From Surviving To Thriving How to Lead Your Business through the Corona Crisis Presented by Jared Turner, Director of the Box Elder County SBDC Co-Produced by Alex Hall, Kristen Whicker, Gaylyn Bradshaw
Jared Turner Director of the Small Business Development Center for Box Elder County, Utah Previous experience in marketing, education, publishing, market research, food & beverage, fundraising, international trade, and consulting. Lived in Shanghai, China for 8 years and started two businesses: a bakery and a publishing company. The bakery just survived ( barely ) the China COVID-19 Pandemic. University of Utah - B.A. Economics Purdue University - MBA Interests: Guitar, Chinese language, DnD, fitness, chopping wood, ultimate frisbee, podcasting.
Presentation Outline 1. Box Elder Chamber of Commerce Survey Results 2. Utah Leads Together Outline 3. Strategies to Reduce Your Burn Rate 4. Finding Opportunities During the Crisis 5. Financing & Government Aid 6. Stabilization & Post Crisis Recovery
Box Elder Chamber of Commerce Small Biz Survey Results Immediate Impact of COVID-19 on Business Survey response from 123 Box Work from home Elder County Businesses Change in hours Temporary closure Employees lack childcare Modified service delivery Impacts to travel Limited public access to business Financial hardship Cancellation of events Source: Box Elder County Chamber of Commerce Business Survey March 2020
Box Elder Chamber of Commerce Small Biz Survey Results Financial Impact on Business if Social Distancing Lasts for 8 weeks Businesses that offer “tangible ● services” have been most severely 56% impacted by Covid-19. 22% of businesses have ● voluntarily or been forced to close. 26% 10% 6% 2% Minimal Moderate Severe Impact Business No Impact Impact Impact Closure Source: Box Elder County Chamber of Commerce Business Survey March 2020
Utah Leads Together Utah’s plan for health and economic recovery March 16 May 11 - Jun 8 8-12 Weeks 10-14 Weeks 8-10 Weeks Resumption of “New Normal” Normal Economy Homebound Economy Lifestyle Source: https://coronavirus.utah.gov/business/ Sinclair Communications COVID-19 Recovery Planning for Brands
Everything has changed. Nothing will be the same again. . .
Reduce Your Burn Rate
“Staunch the Bleeding” Renegotiate Rent Payments with Landlord ● Renegotiate Loan/Debt Payments with Bank ● Discuss Payment Terms with Suppliers ● Involve Employees in Plans to Reduce Work ● Hours and/or Furlough Days Cut Unnecessary Costs ● Communicate! Key Takeaway As much as possible, eliminate the amount of cash flowing out of your business.
Working with your bank Banks we reached out to - Work with your bank to see if there’s Alta Bank First Community Bank anything they can do. America First Goldenwest Credit - Ask about deferred loan payments Union - See if you can refinance outstanding debts - Many banks are waiting to see what the Bank of Utah Mountain West Bank Covid-19 Stimulus Package is going to look like. Cache Valley Bank US Bank - The first step is reaching out. Many banks Citibank Wells Fargo will work with you to preserve the banking relationship you have with them. Elevate Credit Union Zions
Don’t be these guys. Now is the time for action!
Finding Opportunity in the COVID-19 Crisis
Finding 危机 Opportunities During the Crisis “Speed is the most important commodity during a crisis.” W ē i J ī W ē i J ī “Crisis” “Danger” “Opportunity”
Trends to Learn From People are Online and Finding Businesses People are Looking for Something to Do People are spending more time on social People have more time on their hands. media, looking for updates, and finding Give them something to do. businesses. Focus on Empathy and Community Support Convenience Drives Sales Use proactive and positive information about People are less likely to leave their home what you are doing to serve the community. or car. Habits are Changing No Contact Service People are adapting to things they can do at Changing operations to eliminate home. In China, exercise videos were down physical contact offers an attractive 30% but yoga videos were up 271%. option to customers.
