new normal” that has required flexibility.
Although not the first time I have faced significant challenges in the history of BSM, this one certainly feels different. What makes this situation especially difficult is the uncertainty of the path forward combined with a lack of good information, which prevents us from having a realistic sense of the depth and breadth of the COVID-19 crisis.
In the face of that, we took a very aggressive yet thoughtful approach focused on responsibly preserving the company's fiscal integrity, managing our team to the “other side”; and staying connected to our BSM family, friends, clients, and strategic partners. I am pleased and proud to say we put first things first! In the initial weeks of COVID, we have:
- Made it a goal to stabilize our operations (which we are achieving).
- Worked to ensure our balance sheet can withstand pretty much any challenge that comes our way.
- Submitted our Paycheck Protection Program (PPP) loan application and applied for a line of credit.
- Took immediate steps to “right-size” our staffing and associated compensation levels (despite the pain associated with making those tough decisions).
- Set-up our 13-week cash flow forecasting tool and began the process of managing cash receipts and disbursements daily.
- Re-doubled our efforts to focus on developing tools and resources that could meet our clients’ immediate needs. (Our clients are telling us to “keep doing what you are doing.” That feels good!)
As you can see, we are quickly pivoting and re-examining all aspects of our business model. I have told our team that everything needs to be on the table. I’m challenging our team to take a fresh look at what we can do differently or better to fulfill our core mission of delivering practical and cost-effective business solutions to our clients. We are endeavoring to be better.
While we adjust to our new reality, I feel a renewed sense of purpose while being energized by the BSM team's creativity, commitment, and adaptability. It has been a tremendous life learning experience on many levels. I am confident we will take this experience and make BSM a better company — one that will be positioned to thrive when we come out on the other side of this pandemic.
Just remember, we got this!
ON-DEMAND WEBINARS: Continue navigating your business toward recovery by checking out our available resources and webinars. Topics include operations, financial and business planning, and leadership.