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Hello everyone, I am suggesting we have a thread with comments that only relate to information regarding help for businesses or communities affected by recent events.

 

I will start the thread by listing relevant links I have at this time:

the U.S. Treasury Department has released a draft application for the Paycheck Protection Program (the
new forgivable loan program) created by the CARES Act. The Paycheck Protection Plan application process starts
Friday, April 3, 2020 and those eligible and interested in applying should begin that process as soon as possible:


- For a top-line overview of the program:
https://home.treasury.gov/system/files/136/PPP -- Overview.pdf


- If you’re a borrower, more information and links to SBA lenders http://www.sba.gov/ can be found here:
https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf


- The application for borrowers can be found here:
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf


Importantly as well, we have included links to Small Business Administration (SBA) resources that will help navigate
the government subsidies, loans and programs available:


- The SBA’s Local Assistance Page, https://www.sba.gov/local-assistance which provides local resources and
information on offices and other resources around the country;


- Lender-Match, https://www.sba.gov/funding-programs/loans the SBA’s tool to find local banks and lenders
based on your needs and;


- SBA’s Coronavirus Resource Page:
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

 

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Hello everyone, I am suggesting we have a thread with comments that only relate to information regarding help for businesses or communities affected by recent events.   I will start the thre

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      https://youtu.be/CY5NhAqzOx0
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      Mobile Listening APP's HERE
      Join the Ecosystem - Subscribe to the INSIDER NEWSLETTER HERE.
      Buy Carm a Cup of Coffee 

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      Buy me a coffee

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      Listen for free on Apple Podcasts, Google Podcasts, Spreaker, iHeart Radio, Spotify, Podchaser and many more. Mobile Listening APP's HERE
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      January 2020 started without a hitch. We hit our sales and profit goals in textbook fashion. However, by the end of February, it was obvious that something wasn’t right. Sales for the month dipped by more than 30 percent. It was devastating. What we didn’t realize was that this was just the beginning of even greater losses. By the time Governor Cuomo of New York issued the stay-at-home order on March 22, sales had dropped 75 percent. With most of the country in lock-down, I didn’t know what to fear more—the coronavirus or the impending financial disaster the world was about to endure.  
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      When the impact of the virus first hit, emotions filled my mind every waking moment, mostly due to the uncertainty of the situation. Then, reality set in and all I could think about was my obligation to others. As an essential part of the community and the nation, it was my obligation to keep the doors open and be there to make sure that those that needed to get to work, could. If we were to win, survive and thrive, we had to create a winning environment. That meant that I had to elevate my leadership to a new level, put the health and welfare of my staff before anything else and realign my goals. In the coming days and weeks, I would get a working man’s PhD on how to win in times of crisis. 
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      My hope is that by the time you read this article, COVID-19 will be well under control.  Human interaction is crucial to our overall well-being. We need not only, the emotional touch of another person, but also the physical touch of others.  While Facetime and Zoom will get us through, it will never replace a good old fashion handshake and a hug. 
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    • By Joe Marconi
      January 2020 started without a hitch. We hit our sales and profit goals in textbook fashion. However, by the end of February, it was obvious that something wasn’t right. Sales for the month dipped by more than 30 percent. It was devastating. What we didn’t realize was that this was just the beginning of even greater losses. By the time Governor Cuomo of New York issued the stay-at-home order on March 22, sales had dropped 75 percent. With most of the country in lock-down, I didn’t know what to fear more—the coronavirus or the impending financial disaster the world was about to endure.  
      Before we go on, it’s important that we all remember those that have lost their lives due to COVID-19.  As in any crisis, there will be suffering. However, as a society, we must not dwell on it or let the crisis beat us. We must find a way to fight it and succeed.  
      When the impact of the virus first hit, emotions filled my mind every waking moment, mostly due to the uncertainty of the situation. Then, reality set in and all I could think about was my obligation to others. As an essential part of the community and the nation, it was my obligation to keep the doors open and be there to make sure that those that needed to get to work, could. If we were to win, survive and thrive, we had to create a winning environment. That meant that I had to elevate my leadership to a new level, put the health and welfare of my staff before anything else and realign my goals. In the coming days and weeks, I would get a working man’s PhD on how to win in times of crisis. 
      The first lesson learned in all this is to have the right mindset. We can’t look backward in time or wait around for a return to what we perceived was once normal. Looking forward and building a new future is all that matters. If you tell yourself, “the sky is falling.” It will.  Negativity spreads like a virus and infects everyone around you. Your mind shuts down in panic mode, clouding your judgment and mentally and physically paralyzing you. You must remain mentally strong and positive, even when you know the brutal facts of the situation. This is crucial. You, the leader of your shop, cannot lead others if you show fear and negativity. Be human, show emotions, but have the mental fortitude and show your team that we will get through this crisis. 
      The next lesson is to make sure you have the right people around you. A strong team with the right culture is important in business. In times of crisis, it’s the difference between success and failure. As the weeks unfolded, it became clear to me who my leaders were. It would be those employees that I would turn to in order to maintain morale and lift everyone’s spirit. Leaders cannot succeed without having the right team around them. Take a look around you. Do you have the best employees with the right attitude? If not, begin the recruiting process today. 
      Realigning my goals and understanding my new key performance numbers was next up. My 2020 business plan, created in December 2019, had little meaning by mid-March. I am not admitting defeat for the year by any means. Rather, we now have new objectives and a clean slate. From this point on, it is critical that we remain profitable: watching every expense, tracking production, keeping payroll within budget, and building for the future. The past is the past, it cannot be changed. What we have now is the opportunity to make each day better than the day before. 
      Perhaps the biggest lesson learned was more of reminder than a lesson. It’s that above everything else, people come first.  All the planning, goal setting, marketing and number crunching mean nothing unless you understand that you, as a shop owner, have the power to achieve great things by your words and actions. Yes, it all goes back to leadership and understanding your obligation you have to others. All of us will have different lessons learned from crisis.  Which means, there is great opportunity on the horizon. Use those lesson to make your tomorrow better than yesterday. 
      My hope is that by the time you read this article, COVID-19 will be well under control.  Human interaction is crucial to our overall well-being. We need not only, the emotional touch of another person, but also the physical touch of others.  While Facetime and Zoom will get us through, it will never replace a good old fashion handshake and a hug. 
      This story was originally published by Joe Marconi in Ratchet+Wrench on June 5th, 2020

    • By Joe Marconi
      Due to COVID-19, many repair shops experienced a severe economic downturn, some with a drop in sales over 50%.  Without a strong cash reserve and/or SBA funding help, many shops would have gone under. 
      My 40 years as a shop owner has taught me to always have a cash reserve.  However, never would I have ever imagined a downturn like the one with COVID-19.
      So, how do we plan for the next financial crisis.  And, it will happen. Perhaps not as bad as the the virus crisis, but it will happen.
      Here are a few things to consider: Have a separate, and hard to access, cash reserve bank account that has least two months of expenses. Also, secure a line of credit for at least one to two months of expenses.  Also, know your numbers, keep payroll in line, and make sure your prices are fair to you too, not just your customers.  Keep in good standing with all your vendors and keep your credit score high! 
      The bottom line here, is truly the bottom line.  To weather the next financial downturn, you need a strong balance sheet and net profit to the bottom line.
      What other strategies are you considering or implementing? 
    • By Joe Marconi
      A ride to the Mall with my wife today (yes, I went to the Mall, got a problem?) gave me assurance that things are really getting back to normal. The stores were full, the roads were packed and expect for the masks people are wearing, you would think it's just another ordinary summer weekend! 
       





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