Can Your Business Benefit from COVID 19?

Can Your Business Benefit from COVID 19?

Are you ready to be pro-active?

 

The pandemic is the HOT topic, but some businesses can benefit from this HOT topic by combining creativity with available funding.  Savvy management will consider retooling and perhaps re-staffing. Can you redirect your sales and marketing to online purchases? Can you provide home delivery services? Can you expand your services and your products?  Can you get through the economic slowdown without further investments in your company?

If you need capital – the SBA is HOT! If you can close a loan by September 27th, 2020, you may be entitled to a 6-month interest-free grace period. I recommend you reach out to your banker to determine their interest in providing working capital supported by the SBA 7A loan guaranty program. Management must be prepared for the loan processing, which means your financial records – your balance sheet and your profit and loss statements – must be current, and you should have filed your 2019 tax returns.

Yes, profits were impacted by the slow economy in 2020, but if you have survived and need capital. Your personal credit is 680 or better, and you are a candidate for very favorable financing terms.

Rather than confront the uncertainties of the current market, some business owners are considering retirement. Their pending retirement can create opportunities for competitors and current employees who are willing and able to switch gears, find options, and take action. And, many sellers who are anxious to sell their businesses may be willing to hold paper. Cash in all markets is king. Available cash equals opportunities.

The SBA PPP loan program is closing as of August 8th, unless Congress extends the closing or approves a new loan program for small businesses.  Access to capital offered through online lenders may be easy to obtain, but it is often structured for short term loans.  You should seek funds that match both your capital needs and your projected repayment schedule.  Ease of access is not always the best solution. Be careful to review the terms of repayment for all short-term loans.

Always stay tuned in to what is going on in your industry and your local market.  Changes can work in your favor if you are prepared. You may have an opportunity to acquire real estate at a favorable price, or you may be able to renegotiate a long-term lease.

We plan to schedule online mentoring sessions with the management of companies ready to evaluate their current market options. Specialists in specific industries will be available for these consultations. A questionnaire will be sent to interested participants before confirming an appointment. Are you ready to be pro-active?

Related content:

RELATED POSTS

4 Definitive Examples to Understand and Serve Your Customers

4 Definitive Examples to Understand and Serve Your Customers

These four company case studies have yielded success across industries Running on Innovation, A New Solution for City Dwellers, Focus on Customers. Learn from these companies that are doing it right. Recently, I attended a public forum called Healthcare in the 21st...

4 Components of Small Business Agility in a Diverse Market

4 Components of Small Business Agility in a Diverse Market

Small business leaders need to understand diversity in order to be connected and create opportunities for success   The model of how to effectively navigate business leadership is changing. For decades stability and homogeneity were hallmarks of business across...

Top 7 Ways to Show Your Customers You Care

Top 7 Ways to Show Your Customers You Care

Even a small gesture can go a long way with a client and will be appreciated.   Nowadays, having a good product or service isn’t enough. Relationships are the differentiator. Today many companies are making investments in customer advocacy and loyalty programs...

Video Gallery

Modern version of Stoic philosopher Epictetus
A professional leads a cybersecurity training session for employees, emphasizing best practices. The photography captures the engagement of participants, showcasing the educational aspect of safeguard
Hispanic bearded male businessman trainer teaching coaching new recruitment African American female businesswoman employee in formal suit sitting studying learning company graph chart strategy
The presence of a robot using a computer. Office keyboard being typed on by machine. future IT group,.
Latino Streetwear Entrepreneur Latin Biz Today
Chef Lorena Garcia cooking with a wok
Latina Chef Loren Garcia
Latin Biz Today partner Johanna at the San Sebastián Festival

Polls

Which item currently represents the greatest hurdle in the growth of your business?(Required)

Sign Up for the Latin Biz Today Newsletter

PR Newswire

Innovation & Strategy

Money

Four Basic Principles for Raising Capital

Four Basic Principles for Raising Capital

Outside investors want to understand a business' strategy as well as its financial statements.   The need to raise capital from outside investors requires a great deal of preparation across multiple dimensions. Among many things, investors look to understand...

Talent/HR

Legal

Marketing

Culture

Fashion

Food

Music

Sports

Work & Life

Mindfulness

Health & Fitness

Travel & Destinations

Personal Blogs

Pin It on Pinterest