Guidance on the U.S. Government’s Paycheck Protection Program (PPP) is changing almost daily and it’s important for small business owners to be aware of the latest updates and guidance.
See the presentation on the Paycheck Protection Program presented by Michael Gansl, Jack Sullivan, Matt Plociak, Naman Trivedi at Dave Bresler’s Network!Network! Forum on June 10, 2020.
As an avid student of marketing to both business-to-business and consumers, I’ve been reading a lot about trends that will endure post COVID-19.
It seems that although consumers are embracing new behaviors and habits, they are also sticking to tried and true brands that have stuck with them in past crises. New brands have got to establish emotional connections with their audience even more quickly than in normal times. Zoom is an amazing example of this, as the word “zoom” has instantly become a part of our everyday lexicon.
Since we are all stuck at home, many of us are becoming excellent do-it-yourselfers, and learning how to cook, sew, bake, and fix things that we didn’t have time to fix before. Websites and You Tube channels demonstrating “how-to” are generating tremendous traffic and offer great opportunities for brands that understand our need to act and do.
I recently saw an amazing statistic that noted that nearly 40% of current on-line grocery shoppers made their first grocery purchase in March. I’m not aware of the exact numbers for telemedicine, but doctors and hospitals are also seeing a sea change in consumer behavior. Marketers and brands that understand that consumers are easily adapting digital offerings that used to be only available via old brick and mortar entities will be successful in the post COVID-19 era.
Privacy and safety have always been competing concepts in normal times. In the current COVID-19 and beyond, it is possible that the need for safety will surpass the need for data privacy. That being said, brands like Facebook and Google that start promoting safety over the privacy of their data may see a reversal of consumers’ perception of techs “bad boys”.
Ultimately, no one really knows how much our lives will change in the post COVID-19 era. To paraphrase Bette Davis, “Marketers, fasten your seat belts. It’s going to be a bumpy ride for consumers.”
During this challenging time, businesses can still grow their business and prepare for the future by prospecting and expanding opportunities for new businesses. Check out what we have to say:
In these trying times with COVID-19, many salespeople are wondering if it is a good time to prospect or not. We have been asked this question many times over the past few weeks. Here’s what we have to say:
As business consultants who have weathered many turbulent times in the past, we’d like to offer what we think is perhaps, the most important financial advice a business owner should adhere to during this Corona Virus crisis.
CASH is always KING, so hoard it as best as you can! Here’s how:
- KNOW how much CASH you have in the bank every day.
- KNOW (or at least estimate) how much cash is coming in this week.
- DETERMINE – how many weeks (or days) your cash will last without any new cash/collections coming in.
- DETERMINE – how many weeks (or days) can your business keep paying its bills WITHOUT any new sales?
- DETERMINE what expenses you can cut or delay Today? Tomorrow? Next week?
- STAY in touch with all your suppliers, and make sure to pay your most important suppliers some of what you owe them. Tell them when you will pay the rest of what you owe them. Talk to them if you must miss a payment.
- ASK for temporary relief from your landlord, credit card companies, and your bank regarding any credit lines or term loans you may have.
- TAKE advantage of any local, state, federal loan, SBA or grant programs as soon as possible.
- APPLY if you qualify: https://disasterloan.sba.gov/ela/
- THINK out of the box for raising money such as GoFundMe, Indiegogo, etc.
- EXPECT this environment to continue for at least the next 60, 90, 180 days – have a plan to handle best and worst-case scenarios.
- HAVE a plan in place for furloughing or laying off (temporarily) non-essential employees if your county/town/city goes into a “Shelter in Place” (virtually a lockdown) situation. Confer with an Employment Lawyer specialist, your PEO, your paycheck company before you take any action, so you are compliant with all local, state, and federal law.
- KEEP communicating with everyone – Have daily conference calls with your employees, your advisors, your spouse, friends, network partners etc. You may have to self-quarantine, but that does not mean you should isolate yourself.
Matt Plociak and Michael Gansl, the Voices of Reason, are available to listen to your issues and be of assistance in any way they can. We are on Zoom, Skype, Microsoft Teams, and cell phones. You can reach them at:
©2020 Voice of Reason Consulting, LLC
Voice of Reason Consulting is a NYC Small Business Consultancy