Hayden Ward

Business Survival Plan Part 1: Guide to Finance

Business survival finance

COVID-19 has had a significant impact on the travel and hospitality industries, leaving vacation rental property owners with an unexpected financial loss. Further, with many headlines stating that we are heading into a recession, short-term property owners are undoubtedly concerned for the future. While the total impact of the shutdown of short-term rental businesses is yet to be seen, success will hinge on the financial planning you do now and when things return to a new normal.

Our first article of this two-part series highlights the steps to take to be financially prepared for a crisis. Whether that is a second wave of COVID-19, a natural disaster or any number of other crises that could temporarily shut down your vacation rental business. 

What to Do: Planning for a Financial Crisis

Aim to have 3 to 6 months’ of expenses saved for emergencies.

In an emergency, cash is truly king. No matter how adequate your emergency savings fund is, it is unknown how long you might need to cover in the event of a loss of income. The rule of thumb is saving at least 3 – 6 months of expenses in a separate savings account.

The specific amount you decide is best for your short-term rental business will depend on your comfort level, the availability of other sources of financial support, and how risky your income is. Think about your monthly re-occurring expenses, such as mortgage, utilities, and vendor obligations, plus any personal expenses your rental income covers. Regardless of the amount, make sure the money is easily accessible.

Create a crisis budget.

A crisis budget is reserved for only your business essentials. Cut any non-crucial expenditures when travel is scarce and loss of income is a reality. For example, if you do not need a landscaper to mow your short-term property’s lawn, then don’t account for it in the budget. Make sure you are looking at every line of your business’ budget and evaluate if it is truly needed or if you can either cut or suspend.

Calculating the total amount of funds needed to survive will help lower stress during these unprecedented times. It will keep you ahead of the game knowing exactly where to cut spending. A wise tip is to incorporate all of your bills on a spreadsheet. Tracking spending habits allows you to understand where your money goes and what it is used for. 

Mortgage payments, vacation rental insurance, utilities, and immediate repairs need to be included within your crisis budget. Although you may not have any guests at your property, it is important to have the mindset that risks still exsists. With COVID-19 happening during the springtime, heavy rainfall and other inclement storms are risks will be there regardless of the virus. 

Implementing Your Plan

Balance your business and family.

Implement your crisis budget immediately and adjust your lifestyle to the change. Any expenses not related to keeping your business afloat or essential to living, need to be re-examined and halted if possible. Many property owners have children and are assisting with online schooling. Because of stay-at–home orders or simply lack of time, many property owners may not be able to set foot on their vacation rental properties. If that is the case, monitor the property either remotely or have someone you trust keeping an eye on it. If you know a storm has passed by the area, check to ensure no damage has been done. Balancing your work life while attending to family needs is a challenge; however it is important to ensure your property is safe and remains in good condition, even while it sits empty.

Apply for financial help.

The U.S. government, the Small Business Administration (SBA) as well as other travel entities, have realized the devastating impact of the crisis on vacation rental owners and their families. We compiled a list of different resources to help you navigate through difficult times. If you are eligible to apply for any financial relief, we recommend you do so. 

A creative way to ease the impact of a crisis is by seeking financial support and opportunities offered in your community. Many short-term property owners who are unable to host travelers have opened their doors to help first responders. Some have even been able to allow businesses to rent their space for photo-shoots. Ultimately, keep in mind the regulations your city has in place for rental homes. If allowed, get creative with your circumstances and give back to your community. 

Returning to Normal Life: The Road to Recovery

Resist the urge to splurge.

After the crisis has subsided and travel begins again, there will be a temptation to splurge. Focus on rebuilding your crisis savings account first, then gradually begin to start incorporating priority spending into your budget. Stick to your financial plan and take time to re-evaluate your crisis planning. Was there anything you didn’t account for but needed? Plan to be on your crisis budget until you have rebuilt your 3-6 month emergency fund.

Survive the ‘stress test’.

No small business’ financial situation is guaranteed, particularly that of a vacation rental business, so we all must plan for unforeseen circumstances by:

  • NOT PANICKING
  • Focusing on the long term and your goals when it comes to your short term rental business
  • Having an emergency savings account
  • Having an idea of how much you need to maintain mortgage, insurance, utilities and your personal essential expenses
  • Being able to run your vacation rental business off a spending plan
  • Immediately adjusting your business when a crisis strikes
  • Remembering people will travel again and they will be looking for safe, clean places to stay

 

Stay focused on your long-term goals.

