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...]
How to Connect During a Crisis
Small business owners face new challenges during this crisis. Communicating with customers requires more focus and depth than ever before. In Mat Zuker’s latest article for Forbes Magazine, he cites Jay Mandel who runs The Collective NYC, a marketing consulting team focusing on a customer’s experience, who underlines the importance of businesses to understand their mission statement and values in order to re-enforce marketing strategies. Information is Crucial. Each customer visiting your website needs to understand your hours of operation, any limitations to service and what is being done to ensure cleanliness. Providing this information establishes to your customer your seriousness of precautions which will be appreciated during this time. Connect with your community. Focus on your employees, donate to charities and offer discounted or free products, as far as your financial situation allows. Provide Utility for your Customers. Now, more than ever, it is important to … [Read more...]
Finding the Best Business for You
So, you want to own a business? Of course owning the right kind of business is extremely different from owning just any business. Owning the wrong kind of business can make you absolutely miserable. If you are considering buying a business, it is essential that you invest time and effort into determining the best kind of business for your needs and your personality. In a recent Forbes article, “What is the Right Type of Business for You to Buy?” author Richard Parker explores how buyers should go about finding the right business fit. Parker is an expert when it comes to working with buyers as he has spoken with an estimated 100,000 buyers over his career. In that time, Parker has concluded that it is critical that you don’t “learn on your own time.” His key piece of advice concerning what type of business to buy is as follows. “While there are many factors to be considered, the answer is simple: whatever it is you do best has to be the single most important driving factor of … [Read more...]
Great Tips for Selling Your Business
It takes preparation and focus to sell most businesses. The reality of the situation is that it can take years to achieve this goal. Partnering with a business broker or M&A Advisor is a smart step towards selling any business, as these pros know the very best tips. In that spirit, let’s take a look at some great tips for selling your business. Getting your business ready to sell means carefully evaluating the foundation. Any significant problem can send buyers “running for the hills,” so be sure that you work out any problems well before placing your business on the market. If you have any litigation or environmental issues, you most definitely want to address those issues before it is time to sell. Nothing will scare away prospective buyers quicker than pending litigation or the specter of a potentially costly environmental clean-up. A second key issue you’ll want to address is determining who exactly has the legal … [Read more...]