SBA PPP Loan Updates – Massachusetts

Massachusetts ranks 5th in average loan size in the latest SBA statistics for the Payroll Protection Program. The latest SBA report covers 15 days of PPP loan approvals, making a total 26 days since Round 2 started.  Over this period, Massachusetts ranked 5th with an average loan size of $194,128, more than double the initial average loan size of $82,794.  For the full period of Round 2, through May 23rd, Massachusetts was the 10th ranked state with an average loan size of $134,677. In total, 105,819 PPP Round 2 loans were approved in Massachusetts for $14.25 billion.  California received the highest number of loans and the most in dollars, but their average loan was slightly lower than Massachusetts.  DC businesses received the highest average loan amount at $192,844. Top ten states by Total Loan Amount State Loan Count Net Dollars Average Loan CA 517,371 $66,516,390,881 $128,566 TX 352,993         $40,289,668,116 $114,137 NY 286,743         … [Read more...]

Dealing with COVID-19’s Economic Impact: Planning and Communication are Key

At the top of the list that you should have to deal with the COVID-19 pandemic is to be proactive.  Now is the time to think about how to best position your business after the economy has returned to something near normal.  Now is not the time for self-pity.  In fact, not preparing for the relaunch of the economy will cost you. In author David Finkel’s recent Inc. article “10 Things Every Small-Business Owner Needs to Do to Deal with the Impact of COVID-19 on Their Business,” he outlines 10 key steps business owners should take immediately.  Finkel has written 12 business books and is CEO of Maui Mastermind business coaching company. There is no way of knowing how long the COVID-19 fueled economic downturn will last, and that means time is of the essence.  Business owners, regardless of their particular sector, need to prepare as though the economy could relaunch tomorrow. Finkel’s 10 Things:  Take steps to protect your staff and customers from getting sick. Tell your … [Read more...]

How to Make Remote Teams Accountable

One of the many, many changes that COVID-19 has ushered in is the extreme uptick in people working remotely.  Social distancing has made working from home a necessity for millions.  The technology that is allowing remote working to take place has matured greatly in the last decade.  Today, it is possible for team members to work from virtually any location.  Of course, as with most technologies, there is a potential downside.  Accountability can become a significant challenge with remote workers.  Of course, the more remote workers you have at a given time, the greater the potential challenges will be.  Many businesses are struggling with the phenomenon of remote working, as it is something new for them.  Under normal circumstances, large numbers of employees working remotely simply wouldn’t happen.  In a recent article, “The Right Way to Keep Your Remote Team Accountable,” author Elise Keith, Co-Founder and CEO of Lucid … [Read more...]

Focus, Focus, Focus

There is one question at the forefront of the vast majority of businesses around the globe these days - "what steps do I need to take to stay in business until the COVID-19 pandemic is over or recedes?".   There is no doubt about it, this is the big question of the day.  The global economic structure hasn’t seen this much uncertainty since WWII, and some would argue that we’ve never seen this level of global economic disruption.  Knowing what steps you need to take to keep your business up and running is of paramount importance.  In short, business owners must be sure that their businesses are in good shape.  You should take every step possible to position yourself for when the economy is back up and running at full steam.  The current level of chaos and uncertainty will not last forever and, as a business owner, you need to focus on getting your house in good order. Now is not a time to take a vacation - even if going somewhere was possible.  Instead, you should be focused … [Read more...]

SBA Report on PPP loans through May 8, 2020

The SBA has published statistics for PPP Loans approved from 4/27/2020 through 05/08/2020. Email us for a 6-page PDF of the report. Massachusetts had 56,506 loans approved at an average of $82,794 each. California had the most approved loans - 376,803 at an average of $95,016 while Florida had 222,570 at an average of $60,253. Second Round Approvals.     … [Read more...]

