03/31/2020
COVID-19 UPDATE
SOS...SEND SMALL BUSINESSES LIFE JACKETS !
Small businesses feed nearly half of our nationâs households!
If we donât help them, we risk facing a repeat of history like the Great Depression of the 1930âs where the unemployment rate hit nearly 25%!
I remember just two things my grandma would tell me about the Great Depression when I was around 10 years old.
⢠They only ate potatoes and rice for years.
⢠The Depression was literally depressing.
Other facts of the Great Depression Iâm sure grandma tried to tell me, but I was too young to understandâŚ
⢠The average family income dropped by 40%
⢠More than $1 billion in bank deposits were lost due to banks closing (which is why FDIC insurance came into play later)
⢠Hundreds of thousands of families could not pay their mortgages and were evicted.
⢠The stock market lost nearly 90% of its value between 1929-1933
Now as we face Covid-19 challenges in 2020, business owners are trying to keep their heads above water as best as they know how. And some worried about repeating history and what that may look like in our day and age.
Some may need more help than others. If you are a small business owner, or work for one here are 12 tips for becoming a Small Business Survivor through this storm.
1. Think proactively and quickly. Everyday new information comes out. Use it to help you think proactively.
2. Utilize your resources and think outside the box. (as an example: hotels are now using their cleaning staff to clean and disinfect large company buildings to support their income loss of hotel stays)
3. Forecast your cash-flow and make cuts asap as needed to stay afloat.
4. Evaluate the current essential needs of buyers.
5. Evaluate the current essential needs vs. supply.
6. Contact your customers and see what their needs are. Remind them you are there to support them.
7. Determine what in your company is not an essential need and focus your attention on essential needs only during this time.
8. How can you deliver your essential needs to your buyers in new ways?
9. Look for new opportunities to thrive.
10. Find out if you have business interruption insurance to cover losses.
11. Apply for any business funding support if you have a plan to pull through this no matter how long it takes.
12. Utilize your marketing tools daily to stand out from the rest of your competitors.
Small Businesses need life jackets stat! As much help needed to not drown, successfully emerge from the waves and come out of it more alive than ever. If they fight, with our help, they will win.
You must focus on keeping your business running and not trying to worry about how to apply for the loan. PLEASE donât try to do this on your own â this will only delay your applications, or you might NOT apply for the right program.
If you want to know what YOU need to do, set up a time!
Click here to schedule a call with one of our team members to immediately start getting the pieces in place to help you get the money you need to support your business.
*Disclaimer: The bill has just passed, and we are learning more every single hour about how this bill will be implemented and the interpretations of each component. For the most up to date information and FREE Analysis based on your situation, set up a time here.
https://calendly.com/invictusadvisors/businessassistancereview?month=2020-03