Communicate with your Customers Let Customers Know you are Open (or Closed) Update your website, put it out on social media, B2B Companies: Personally Contact send out an email. Let them know how things Clients have changed. Get on the phone. Find out their needs Announce Safety Precautions and how you can change to meet their Let them know how you are protecting needs. them and your employees from possible infection. Instil confidence in you. Empathize and be Positive Offer Special Discount or Promotion for Recognize the difficulty everyone is Duration of the Pandemic enduring and offer encouragement and This pandemic affects everyone. Recognize the unity. shared burden. This is not a time to be “salesy!”
Utilize Technology What Part of your Business Can you Move Online? Move communication that normally happens Can you provide part of your service online? face-to-face to online. Handyman: Diagnose the problem and scope of work via video chat. Schedule a time to come when Create Online or Phone Ordering System customer can be away. Make it easy and possible for customers to spend money with your business. Dance/Exercise: Hold classes online. Modify classes in a way they can participate. Host an Online Event Did your event get cancelled? How can you Bar/Tavern: Host online karaoke night. host it online? Realtor: Video call house tour.
Innovate - Try Something New What really matters to customers? Deliver Use What You Have Differently If the customers can’t come to you, go to your How can you use your existing equipment, customers. employees, and resources to serve the market Modify your Business Model in a different way? Dine-in Restaurant: Carhop restaurant. Retail Store: Set up virtual shopping via video call. Create a New Product or Service Create a limited time offering for the duration of the pandemic. Band Together with other Businesses We are all in this together. Work together with Manufacturing: Retool to Make Items in complementary and competitor businesses. Demand GM, Ford, and Tesla are now making Pre-Sell and Gift Cards ventilators and masks. What can you make? Give an opportunity for customers to support you and anticipate the recovery phase.
Case Study: One-Way Street Library Problem Independent bookstores in Beijing ● were struggling Most couldn’t last more than 3 ● months of social distancing Solution Takeaways Book stores began selling together ● Combine efforts with other businesses in your ● through livestreams community Took individual efforts and ● Use technology to take an offline experience ● combined them for more effect online Give-a-way for customers engage and help local Presold materials, memberships, and ● ● businesses packages to make ends meet Pre-sell for when you open back up ●
Case Study: Pain Chaud French Bakery Problem Small bakery in Shanghai, China was ● forced to be closed for 5 weeks during the COVID-19 Pandemic. Solution To engage their customers, they ● posted a cute recipe of a popular Takeaways pastry for people to make at home. Give your customers something to do that is ● Customers made it and shared ● valuable to them. pictures of their home-made dessert Support your customers and keep them ● on social media. engaged. Keep yourself at the customers top of mind ● when restrictions ease.
Doesn’t Apply to You? If you are in an industry that is in forced closure or cannot function without physical contact…. Step 1: Have you challenged your assumptions? Can you do it in a hazmat suit? Maybe you should get one. In the words of Oliver Cromwell, “I beseech you, think it possible that you may be mistaken.” Step 2: Study the regulations. Is there a way you can still If there is no possible way for function, follow guidelines, and keep you and customers you to function and there are no safe? innovative opportunities you can think of, cut your burn rate as much as possible, and look S tep 3: Look to industry organizations for guidance. What for bridge financing. are others in your industry doing to function?
Financing & Government Aid
Federal Assistance Plans https://www.sba.gov/page/coronavirus-covid-19-small-business-guid ance-loan-resources Economic Injury Disaster Express Bridge Loan Small Business Loan Interruption Loans Where do you apply The SBA’s website SBA Express Lenders TBA (pending passage of for the loan? (Banks and Credit Unions) stimulus bill) Who can apply? Any small business Businesses that qualify for Business with fewer than 7(A) loans 500 employees Maximum Loan $2 Million $25,000 $10 Million or 1 months Amount payroll times 2.5 What are the loan For profit businesses: Depends TBA terms? 3.75% for up to 30 years? What can the loans To cover accounts payable, debts, payroll, and other bills Payroll be used for during the Covid-19 outbreak? What’s required to Standard financial Check with your 7(a) AT LEAST 6 weeks of apply? approved lender payroll data statements
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