The most important thing property owners can do is stay focused on your long-term financial goals. When investing in short-term rentals, keeping your bank account in shape and not becoming discouraged when travel is down are the keys to riding this unpredictable wave. This industry is one of the most persistent ones out there. Set targets for your small business to measure the progress you have made. If your desired income has not been reached, make adjustments, and be flexible. 

Print
1062 Rate this article:
5.0

22 comments on article "Business Survival Plan Part 1: Guide to Finance"

Avatar image

Mr James

WELCOME TO CONSUMER LOAN FIRM .......... Are you a businessman or a woman? Are you in any financial mess or do you need funds to start your own business? Do you need a loan to start a small-scale pleasant and medium business? Do you have a low credit score and are you finding it difficult to obtain equity loan from local banks and other financial institutes? Our loans are well insured for maximum security is our priority, Our main goal is to help you get the services you deserve, Our program is the fastest way to get what you need in a snap. Reduce your payments to ease the pressure on your monthly expenses. Gain flexibility with which you can use for any purpose - holiday, education, for exclusive purchases We offer a wide range of financial services, which includes: Business Planning, Commercial and Financial Development, Properties and Mortgages, Debt Consolidation Loans , Private Loans, Home Refinancing Loans with low interest rate at 2% per annul for individuals, companies. WE OFFER ALL TYPE OF LOANS, APPLY TODAY FOR AVAILABLE LOANS. Please contact us via email for more information: (consumerloanfirm@gmail.com)


Avatar image

AILEEN

I got my already programmed and blanked ATM card to withdraw the maximum of $1,000 daily for a maximum of 20 days. I am so happy about this because i got mine last week and I have used it to get $20,000. Mike Fisher Hackers is giving out the card just to help the poor and needy though it is illegal but it is something nice and he is not like other scam pretending to have the blank ATM cards. And no one gets caught when using the card. get yours from Mike *email: int.hackers002@gmail.com you can also call or whatsapp us Contact us today for more enlightenment +1(765) 705-0044


Avatar image

Shawn Stone

Most of these so called hackers are imposters, I’ve been ripped off a couple times before i luckily got a reliable contact White Wayne. A hacker that works with discretion and does all sorts of hacks, I would prefer to let his services speak for itself, if interested in getting your credit score increased, erasing DUI, breaking into credit bureaus, clearing bankrupcies(depends on amount) etc you can contact him at WhitehatstechAtgmailDotcom You surely will thank me!!


Avatar image

abdullah ibrahim

We offer personal Business loans services around the world. We strive to provide high quality service and high customer satisfaction, while possible financial services. We pride ourselves on our commitment to our customers; We can give you personal loans, auto loans, business / investment loans, short term loans. You can contact us for an affordable loan now at 2% interest rate. Contact us now via E-mail: abdullahibrahimlender@gmail.com

WhatsApp Number +918929490461

Mr Abdullah Ibrahim


Avatar image

James

Are you interested in the service of a hacker to get into a phone, facebook account, snapchat, Instagram, yahoo, Whatsapp, get verified on any social network account, increase your followers by any amount, bank wire and bank transfer.

I can vouch for him because I have used him to monitor my husband many time when I feel suspicious about his movements TALENTED HACKERS DO YOU REQUIRE A CERTIFIED HACKER FOR : +University grades hack, +Bank account hacks, +Control devices remotely hack, +Facebook Hacking Tricks, +Gmail, AOL, Yahoomail, inbox, hack are available, +Database hacking, +PC computer tricks +Bank transfer, Western Union, money gram, Credit Card transfer +Wiping of credit, +VPN software, +ATM Hack we are the real deal when it comes to hacking, carding, WU transfer, Money Gram transfer etc contact us now hackintechnology@gmail.com ‪+1 (213) 295‑1376‬(whatsapp)


Avatar image

Doron Birger

Do you need a Bank account or credit card loader? clear criminal records or online publications? hack or recover emails, websites or social media accounts (whatsapp, facebook, twitter, instagram, snapchat)? Recover or Hack iPhone itunes account? Upgrade credit score or school grades? Western Union, Money Gram, PayPal Transfer Bitcoin, Credit cards etc contact Media hacker, he is the man for the job He helped me out of loan mess sometimes ago and I i can't just keep mute about his hacking ability. Contact him through his email BESTAPPSHACKERS@GMAIL.COM OR MESSAGE HIM ON WHATSAPP +16026094730


Avatar image

Natasha Zani

Do you need a loan? personal loan? Business loans? Mortgage loan? Agricultural and project finance? We offer all types of loans at 2% interest rate! Contact e-mail; (challotloan@gmail.com)


Avatar image

Samuel kingston

Urgent real loan application submission now:

Citylaon&crediting )

Are you looking for a business loan? Personal loan, home loan, car

Loan, Student Loan, Debt Consolidation Loan, Unsecured Loans, Enterprise

Capital, etc. .. or has the loan been rejected by the bank or

Financial institution for any reason. We are private lenders and lending

For companies and individuals with low interest rates and affordable rates from

2% interest rate. If interested in a loan? Whatsapp us today at +971544105744 or

(cityloancrediting2021@gmail.com) and get your loan today.


