After the onset of the pandemic, Mollie Engelhart, owner of Sage Vegan Bistro and Brewery, says she felt a commitment to her community, spending "all day in the restaurants trying to figure out how to make it all work." The business pivoted to sell to-go food and specialist pantry items, and Engelhart relied on a small-business loan and partnerships with other restaurants.
Outlining five different areas that may indicate your marketing strategy is no longer working, columnist Thomas Griffin explains how to fix them. Higher unsubscribe rates could indicate a problem in your email campaigns, so consider scaling down your outreach, using personalization and sending different emails to your different audience segments.
This infographic from Bannersnack provides a guide to creating Instagram Carousels based on Socialinsider insights for optimal engagement. The visual displays design, style and copywriting tips, and information on the best third-party tools.
Firing an employee who works remotely requires planning and a proper process, writes Jane Genova. Think about how to create an official termination letter, who will be present for the actual firing and how to communicate the message internally.
The pandemic has forced startups to look for short-term solutions to stay afloat, but founders can't forget about long-term plans, says Jamie Jones of Duke University's Fuqua School of Business. Opportunities exist to try new products, and customers are likely to be forgiving of missteps in this environment, Jones says.
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With time running out for Paycheck Protection Program applications to be submitted, a substantial amount of funding remains available. Lawmakers continue to discuss what to do with the leftover funds, with a Republican proposal suggesting that the money should be repurposed for targeted relief.
Don't waste time wondering when the coronavirus pandemic will end, and instead focus on scenario planning, leveraging your strengths and searching for opportunities, writes Scott Eblin. "Create some space for the important work of reimagining the future before it becomes completely urgent," he writes.
To survive the economic disruptions of the coronavirus, 20% of small businesses have laid off or plan to lay off employees after using up the PPP loans, according to a survey by the National Federation of Independent Business. "Come October, if everything stays the same, there's really no chance we'll be able to operate," says restaurant co-owner Bonnie Morales.
We are now beginning to see that as the PPP funds are being exhausted, some companies are having to face once again the potential of having to lay off some of their workers. And so that's why it is time for a second round of PPP assistance.
Marco Rubio, Senate Small Business Committee Chairman, as quoted by Fox Business