New Paragraph

COVID-19 Recovery Guide for Small Businesses

Sep 11, 2020

As organizations of all shapes and sizes continue to grapple with the impact of COVID-19, small businesses especially are struggling with how to create a plan to recover from their losses. These small businesses are also looking for ways to future-proof their operations to better weather storms that are yet to come. We work closely with these businesses daily and have come to recognize some of the processes that need extra attention and optimization to prepare for the unknown.


Finances


Start by managing your cash flow. Carefully budget for the next one to two months, reduce overhead, and try hard to cut back on non-essential expenditures. This may mean modifying business hours to save on operational and labor or payroll costs. You may also want to speak with your landlord if your business has a physical location and negotiate rent reduction, payment installments, or even deferrals. 


Next, communicate with any lenders you’re working with. If you’re not able to meet loan obligations, they may be able to offer alternatives. Review loan documentation with them and discuss any changes that may have happened, or look into the possibility of taking advantage of lowered interest rates by refinancing or consolidation. You can also speak with the bank where you hold business accounts about the availability of government-based or private sector relief funds. 


Once you’ve gotten a better idea of your current financial state, think about what you’ll do to optimize expenses moving forward. Start with an audit to see where your money is allocated over the next few months, eliminate any unnecessary expenditures, and find which of your business processes are offering low or no financial return on investment. Reallocate any extra cash to invest in tools that will help streamline your business now and well into the future.

Communication and Marketing


Now more than ever, communication with your customers should be authentic and transparent. They need to know when your hours of operation change, if you’re not able to perform any services or provide products, or if there are any delays. Your customers will also appreciate knowing what safety protocols you have in place to keep everyone safe. 


Integrate these messages into your marketing strategy; now is not the time to go radio silent. Make sure to update your website frequently and keep the information accurate. Post on social media consistently, ask your audience to share those posts, and consider setting up a strategy that allows for social selling on these platforms. Don’t overlook the power of email marketing, either — more of us than ever are at home, and this provides your business with a captive audience.


You’ll need to put the same effort into communicating with your employees as well. They’re likely worried about their role in the business, as well as their health and wellness on the job. Set up training plans to educate them on heightened safety and cleaning protocols and what to do if they are exposed to or diagnosed with COVID. Keep them in the loop and ask for their feedback for ways and ideas to help keep your business moving forward. Maintain an open-door policy so they come to you as an owner or manager if any problems arise that will prevent them from fulfilling their job duties.

Risk Management and Recovery


It’s a gross understatement to say that many small business owners were wholly unprepared for the rapid spread of illness, but if anything it created an opportunity for them to take a second look at risk management strategies like business continuity plans and insurance coverage. Because many traditional insurance policies didn’t account for a pandemic, small businesses are now facing huge monetary losses. The foundation of your recovery plan should be prioritizing investment in coverage that will provide peace of mind, even in the face of the yet unknown.


This is also the time to think about pivoting your business model, services, or products in innovative ways that help solve emerging pain points for customers. Leverage trends and changing demands and reshape your business to meet those demands now and for the foreseeable future.


It can be nearly impossible to regain perspective on your situation as a small business owner facing a crisis, but you don’t have to tackle the post-COVID recovery process on your own. Our team has been in your shoes, and we use those experiences to help our clients navigate even the roughest of waters.


To learn more, contact us online. We look forward to hearing from you.

