Roundtable Recap: Navigating COVID-19

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On April 9th, Controller Collective held its first event! We met virtually as a community to discuss how Controllers are responding to the current economic crisis. Controllers from various industries and stages of growth shared what decisions they’ve made in regards to cash flow management and PPP applications, while brainstorming ways to keep teams motivated amid all the uncertainty and change.

In this article, we’ll share some of the experiences and ideas that our Controllers have had.

 Managing Cash Flow

Many Controllers have started to renegotiate payment terms with vendors. Some have sent letters asking for extended terms, discounts, or deferrals. Others have asked department leaders to review vendors and make suggestions for places to cut back. Controllers have seen some success already by negotiating rent - especially in coworking spaces.

In order to preserve cash, many Controllers are holding as much cash as possible and stretching accounts payable as far as they can. They have found savings on travel and additional office expenses. Unfortunately some have had to make personnel changes to adjust to this new environment.

PPP

The Paycheck Protection Program (PPP) will provide relief for some organizations. Our Controllers had varying experiences with PPP. Some of the Controllers had already applied for and received funding for PPP at the time of our roundtable. For those that had applied, they found some challenges - notably the changes to rules. It was difficult to get the data to match the rules and regulations since the rules were constantly changing. Lenders were also hesitant to process the applications due to complexity driven by the frequency of rule changes.

Some Controllers did not apply for PPP for various reasons. Legal ambiguity was one of these. Some organizations were fortunate to have just raised venture funding and/or enough run rate, and therefore allowed others to take advantage of the limited pool of funds.

Team Building

Recognizing that shifting to a remote environment so abruptly is difficult for many employees - especially for those with children - Controllers had several tips for ways they’ve been engaging with their teams to help them through uncertain times. 

For work/life balance, some organizations have been flexible with allowing their teams to log on at different times during the day. For engagement, some Controllers are holding daily 15 minutes standups in the morning where everyone can share what they will be working on that day. They also suggest keeping video on during meetings to improve interactions.

In order to maintain connections and foster culture, some Controllers are hosting virtual happy hours for their teams. Others are using apps to have virtual hangouts once a week.

Controllers have been busier than ever over the last month - reforecasting, examining cash flow, applying for loans and other funding - all while shifting to working remotely. Controller Collective has been a critical resource for Controllers looking for peer support during this time.

Helpful Links and Resources from Members:

PPP Lenders Not Requiring Existing Relationship: 

  • Cross River Bank - New Jersey

  • Lendio

  • Fremont Bank - CA 

  • Fundera 

  • Liberty Bank 

  • Live Oak Bank

  • Republic Bank (not first republic)

  • Signature Bank

  • Sterns Bank

  • Sunwest Bank

  • US Bank

  • Axos Bank

 
Darcy Dobis