An established building products company was chugging along with consistent revenue, but wasn’t growing at pace commensurate with a strong market economy. With new leadership on board, the owners sought to accelerate growth.
In March, congress passed the Coronavirus Air, Relief, and Economic Security Act (“CARES Act”), and since then companies throughout the country have jumped on applying for the Paycheck Protection Program (PPP) loan. Following weeks of many unknowns around the logistics of the PPP loan and several rule changes made by the Small Business Administration (SBA), we can finally say we have some certainty regarding how Borrowers can apply to have their PPP loan forgiven.
President & CEO, Cindy Anderson speaks as a special guest on The Impact Leadership Podcast with Jeff Nischwitz and Craig Matthews. Listen in as Cindy shares the secret sauce for building trust and a great culture. Cindy also shares her ideas on ways that culture growth leads to business growth.
Welcome to Thinc Strategy’s Early Reactions: A&E Firms and COVID-19 study. This study provides a snapshot of the early response, activities and business conditions reported by A&E Firms in the eight weeks after federal, state and local governments imposed initial restrictions on travel, gatherings and business activities.
A growing environmental and geotechnical engineering firm struggled to improve margins, which were approximately 1/3 of industry benchmarks. As the firm grew topline revenue, leadership was working harder than ever, but not seeing bottom line results. They had scrutinized overhead expenses and felt they were reasonably efficient. When they started to work with Thinc Strategy, they were skeptical about whether we could help them improve their efficiency. They just didn’t think there was anywhere else to cut.
If you’ve ever said, “we should be working with clients all over the world,” the new virtual work environment is your big chance. Today, with the right value proposition, willingness to partner and work ethic, you can unleash the geographic boundaries on your market potential.
Virtual meetings can be very efficient allowing everyone in the meeting to focus on each other and any shared documents. They will continue to be an integral part of how business gets done after stay-at-home restrictions are lifted. At Thinc Strategy, we believe the best approach is to treat them as you would other in-person professional interactions with a few modifications for the remote environment:
Now it’s time to put the money to work in ways that’ll position your business to qualify for having the loan forgiven, essentially converting the loan into a grant. While the SBA hasn’t issued full guidance for how businesses will need to apply for forgiveness, here’s what the conditions included in the CARES act along with advice from SBA-lending experts indicate business should be doing now:
Was your 2020 marketing plan put on hold last month? Many firms used savings from event cancellations and stay-at-home orders as part of their necessary expense reductions. That may describe your firm, but you can’t cut your way out of a downturn. You are going to need new clients to stay afloat and come out of this successfully. Here are four places to consider as you re-start your marketing machine:
As leaders and owners of businesses, we are faced with making decisions daily - some decisions are easy and some are not so easy. Unfortunately, the tough times we are facing as business leaders are causing a major disruption in our normal business operations and causing most, if not all, business leaders to think about the way the business operates. It has been an amazing testament to the business community and the leaders we work with daily to see every organization quickly respond, be nimble in their operations and pivot to what works in today’s environment.