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After abruptly closing their doors in March, to gradually reopening in May, to partial closings in some states in June, COVID-19 remains a threat to the survival of American businesses. Despite Congress’ historic $700 billion support package, millions of American remain out of work. As of May 12
th, more than 100,000 small businesses closed their doors forever. In a March survey of 5,800 small businesses, only 47% expected to be in business at the end of the year, if the crisis lasts 4 months. More than 4,500 retail stores have closed permanently, with estimates of over 15,000 locations for 2020.
Weathering the crisis and rebuilding is not assured. Now it is more important than ever that owners strategize and create a survival plan, on a quarter-by-quarter basis. It will require significant and well-reasoned judgments and estimates about revenue, payroll, and fixed and discretionary costs. In addition, you need a new method to evaluate your customers, employees, as well as your existing business model:
- Who among your customers are recurring and committed?
- What adjustments will you make to your survival plan, if the virus recurs in your area?
- If you must downsize, how do you choose which employees to keep on your team?
- Should you reinvent your business model? / How would you design your business if you starting it for the first time today?
Credit markets will be tight for the foreseeable future, and the capital markets may be volatile. A survival plan requires developing strategies for accessing capital. We will look at sources of capital, including:
- Extension of and recent changes to the SBA’s Payroll Protection Program,
- The Federal Reserve’s Main Street Lending Facilities,
- The Securities and Exchange Commission’s temporary crowdfunding relief rules, and
- Racial inequality and the challenges faced by minority-owned businesses raising capital.
The virus is still contagious, lethal to many, particularly the vulnerable sectors of our population. Businesses are worried about liability, both to their customers and their employees. A survival strategy must include protecting your employees and customers. In addition to federal and state guidelines and mandates, we will discuss other steps to minimize liability, including:
- Can you demand that employees and customers wear masks, if it is not mandated by your state or local government?
- Should you require written waivers that specifically acknowledge the risks posed by COVID-19?
- Do employees and customers have a choice?
Registration Fee: Free to Members, Sponsors, and Non-Members.
CPE: This program qualifies for one (1.0) CPE credit for attendees who participate in the polling questions.
Have Questions or Need Registration Support? Contact Denise Parker, Chapter Administrator, at
[email protected] or 813.494.9551.