I know many of you are reeling from the current crisis caused by Coronavirus. I hope that you have taken these two steps:
Apply for your PPP Loan through your bank
This is quite easy and I have spoken to many operators who have already gotten checks.
Apply for your SBA Disaster Assistance loan
This one is peskier but applying should not take more than a few hours. I don’t know anyone who has collected a payment here yet, but I believe they will come. Don’t forget, at the end of this application, there is a box to check to get $10,000 in quick assistance, within days. Make sure you check the box.
Some of you who I’ve talked to have made deep cuts, which are likely well thought out but poorly executed. My old friend Greg Winfield, who is a corporate restructuring guy, says, “Cuts are needed, but don’t cut into the bone.” Never forget how many years it took you to find and train key employees. Your competitors would love to have those folks.
With the PPP program, keeping every employee working at full salary or paying them to go home positions you to be one of the first to spring back and be at full speed with your top folks. And the government forgives the loan if you do that. Losing people is just short sighted and unnecessary.
Be thoughtful. Don’t panic and make quick decisions that seem necessary, but that, in the end, are flawed strategically and will hurt the long-term prospects for your business.
If you are one of the weak ones, hunker down, weather the storm, but promise yourself that you will make significant changes in how you operate when this is over. Follow through and become a change agent or find someone who can fill that role. Maybe it is really time to put your son or daughter in charge!
Remember only you can make business great!
Ron Sturgeon, Mr. Mission Possible, has been a successful business owner for more than 35 years. As a small business consultant, he can deliver wisdom and advice gleaned from an enviable business career that started when he opened a VW repair business as a homeless 17-year-old and culminated in the sale of several businesses he built to Fortune 500 companies.
Ron has helped bankers, lawyers, insurance agents, restaurant owners, and body shop owners, as well as countless salvage yard owners to become more successful business people. He is an expert in helping small business owners set the right business strategies, implement pay-for- performance, and find new customers on the web.
As a consultant, Ron shares his expertise in strategic planning, capitalization, compensation, growing market share, and more in his signature plainspoken style, providing field-proven, and high-profit best practices well ahead of the business news curve. Ron is the author of nine books, including How to Salvage More Millions from Your Small Business.
To inquire about consulting or keynote speaking, contact Ron at 817-834-3625, ext. 232, rons@MrMissionPossible.com, 5940 Eden, Haltom City, TX 76117.ec