Avatar image

Eve Donald

I've been seeing posts and testimonies about BLANK ATM CARD but I never believed it, not until I tried it myself.It was on the 6th day of June. I was reading a post about places to visit in Slovakia when I saw this captivating post about how a Woman described as Mrs.Joyce that changed his life with the help of a Blank Atm Card. I didn't believe it at first until I decided to reach her through the mail address attached to the post. To my greatest imagination, it was real. Right now am living up to a standard I never used to live before. Today might be your lucky day! Reach Mrs Joyce on her email: (joyceatmcard@gmail.com) OR WhatsApp +1(805) 843-5049


Avatar image

DANNY JAMES

These set of superior Cyber terrorist Known as WhitehatstechAtgmailDotcom have been in service for more than a decade and they have set an extremely impressive records that no Hacker can break,  they have the best hacking tools any one can ever imagine, that is why their job is performed with ease, contact them now for any of your hacking services and thank me later


Avatar image

David Mack

I've been seeing posts and testimonies about BLANK ATM CARD but I never believed it, not until I tried it myself.It was on the 6th day of June. I was reading a post about places to visit in Slovakia when I saw this captivating post about how a Woman described as Mrs.Joyce that changed his life with the help of a Blank Atm Card. I didn't believe it at first until I decided to reach her through the mail address attached to the post. To my greatest imagination, it was real. Right now am living up to a standard I never used to live before. Today might be your lucky day! Reach Mrs Joyce on her email: (joyceatmcard@gmail.com) OR WhatsApp +1(805) 843-5049


Avatar image

mercy ket

GET RICH WITH BLANK ATM CARD,(alexanderhackers01@gmail.com) I’m here to testify about Mr alex blank ATM cards which can withdraw money from any ATM machines around the world. I was very poor before and have no job.I saw so many testimony about how Mr alex send them the blank ATM card and use it to collect money in any ATM machine and become rich. I email him also and he sent me the blank ATM card. I have use it to get $100,000. This blank ATM card can withdraw up to $10,000 daily without having any Bank Account. Mr Alex is giving out the card just to help the poor. Hack and take money directly from any ATM Machine Vault with the use of ATM Programmed Card which runs in automatic mode. This card works worldwide and I am happy now with my family through Mr Alex blank ATM card which changed my life and my family for good. Don't wait for a miracle contact Mr Alex now via his email address: alexanderhackers01@gmail.com


Avatar image

Eve Donald

My husband and I are here to testify about how we used JOYCE ATM CARD to make money and also have our own business today. Go get your blank ATM card today and be among the lucky ones. This PROGRAMMED blank ATM card is capable of hacking into any ATM machine,anywhere in the world.It has really changed our life for good and now we can say we are rich and we can never be poor again. You can withdraw the manimum of $5,500 daily We can proudly say our business is doing fine and we have up to $ 1,000 000 (1 millions dollars in our account) Is not illegal, there is no risk of being caught, because it has been programmed in such a way that it is not traceable, it also has a technique that makes it impossible for the CCTV to detect you.. For details on how to get yours today, via WhatsApp number: +1(805) 843-5049 OR E-mail: (joyceatmcard@gmail.com)


Avatar image

VAN DE MARS FRANKE

FOR RECOVERY OF LOST BITCOIN RECOVERY OF ANY LOST FUNDS TO ONLINE S CAMS RECOVERY OF LOST FUNDS TO RIPPERS IN FOREX TRADES AND BINARY OPTIONS 

This is for persons seeking to recover all of their lost funds to online scams ,  ,  con tact address--> QUADHACKED@GMAIL .  COM for successful recovery and thank me later. I had my blockchain wallet spoofed by merciless rippers, due to lack of 2FA authorization, they were able to get away with 4.0147BTC from my wallet , this made me very sad and depressed as i was desperately in need of help , i made my research online and came across a very credible and reliable recovery agent on the internet  with the adr. QUADHACKED@GMAIL . COM .  The hack agency helped  me recover all I lost and also revealed the identity of the perpetrators , that's why I'm most  appreciative and also sharing contact addr. for anyone in a similar situation seeking to recover funds lost to online scams , contact the recovery specialist with the address above .


