Mission & Core Values

Recommendations for Managing Your Business While Surviving a Pandemic

The coronavirus pandemic has sparked pandemonium all over the country. Businesses of all sizes have been disrupted by the virus as a result of local and national reactions. For small business owners, having to close their doors for business immediately carries implications on their personal finances. With the landscape changing in varying degrees by geographic region, timeline unknown, we ask you to review your cash flow strategies to prepare for 90 days of coverage.

Mission Statement

At Financial Foothold, we believe every growing business deserves a trusted financial partner, not just for today, but for what’s next. We help business owners build financial confidence through proactive accounting, strategic financial leadership, and trusted guidance. By providing clarity, consistency, and accountability, we empower our clients to make better decisions, strengthen their businesses, and scale with confidence.

Our Core Values

Lead by Serving

(Service-Minded)

We put our clients first by listening, anticipating needs, and providing financial support that helps them move forward with confidence.

Build Trust

(Details-Oriented)

We earn trust through accuracy, responsiveness, confidentiality, and consistent follow-through.

Think Ahead

(Leadership Initiative)

We look beyond today’s numbers to help clients anticipate challenges, identify opportunities, and prepare for what’s next.

Speak with Clarity

(Clear Communication)

We make financial information understandable, actionable, and useful—not overwhelming or confusing.

Grow Together

(Organizational Health & Growth)

We build long-term partnerships with our clients and team, improving continuously as the businesses we serve grow.

90 Day Mission/Vision

To appropriately prepare, please complete the following steps:

Step 1: Outline Cash Needs

Determine your monthly and quarterly cash requirements for both your business and personal needs. On the personal side, have a serious discussion with your family around limiting discretionary spending. For your business and personal, monitor and reduce variable costs and manage paying fixed expenses.

Business

Fixed – Rent & Utilities, Insurance, Advertising, Loan Payments
Variable – Salaries, Supplies, Merchant Fees
Discretionary – Meals, Travel, Equipment Purchases

Personal

Fixed – Mortgage, Utilities, Insurance, Loan Payments
Variable – Groceries, Fuel, Clothing
Discretionary – Entertainment, Travel, Hobbies, Dining Out

Step 2: Consider Cash Sources

If you need more cash to cover the needs listed above, evaluate possible sources for additional cash. This could mean working with creditors to defer payments or pay the interest only on debts, or even accessing lines of credit (LOC) loans.

Possible Options

Cash Holdings
Loans – Business LOC, Home Equity LOC, Unsecured LOC, 401(k) Loan
Accessing non-cash accounts – 401(k), HSA, 529 Plan, Roth IRA
Personal Stock Brokerage Accounts
Decrease Tax Payments
Defer Loan Payments

Step 3: Determine Priorities

This is where the strategy comes in to play. With the cash you have, you will next need to assess which items you are able to tackle, and in what order. Assign due dates to each of the items below to aid in prioritizing the cash flow needed for each item during the 90 days.

Examples

Necessary Business Expenses
Necessary Personal Expenses
Tax Extension Payments
1st Quarter Tax Payment
IRA Funding
Qualified Retirement Plan Funding
Working capital available upon reopening business
2nd Quarter Tax Payment

Peace of mind comes from preparation and confidence in a well constructed plan

In times of uncertainty, financial security will offer you and your family what it needs to breathe deeply and enjoy this period where we are afforded extra time together.