FEATURE ARTICLE Billy Hofacker
A FINANCIAL PLAN FOR AN UNCERTAIN 2021
You can’t control the circumstances, but you can still be prepared | By Billy Hofacker
f creating a financial plan weren’t hard enough, we are now faced with creating one in the midst of a presidential election and the pandemic. Due to all the uncertainty, I’m sure many will be tempted to not do any planning. Benjamin Franklin’s famous quote, “If you fail to plan you plan to fail,” applies here. COVID-19 has affected different fitness businesses in different ways. The impact is largely based on: Location — For example, my facilities are in NY and were closed for six months. Business model — Those who were used to doing large group classes may have found
it more challenging to adapt to the new guidelines (e.g. social distancing). Preparedness — Businesses that had little to no cash reserves were often faced with huge dilemmas as they saw revenues decline. Regardless of circumstances, all businesses must face and plan for an uncertain 2021. While the focus here will be on business, it’s also crucial for business owners to make sure their personal financial house is in order. Here are 3 steps you can take to develop a financial fortress during this extraordinary time.
| WWW.PERSONALFITNESSPROFESSIONAL.COM | LOOKING AHEAD TO 2021
1. Hold onto your cash. Do what you can to keep your cash on hand right now. For example, you may be saving up to buy something such as a car, home repair or even a vacation. Depending on your situation, you may want to hold onto the money until things stabilize. 2. Keep your expenses down. Make sure you are prioritizing your basic needs. These would include food, shelter and clothing. Other than that, and especially if your income is down, turn off the faucet on other expenses that might be considered wants
Personal Fitness Professional Looking Ahead to 2021