small business Tag

"With the idea that essential businesses can be recession-proof and even boom during a public crisis, buying one is becoming a more attractive prospect," says franchise expert Chris Buitron in a recent Milwaukee Community Journal article. The thought piece, “4 Factors To Consider Before Buying An Essential Business In COVID Times,” discusses a rising interest among buyers in essential businesses. The COVID-19 pandemic has many buyers rethinking what type of business they might want to own, often...

A recent white paper by Deloitte explores strengths intrinsic to family business that may give these enterprises a relative advantage during this unusual year. Interestingly, the subject of business culture is once again comes into focus. "Alongside the millions of healthcare professionals and volunteers, some family businesses are being branded as 'heroes' by their local and national communities in the current crisis," the paper states. "This often comes down to the family values that have...

A popular article on LinkedIn this week addresses career change. Personal growth sometimes requires new challenges. "There often comes a point in your career where it’s time to re-evaluate. Things change. You change," writes  business podcaster Jessi Hempel.  "How do you screw up the courage to leave the safety and security of the subject you’ve mastered and start something new?" To examine this question, Hempel interviews Robin Arzon. Arzon left a secure career as a...

"What impact has working from home had on productivity and creativity?” A recent study conducted by researchers from Harvard Business School, MIT Media Lab, and McCombs School of Business at the University of Texas at Austin explored this question with more data than has historically been available. The Study The researchers state: "We decided to explore how employees have fared since they began working virtually. To that end, we started surveying a diverse group of more than...

Customers are venturing back out to shop, dine, and feel a semblance of normalcy. However, the consumer experience has changed since the onset of stay at home orders. Social distancing requirements, masks, and ubiquitous hand sanitizer are reminders of why we need these precautions. We know that emotions strongly impact purchasing decisions. Anxiety and frustration are common, and disappointed expectations can make things worse. Make your business feel good. It will help customers be comfortable...

This year has thrown more than its share of curveballs at business owners. Changing guidelines and shifting consumer confidence make planning exceptionally challenging. The U.S. Chamber of Commerce shares these six tips to safeguard your business for potential difficulties ahead. Embrace adaptability The pandemic has given small businesses a crash course in adaptability. Businesses that weren't operating online or remotely suddenly found themselves making huge changes to their business model on the fly. This willingness to pivot...

When selling a business, you’ll want to consider the different buyer scenarios you’re presented carefully.  The buyer pool for most organizations can be very diverse, and different kinds of buyers pose different implications. It's important to develop an understanding of the parties’ backgrounds and their intent to buy. Of course, will help you find the right fit, but it never hurts to be prepared. These are five of the more common types of prospective buyer...

As businesses navigate reopening amidst uncertainty, customers are making their own decisions about where and how to make purchases. Fostering relationships with returning customers and rewarding customer loyalty are crucial during this time. The U.S. Chamber of Commerce shares these tips for reengaging loyal customers. Extend reward redemption windows A simple way to improve rapport with customers as you reopen is to extend the window in which customers can redeem rewards or points through your loyalty program....

The New Mexico Economic Development Department released this statement today concerning new guidelines and deadlines for Paycheck Protection Program loans: Economic Development Cabinet Secretary Alicia J. Keyes announced that new forgiveness and flexibility rules for the federal government’s Paycheck Protection Program (PPP) will benefit more New Mexico businesses and she is urging those who have not yet applied to take another look at the program. With the PPP deadline for loan funding on June 30, there are...

"Significant uncertainty surrounds what the 'new normal' could look like for firms beyond the COVID-19 crisis. But scenario thinking can help organizations better anticipate and adapt to dramatic changes, increase agility and resilience, and turn uncertainty into advantage," according to this Knowledge@Whatron article. Scenario planning is a powerful tool for developing strategy, especially given the complex web of unknowns in which we find ourselves. It leverages the cognitive, creative power of narrative to imagine and respond...

COVID-19 and related restrictions have made it necessary for many business owners and commercial landlords to evaluate options and create some measure of flexibility. "These discussions require both sides to assess a variety circumstances and issues, many of which are in a state of flux due to the uncertainty of COVID-19," cautions real estate and finance attorney Steve Ostrow. He outlines some short-term options: Rent Relief: Deferral versus abatement of base rent only or all rent...

Before leaping into a new business opportunity, most entrepreneurs face the challenge of securing working capital. Although it’s not an easy task, it is essential to getting your idea off the ground. It’s also not a decision to take lightly, as the choice you make will stick with you for years to come, even after your business starts making a profit. You can set yourself up for a win by researching the different avenues available and...

Businesses reopening amidst uncertainty regarding regulations and safety are facing some challenging operating decisions. The U.S. Chamber of Commerce shares these eight strategies to reopen safely. Beefing up delivery, takeout and curbside Restaurants and retail stores have been hit hard by COVID-19, so those operations are making big changes to try to survive this challenging environment. In the restaurant world, many joints reopening are keeping dining rooms closed (even if they are allowed to open), and instead they’ve...

The United States Chamber of Commerce has shared the following updates on PPP loan forgiveness amidst some confusion on the subject. For employers whose employees have chosen not to return to work, the Treasury Department has clarified its position on loan forgiveness. Specifically, if you’re an employer and want to bring an employee back who had previously been laid off, you will not be penalized if the employee chooses not to return. If you issue a...

Gov. Michelle Lujan Grisham announced last week that some businesses can begin to reopen (in modified form) and that others might be able to on May 15. To help businesses prepare, the Santa Fe Chamber of Commerce shared this useful checklist: Determine the square footage of your business and know how many customers can be inside the space at one time. Under possible new guidelines, businesses could be limited to 20% of your maximum capacity. ...