Survive the COVID-19 period by asking these questions about your business

Developing Your 90-Day Plan The more laser-like your focus, the better the chance your business will survive this pandemic.  View the forced downtime triggered by the pandemic as an opportunity to work on potentially neglected aspects of your business.  Summed up another way, now is the time for dynamic and focused action.  In this article, we’ll address what you can do to help your business survive this unusual time period.  Reevaluating Your Business This is the time to: - step back and look at every aspect of your business, including your processes. - find new ways of doing things. - make your business more efficient, more effective, and more competitive. Scott Bushkie, Founder and President of Cornerstone Business Services, recommended that business owners create 90-day plans where they look for ways to innovate.  This strategic plan should focus on what they are going to do and what they want to accomplish.  It is critical that there is an actual plan that … [Read more...]

6 Tips and 90 Days to Protect Your Business

The April 2020 COVID-19 centered article, by Inc. contributor Brian Hamilton, “6 Actions to Take in the Next 90 Days to Save Your Business,” isn’t pulling any punches.  Hamilton believes that the next 90-days could be make or break days for business owners looking to navigate the choppy waters of the COVID-19 pandemic.  His article provides readers with 6 actions they should take now to survive the economic fallout of the pandemic.  Tip #1 Vigorously Control What You Can Hamilton’s first tip is to “Vigorously control what you can.  Vigorously ignore what you can’t control.”  As Hamilton points out, you can’t control the economy; instead, you need to focus on what you can control.  His view is that there has never been a more important time to focus, “More than ever, you’ll need to go to war with things within your control.”  Now is the time to exercise control. Tip #2 Guard Morale During tough economic times, employee morale can be a real issue.  This brings us to … [Read more...]

In Memoriam – Ronald Hill

It is with great sadness that Northeast Business Partners reports the passing of Ron Hill, our co-founder and past president, of coronavirus on April 19th.  He retired from full time work in 2017 and was living in Belmont, Massachusetts at the time of his death.  Ron was well known in the brokerage business for his professionalism and low key manner.  After joining a Boston area business brokerage firm in 2000 as Senior Broker and Vice President, he co-founded Northeast Business Partners in 2003.  Before that he was CEO of a provider of  diversified health services where he led the merger and acquisition of over 15 separate entities. From 1990 to 2000 he built and sold a successful multi-unit business in the service sector. Ron completed post graduate studies in Healthcare Administration at Purdue University, the certificate program in Healthcare Marketing from the University of Pennsylvania, Wharton School of Finance and held a degree in Business Administration from Wayne State … [Read more...]

Tips for Telework

Rajshree Agarwal, Professor of Strategy and Entrepreneurship at the University of Maryland, explores how to get the most out of telework in her April 20th, 2020 Forbes article “Three Keys to Engaged, Productive Telework Teams”.  This timely article covers some very important territory for many companies dealing with the COVID-19 pandemic.  We explore Agarwal’s key points so that you can help your team get the most out of telework. Agarwal notes that people may shy away from sharing personal information and feelings while in the office.  But via video conferencing, the story can be different.  This is one reasons it is necessary for employers to keep in mind that the dynamic between you and your employees is often different when using video conferencing.  This will also be the case when your employees speak with one another.  She prudently cautions business owners against taking a “business-as-usual” approach to the COVID-19 situation, as it can make them look both unnecessarily … [Read more...]

The Benefit of Failure – How to Learn from It Instead of Fearing It

Failure is rarely fun.  But it is also a key ingredient in success.  While failure can be painful, there is no doubt that the lessons that come from failure can be powerful teachers that provide life-long lessons and even life-trajectory altering results.  Summed up another way, failure hurts.  But on occasion, not failing could hurt more, especially in the long run. In her Inc. article, “Why Tons of Failure Is the Key to Success, According to Seth Godin,” author Sonia Thompson points out that most people “avoid failure like the plague.”  Instead, they spend their time trying to achieve perfection.  When adopting this approach, people miss all kinds of opportunities because they are afraid of damaging their egos.  Embracing failure is a way to experience many “transformational benefits,” which would never be experienced without the lessons of failure. Thompson points to the work of 18-time best-selling author Seth Godin who has written about how entrepreneurs who fail more often … [Read more...]

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