By Joe Marconi
As a result of COVID-19, most business realize the need to enhance their crisis planning. For example, I have always set aside funds to offset any downturn, but my worst-case scenario fund accounted for a 25% decline in business. That was not enough. In addition, securing a line of credit, to only be used in a economic crisis is another way to shore up a business financially.
What changes have you made that will prepare your business for the next crisis?
By Elite Worldwide Inc.
By Bob Cooper
During difficult times like these it's important to look for creative ways to keep your shop's name in the minds of your community members. Here are 3 easy-to-implement tips that will help your shop build its brand recognition in today's climate.
1. If you have a shuttle or any type of vehicle that features the name of your shop, it's important to get that vehicle out in your community. There are plenty of charitable organizations you could partner with that may need delivery assistance, such as Meals on Wheels. You could also provide a shuttle service for local retirement homes and any other group that may need assistance getting around your community, or you could even deliver groceries or household items to these groups. Getting your business's name out there and helping your community will certainly help people remember your shop.
2. Host an online course for people who are currently stuck at home. One specific idea is to host an online car care clinic for new drivers, teaching them things like how to maintain a car, how to deal with a flat tire, how to read and use their car's owner manual, and other similar topics. Not only will this help them learn vital information, but it will give them an indoor activity to focus their attention on, which I'm sure their parents will thank you for.
3. Now more than ever, it's important to have the right attitude each day. This is crucial not only for your own well-being, but for the well-being of everyone around you. A positive outlook will permeate throughout your staff and your community, and show people the type of business you have; one that views each day as a new opportunity to build a wonderful life and a wonderful company.
For additional help building a more successful auto repair business, feel free to give us a call at 800-204-3548 or visit the Elite website.
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By Mark Johnson
Shop owners did you hear? If you have been affected by COVID-19 you are eligible for a SBA disaster loan of up to $2M. This loan is from the Federal Government with interest an rate of 3.75% and up 30yrs payment term. It is not available in private financial institutions (banks).
ALL STATES CAN NOW APPLY!
So what information do you need?
● Most recent Federal income tax returns
● Personal Financial Statement
● Schedule of Liabilities listing all fixed debts
● You Fill out All SBA Paperwork
● Year-end profit-and-loss statement and balance sheet for that tax year
● A current year-to-date profit-and-loss statement
● Monthly sales figures for increases in the amount of economic injury.
And there may be even more!
We are currently helping shop owners navigate through the applications process.
For more info call us at 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min
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