What Small Business Owners Need to Know About Email Authentication Requirements

08 Mar, 2024
Have you been having trouble sending out bulk emails and email blasts recently? Are you suddenly having deliverability issues with clients and vendors you've been emailing for years? If so, you're not alone — Google and Yahoo rolled out new DMARC requirements in February, creating headaches. We have heard that many of our small business owner clients and their IT departments are having such headaches.  To investigate this issue, we have leaned on IT expert and long-time TAG peer board member Fred Moore of Moore Computing. Fred has walked us through changes to DMARC and offers advice on how small business owners can get their emails back into the inbox. While DMARC changes have thrown many into a temporary tailspin, the changes represent a move to safer and more secure email communication for all parties. Let's discuss what small business owners need to know about DMARC, how they can ensure their emails reach customers' inboxes, and how to keep their business digitally secure. What is DMARC? Cybersecurity measures are similar to cars: most of us drive one daily, but most are unable to lift the hood and understand exactly how it runs. Most of us rely on cybersecurity measures to keep our businesses safe online, but we may need help understanding the technical elements that keep us safe. That said, all small business owners should have a general background in cybersecurity, and DMARC is a great place to start. DMARC stands for "Domain-based Message Authentication, Reporting & Conformance." The idea behind DMARC is to limit the volume of scams and phishing on the internet. DMARC works with SPF and DKIM. SPF (Sender Policy Framework) is a list of services and servers that are authorized to send emails on behalf of your domain, and DKIM (DomainKeys Identified Mail) is a digital seal that verifies the content of your email hasn't been altered or tampered with. DKIM is also able to withstand email forwarding, whereas SPF can not. Senders and Recipients At its core, DMARC validates the authentication of the sender of an email message. When there are deliverability issues with a message, it usually falls back on the sender. Small business owners know the importance of getting marketing campaign emails and other communications into their customers/clients' inboxes; to accomplish this, it is crucial to follow all protocols to ensure you have the best chances to reach customers' inboxes at an optimal place (i.e., not the spam folder), and avoid spam complaints. How does your email make its way to recipients? It follows a basic flow: ● The email is composed and sent ● The sending mail server will add DKIM ● The email is sent to the recipient's server ● Validation tests begin, checking DKIM, SPF, and DMARC policies ● The email either passes, is quarantined, or is blocked/deleted ● If the email passes, it goes through the recipient's user filters and inbox rules

The Costly Mistakes of DIY: Why Small Business Owners Should Invest in Professionals

11 Jan, 2024
Running a small business is a challenging task. It requires dedication, hard work, and juggling multiple responsibilities. Often, small business owners try to cut costs by taking on tasks themselves, even if they are better off calling a professional. While the intention may be to save money, the reality is that DIY can lead to costly mistakes and legal pitfalls. Let's explore the common mistakes small business owners make when they opt for a do-it-yourself approach and why investing in professionals like lawyers, accountants, and general contractors is crucial for long-term success. The Myth of Saving Money Many small business owners believe that handling tasks themselves will save them money in the long run. However, this is often a misconception. While it may seem cost-effective initially, the lack of expertise and knowledge in critical areas can lead to costly mistakes that can ultimately hinder the growth and profitability of a business. The Value of Professional Services Professional services, such as lawyers, accountants, advisors, and general contractors, bring expertise, experience, and a deep understanding of industry regulations. They can provide valuable guidance, prevent legal issues, and help small business owners make informed decisions that align with their long-term goals. Most of the time, business owners don't consult with their advisors because they are wary of spending money on bills from their advisors on top of other expenses. The phrase "You can pay me now, or really pay me later" comes into play in these situations. Business owners should not be afraid to discuss money and bills from professionals with their advisors, and they should properly compensate advisors for their time. Complaining about spending a few thousand dollars to review a $20,000,000 contract can cost hundreds of thousands due to difficult payment and dispute resolution terms.  Protecting Your Intellectual Property Intellectual property (IP) is a valuable asset for any business. Failing to protect it can lead to brand confusion, loss of revenue, and legal battles. Trademarks, copyrights, and patents should be filed appropriately and protected to ensure exclusive rights to your brand name, logo, or product design. How Professionals Can Help Lawyers specializing in intellectual property can guide small business owners through filing the necessary documents and paying the required fees. They can conduct an IP audit to identify and protect essential assets, develop IP protection strategies, and enforce IP rights if violations occur.

What Business Owners Can Learn From Al Pacino’s Locker Room Speech in “Any Given Sunday”

09 Oct, 2023
In the 1999 film “Any Given Sunday,” directed by Oliver Stone, Al Pacino delivers a powerful and memorable locker room speech that has resonated with me for years. The speech, delivered by Pacino’s character, Tony D’Amato, before a crucial football game, encapsulates the essence of the film and the themes it explores. While the speech is specifically about football, its underlying message can be applied to various aspects of life, including business. The idea of fighting for inches, continuously improving, and eliminating mistakes is a powerful metaphor for the importance of perseverance and adaptability in business. It highlights the value of small victories, incremental progress, and the relentless pursuit of excellence. For business owners, the speech serves as a reminder to focus on the details and the small wins that can accumulate over time. Just as a football team must fight for every inch on the field, a successful business must be diligent in managing its resources and seize every opportunity for growth. It emphasizes the importance of building a team that shares the same values and is committed to continuous improvement. Think of it in terms of all the inches and seconds around us in business and how $200 here and $50 there adds up. The whole concept of continuous improvement, eliminating mistakes, and fighting to get better is what I believe Oliver Stone intended when he wrote it. I love it as much today and as when I first saw it and the metaphor of getting into business and being profitable. You can read the transcript here . Or watch it here:
More Posts
Share by: