Overcoming Post-Pandemic Recovery Challenges

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Overcoming Post-Pandemic Recovery Challenges

May 21, 2021

It seems that we are seeing the light at the end of the tunnel with regards to the current COVID-19 pandemic, which has organizations of all sizes building resiliency and future-proofing their processes. However, while many remain positive that growth is coming, small businesses are still struggling with challenges that stand in the way of recovery.

At the onset of the pandemic, many small businesses were forced to operate on a skeleton crew, furlough employees, or even let them go altogether to remain open. This impacted restaurants and bars in particular, and that continued as more federal financial aid was released for unemployment benefits.

Now that lockdown orders have been largely lifted and in-person dining and shopping have resumed near or at pre-pandemic capacity, there are again positions to be filled and financial support to do so — but no one to fill them. Federal unemployment aid will continue through the summer and that will discourage those who wish to stay home and avoid exposure to the coronavirus from looking for a new job.

The additional unemployment aid flowing through the country has also contributed to potential wage escalation. Jobs with median annual incomes of $25,000-$30,000 pay less than what job seekers could earn from aid (versus taking a position). While this seems like a reasonable salary for a position in a small business, it will take a bit more to attract applicants that have the talent needed to excel in the role. Offering higher wages isn’t ideal for small businesses in the best of times, but it could be near-impossible for those who are already tight on resources.

If all of this wasn’t presenting enough of a hill to climb towards recovery, supply chain disruptions continue to cause a steep rise in the cost of steel, lumber, and plastic. This directly impacts manufacturing, but it also creates much higher costs for expanding a business’s physical footprint with newly constructed warehouses and distribution centers.

So what can a business do to conquer these challenges? First and foremost, create a culture that makes your employees want to stick around. Knowing that you have a core staff of competent, talented employees can give you the peace of mind you need as an owner to attend to high-value work and other recovery plans. If you can’t raise wages across the board, look for ways to add incentives to benefits plans; think about 401(k) options or performance bonuses.

Second to the relationships with your employees are the connections you have with suppliers and vendors. Nurture those connections, collaborate closely to overcome supply chain disruptions, and stay on their good side. This includes paying your bills and invoices on time, every time. Rely on these relationships to build up an inventory of items that may be in short supply or face high customer demand. If you are facing longer lead times for deliveries, be transparent and let everyone know, including your customers.

It’s never a fun discussion to be a part of as a business owner or an entrepreneur, but all signs point to impending economic inflation. An overheating economy could lead to a stock-market pull-back, and to prevent this downward spiral, the Federal Reserve will step in and raise interest rates. If businesses don’t prepare now, this could be another dire crisis after being in a pandemic for over a year.

Now is not the time to take your foot off the gas pedal. If you need more support in planning for inflation or post-pandemic recovery, we have several ways to help. From consulting to coaching, and even peer advisory groups, our team will help you find the resources, insight, and experience you need to grow and thrive despite what’s happening in the world around you.

We use decades of business experience to guide owners towards the fulfillment of their visions. For over ten years we have helped owners navigate high-pressure situations and potential pitfalls, all to come out better than ever on the other side. Are you ready to dissolve your barriers, commit to executing and achieving your vision? Contact us today and we can get started.

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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: