SURVIVING THE CORONA VIRUS PANDEMIC
and how can we help each other?
You planned new strategies, advertising and marketing, new products and services for 2020!
You set up a budget and cash flow projection for the year!
Or perhaps you expected 2020 to be business as usual with continued revenue growth.
NOW ALL THAT HAS GONE OUT THE WINDOW!
And we have NO IDEA how long this tragedy will last.
What can we do?
Worst case! You and your employees have to shelter at home, but your business can’t function that way. You have to lay off employees. Your clients can’t pay your invoices. You have vendors and lenders to pay. Without your business income, you may not have enough in personal savings to cover your family’s monthly expenses, your mortgage, car payment, health insurance! And how long will this last?
Every business is unique, and all of us as owners will have to think outside the box to come up with innovative ways to continue delivering our products and services in a way that fulfills our clients’ needs and keeps income flowing. Here’s how one of our clients has restructured his business, creating and helping many more clients, and growing his business in this frightening, unpredictable time.
Meet Jeff Bednar, owner of Profound Microfarms, in Lucas, Texas.
Jeff and Lee Bednar founded Profound Microfarms in 2014. Profound grows over 150 varieties of leafy greens, rare culinary herbs, edible flowers and microgreens for Chefs in Dallas and Collin Counties. They grow in 17,000 square feet of technology-controlled greenhouse environments utilizing Hydroponic and Aquaponic systems. They didn’t start commercial sales to chefs until 2017 after 3 years of learning, experimenting and growing. During those 3 years, Jeff became a Collin County Master Gardener, a certified Permaculture designer and visited as many farms as he could. Before buying the farm, they had no experience in agriculture. Jeff was in Real Estate and his wife Lee worked in telecom. Profound Microfarms was started because they wanted to make a profound impact on the health of their family, the health of their community, and our environment. They have hosted over 3500 people touring the greenhouses at different events for students, girl scouts, and adult classes. Profound employs 12 full time, 4 part-time people, and a handful of interns who rotate to learn more about urban farming and sustainable growing practices.
Since restaurants are now closed, they have no active customers. Two weeks ago, sales dropped by 40%, last week by 100%. Sometime before this emergency, Jeff had begun partnering with local farmers and livestock ranchers to add variety to the products being sold and delivered to local restaurants.
Being the typical entrepreneur who is always thinking creatively, strategically, and never gives us, and making use of Facebook, Linked In, Instagram and his website, he offered to have anyone place and pay for orders online for fresh foods, meat and eggs and his crew would deliver them to homes in the surrounding communities, placing the food in coolers placed on the front porches by the customers. Great food and no human contact! https://profoundmicrofarms.com/ People were thrilled and appreciative! 200 orders the first day crashed their server, but they recovered and now are still in business and serving the surrounding community. CONGRATULATIONS, JEFF!
Coming up shortly, Fiscal Foundations will be offering online Meet Up sessions providing discussion, ideas and tools for coping with and surviving this crisis. If you are not already a member of our 1300+ member group, go to Meetup.com and join our group, *Free QuickBooks Workshop, Minneapolis MN. You can join from anywhere in the country. We appreciate Meet Up allowing online sessions instead of just local in-person meetings. We will record the sessions and make them available on our website, as meeting capacity is 99. After joining, you will receive an email of the online meeting schedule and content.
We hope you can join us!