Avatar image

credit cards

Email:Creditcards.atm@gmail.com   

WhatsApp:+1(305) 330-3282     

-hack into any kind of phone

_Increase Credit Scores

_western union, bitcoin and money gram hacking

_criminal records deletion_BLANK ATM/CREDIT CARDS

_Hacking of phones(that of your spouse, boss, friends, and see whatever is being discussed behind your back)

_Security system hacking...and so much more. Contact THEM now and get whatever you want at  

Prices for clone cards with their balance that we offer:

* Gold VISA- € 450 ----> Balance € 250,000 Daily withdrawal of € 1,500, validity 24 months

* Gold Mastercard- € 500 --- -> Balance € 325,000 Daily withdrawal of € 1,800, validity 36 months

* Platinum Visa - € 550 ----> Balance € 480,000 Daily withdrawal of € 2,000, validity 24 months

* Platinum Mastercard - € 600 ----> Balance € 620,000 Daily withdrawal of € 2,500, validity 36 months

* Infinity Visa - € 750 ----> Balance € 750,000 Daily withdrawal of € 3,000, validity 24 months

* Infinity Mastercard - 850 € ----> Balance 850,000 € Daily withdrawal of 3500 €, validity 36 months

Once payment has been made 12h to 48h in Europe and 12h to 72H worldwide

After your order will be available, at the delivery address given.

Shipping is by courier with parcel tracking within 2hrs after payment

If you order regularly with us, we guarantee that you will not miss anything in the near future.

 

Email:Creditcards.atm@gmail.com   

WhatsApp:+1(305) 330-3282      

✔✔✔ ✔©®™ ‍ ‍ ‍


Avatar image

scott james

GENUINE BANK GUARANTEE (BG) AND STANDBY LETTER OF CREDIT (SBLC) FOR BUY OR LEASE AT THE BEST AVAILABLE RATES

Dear Sir/Ma,

We offer certified and verifiable financial bank instruments via Swift Transmission from a genuine provider capable

of taking up time bound transactions.

FOR LEASING OF BG/SBLC

MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M

LEASING FEE = 4%+2%

FOR PURCHASE OF FRESH CUT BG/SBLC

PRICE = 32%+2%

MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M

Our BG/SBLC Financing can help you get your project funded,

loan financing by providing you with yearly.

RWA ready to close leasing with any interested client in few banking days

I will be glad to share with you our working procedures.

Name : Scott james

Email : inquiry.securedfunding@gmail.com

Skype : Inquiry.securedfunding@gmail.com


Avatar image

JACKSON

Hey guys my name is JACKSON  wanted to share a testimony of how a good hacker help in making my life a better one I am glad I met them guys I got $15,000USD from them guys If you are interested they perform various hack and they are legit 100%

BITCOIN HACK

PAYPAL HACK

BANK ACCOUNT HACK

WESTERN UNION HACK

BLANK HACK ETC.......

guys if you are interested in any of this contact them because they are very legit ans I trust them visit

www.officialonlinehacks.wordpress.com

WhatsApp:+14377033498

Contact them today and be happy


Avatar image

JACKSON

Hey guys my name is JACKSON  wanted to share a testimony of how a good hacker help in making my life a better one I am glad I met them guys I got $15,000USD from them guys If you are interested they perform various hack and they are legit 100%

BITCOIN HACK

PAYPAL HACK

BANK ACCOUNT HACK

WESTERN UNION HACK

BLANK HACK ETC.......

guys if you are interested in any of this contact them because they are very legit ans I trust them visit

www.officialonlinehacks.wordpress.com

WhatsApp:+14377033498

Contact them today and be happy


Avatar image

winston gary

Do you have funds you wish to withdraw from your trading brokers? or are you new to trading and you want to start trading,or you need an expert to assist you in trading or you are having problems with the withdrawing of your funds and you don't know how to go about it kindly get in touch with LIAM SOPHIA, via: liamsophia39@gmail.com. you can also message her on Whats-app +1 (814)503-0528..and she'll be sure to guide you on how to get back your funds in an interval of two weeks.


Avatar image

Dr, Willy Curry

My name is Dr Williams Curry, Medical Field, Sharing my experience, for any one who needs a trusted Hacker, who helped me change my Medical School Grade, His good on credit score, “Joe Engressia”.

Reach him on Whatsapp: +1(732) 639–1527.

Email: digitaldawgpoundhackergroup@gmail.com

digitaldawgpoundhackergroup.blogspot.com.

Regards…


Avatar image

Ben Carlos

Welcome. DO NOT BE TROUBLED ANYMORE. you’re at the right place. Nothing like having trustworthy Hackers. have you lost money before or bitcoins and you are looking for a hacker to get your money back? You should contact us right away. It's very affordable and we give guarantees to our clients. Our hacking services are as follows:

-Hack into any kind of phone

_Increase Credit Scores

_Western union, bitcoin and money gram hacking

_Criminal records deletion_BLANK ATM/CREDIT CARDS

_Hacking of phones(that of your spouse, boss, friends, and see whatever is being discussed behind your back)

_Security system hacking... and so much more. Contact THEM now and get whatever you want at

Email: atmgeniuslinks@gmail.com

Telegram: @Anonymous_Ccs / WhatsApp: +1-713-389-6778. 

WHY WOULD YOU NEED TO HIRE A HACKER:

There are so many Reasons why people need to hire a hacker, It might be to Hack a Websites to deface informations, retrieve information, edit information or give you admin access.

• Some people might need us To Hack Their Target Smartphone so that they could get access to all activities on the phone like , text messages , call logs , Social media Apps and other informations

• Some might need to Hack a Facebook , gmail, Instagram , twitter and other social media Accounts,

• Also Some Individuals might want to Track someone else's Location probably for investigation cases

• Some might need Us to Hack into the Court's Database to Clear criminal records.

• However, Some People Might Have Lost So Much Funds With BINARY OPTIONS BROKERS or BTC MINING and wish to Recover Their Funds

• All these Are what we can get Done Asap With The Help Of Our Root HackTools, Special HackTools and Our Technical Hacking Strategies Which Surpasses All Other Hackers.

★ OUR SPECIAL SERVICES WE OFFER ARE:

* RECOVERY OF LOST FUNDS ON SCAM INVESTMENTS, BINARY OPTIONS TRADING & ALL TYPES OF INVESTMENT SCAMS.

* Credit Cards Loading ( USA & CANADA Only )

* BANK Account Loading (USA & CANADA BANKS Only)

★ You can also contact us for other Cyber Attacks And Hijackings, we do All★

  Whatsapp: +1-(713)-389-6778 / Telegram: @Anonymous_Ccs 

★ CONTACTS:

* For Binary Options Recovery, Feel free to contact us via Email: atmgeniuslinks@gmail.com for a wonderful job well done, Stay Safe.

IT HAS BEEN TESTED AND TRUSTED.


Avatar image

tracy

LEGIT COMPANY WERE YOU CAN GET BLANK ATM CARD. I was searching for loan to sort out my bills & debts, then i saw comments about Blank ATM Card that can be hacked and withdraw money from any ATM machines around you anywhere in the world . I doubted thus but decided to give it a try by contacting united blank ATM hack card they responded with their guidelines on how the card works. I was assured that the card can withdraw $5,000 instant per day & was credited with $20,000 so i requested for one & paid the delivery fee to obtain the card, after 72 hours later, i was shock to see the Courier agent in my resident with a parcel {card} i signed and went back inside and confirmed the card work's after the agent left. This is no doubts because i have the card & has made used of the card. Contact these email if you wants to get rich with this. globalatmcardhackingservice@gmail.com

Leave a comment

This form collects your name, email, IP address and content so that we can keep track of the comments placed on the website. For more info check our Privacy Policy and Terms Of Use where you will get more info on where, how and why we store your data.
Add comment

Theme picker

About Us

CBIZ Vacation Rental Insurance, a division of CBIZ Insurance Services,Inc., is the largest insurer of short-term vacation rental properties in the United States. As part of an $850 million New York Stock Exchange traded company (CBZ), we are the first broker to develop specific policy coverage to meet the needs for vacation rental properties and the amenities offered by these businesses. We have insured vacation rental properties since 2002.

The CBIZ Vacation Rental Insurance team knows insurance, specifically the risks and exposures related to short-term vacation rentals.We won't confuse you with technical "insurance speak" ~ our representatives are well versed in explaining your coverage in plain English. With hands-on, personal customer service, we guarantee swift communication and a 24/7 claims team that is ready to respond to your call any time of the day. As specialist in the industry, we leverage our knowledge and passion to ensure you and your business are adequately protected.