Saturday, March 28, 2020

What Small Businesses Need to Survive the Coronavirus Crisis

As local and state governments issue shelter-in-place orders, asking residents to remain home for all but essential errands, businesses — especially small local businesses — across the U.S. are facing difficult decisions. These institutions are crucial to our nation's economy, employing 58.9 million people in the United States, or about 47.5% of the total private sector workforce.

My company, FASTSIGNS International, is included in these measures. We are a franchise brand with individual units owned and operated by local entrepreneurs. Businesses like ours support other businesses and organizations by providing signage and visual graphics for conferences, trade shows, events, point of purchase displays, and promotional advertisements. Suddenly — but understandably — demand for these services has dropped. Our business isn't alone.

Publisher: Harvard Business Review
Date: 2020-03-27T17:42:48Z
Twitter: @harvardbiz
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And here's another article:

As the U.S. shuts down, StockX’s business is booming, says its CEO – TechCrunch

StockX , the high-flying resale marketplace that connects buyers and sellers of sneakers, streetwear, handbags and other collectible items, has seen its fortune rise along with the $6 billion global sneaker resale market, which is part of the broader $100 billion sneaker category. In fact, the company, which was assigned a billion-dollar-plus valuation last year, says $1 billion worth of merchandise was sold through its platform last year.

The big question is whether StockX can maintain its momentum. Not only are other rivals biting at the heels of the five-year-old, Detroit-based outfit, which has raised roughly $160 million from investors, but some believe the streetwear "bubble" is on the verge of bursting. Add to the mix a pandemic that’s putting millions of people out of work (and in some cases jeopardizing the health of those still showing up), and you might assume that answer is no.

Publisher: TechCrunch
Date: 2020-03-27 18:07:41
Twitter: @techcrunch
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Local business on effects of non-essential business shutdowns

LAKE CHARLES, La. (KPLC) - Paw In Hand, a mobile pet grooming service, opened just over a year ago in the Lake Area.

Owner Britt Boyett says they had plans of expanding before the state ordered all non-essential businesses shut down. The business's cushion isn't as great as she'd like it to be, but she's focusing on making sure her employee is taken care of.

"You don't really expect these things to happen. Right now we're just playing it by ear," Boyett said. "The biggest thing that I'm worried about it affecting is my ability to pay my employee. She is my top priority."

Publisher: https://www.kplctv.com
Date: 2020-03-28T03:32:11.773Z
Author: Sydney Roberts
Twitter: @KPLC7News
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Trump bucks business on Defense Production Act | TheHill

Trump's move, which came after the business community lobbied against the use of the emergency powers, forces GM to prioritize ventilators after a deal with the White House faltered.

Trump also said the country "will be making over 100,000 pretty quickly." States have warned of a dangerous shortage of the breathing machines.

Trump also tapped White House aide Peter Navarro to coordinate policies enacted under the Korean War-era law that gives the president broad authority to increase the manufacturing output of critical items in times of national emergency, including public health crises.

Publisher: TheHill
Date: 2020-03-28T06:01:48-04:00
Author: Alex Gangitano and John Kruzel
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Many things are taking place:

How A Federal Stimulus Could Help LA's Small Businesses During The Pandemic: LAist

If you own or work for one of California's nearly four million small businesses , you're understandably freaked out right now. B ut help is on the way in the form of a federal $2 trillion stimulus package — $349 billion of which is for small businesses.

* * *

Small businesses have on average 27 days of cash buffer, and restaurants have even less — 17 days, according to Karen G. Mills, the former head of the federal Small Business Administration under President Obama and a current senior fellow at Harvard Business School.

Publisher: LAist
Twitter: @laist
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A Restaurant Owner Reflects On How The Pandemic Has Impacted His Business : NPR

Gary Ward owns two restaurants in the tight-knit community of Gloucester, Va. He shares how the outbreak has affected his business and his staff.

Publisher: NPR.org
Date: 2020-03-28
Twitter: @NPR
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Josh Fitzhugh: Resuming business - when and how? - VTDigger

Editor’s note: This commentary is by Josh Fitzhugh, of Berlin, who retired in 2013 as the president of Union Mutual Fire Insurance Company.

President Donald Trump has been widely criticized for expressing a desire that Americans return to work by Easter. He later modified his remarks to say reopening of businesses would depend on local factors such as population density and infection rates for the COVID-19 virus.

I am a “never Trumper” but in this case applaud the president for raising two critical issues: one, how we decide when to return to work, and two, the importance of work.

Publisher: VTDigger
Date: 2020-03-27T19:00:29-04:00
Author: Commentary
Twitter: @vtdigger
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Chinese Restaurants Close As Social Distancing Cuts Into Business : NPR

NPR's Scott Simon speaks to Truman Lam, whose family owns New York City's largest Chinese restaurant about why they decided to close their doors in the wake of the coronavirus pandemic.

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Publisher: NPR.org
Date: 2020-03-28
Twitter: @NPR
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