Business Insider spoke to five small luxury businesses, located in Italy, Bangladesh, China, Switzerland, and the United States, to find out how they're handling a decline in sales, unsteady markets, the mental health of their employees, and what their hopes are for a post-coronavirus world.
Quickly, the brand pivoted to e-commerce, and cofounders Matthew Herman and David Kien went back to pouring their own candles — something they hadn't done since the company first launched in 2016. One big issue the company has now been dealing with is trying to find ingredients for candles, as some necessary products are not able to be exported from the countries they used to source from.
Check out this next:
A Salon Owner Worries About The Lockdown's Impact On Her Business : NPR
CHRISTINE MACCARONE: I'm afraid my girls may not come back to work. They may go out and find another job. They need money to survive.
MACCARONE: I have everything ready to go for my girls. I have, you know, masks. I have shields. I got everything I need to protect them. It's still going to be a mess for us because, you know, we're - we can't social distance at all. We're touching people. It's very difficult in this industry to cut with gloves on. And we're going to have to limit how many people go into a hair salon. Like, before we could have up to 10 people. Now it's going to be, like, one on one.
A Realtor Reflects On The Impact Of Lockdown On Her Business : NPR
Marilyn Rivera Torres, a realtor in Puerto Rico, says the lockdown has dried up her finances. Confusion over the governor's executive orders also make it unclear how to resume her business.
* * *
SIMON: Just when they were about to close on a sale, a contract was canceled - another economic effect of the coronavirus pandemic and one that Marilyn Rivera Torres knows. She's a broker for MRT Real Estate in Arecibo, Puerto Rico.
RIVERA TORRES: We don't know how long this is going to last. It's kind of difficult, especially for me because I'm already running out of money.
In CNY village largely untouched by coronavirus, business owners share thoughts about reopening -
Marcellus, N.Y. — On the steps of a closed consignment shop, two full bottles of sanitizer sat silently this week, waiting for any passerby that might need them for home. A few houses down from the local high school, a family had set up a stand offering free masks to anyone in need.
On Monday and Tuesday, the village's quaint downtown was quiet. About half of the local business offices appeared closed. The lunch crowd was muted. The night owls are hibernating.
Quite a lot has been going on:
Carlyle, GIC Back Away From AmEx Global Business Travel Deal - WSJ
Private-equity firm Carlyle Group Inc. and Singapore sovereign-wealth fund GIC Pte. Ltd. are backing away from a deal to take a 20% stake in American Express Global Business Travel, whose revenue has plummeted as a result of the coronavirus pandemic.
Coronavirus: PPP may have left minority business owners behind
Many small businesses, particularly restaurant and bar owners, have complained that the 75% requirement prevents them from using the bulk of the funds to cover expenses such as rent, utilities and payments to vendors.
The inspector general called for the SBA to reconsider the 75% requirement, issue guidance requiring lenders to prioritize underserved communities, and revise borrower applications to include demographic data.
"The Inspector General's review makes clear that the Trump administration must immediately fix the Paycheck Protection Program to help the truly small businesses that have so far not received the help they need," said Sen. Chuck Schumer, D-NY, who requested the report along with Sens. Ben Cardin (D-Md.) and Sherrod Brown (D-Ohio).
Florists guarded in optimism as Mother's Day business appears promising - The Monitor
McALLEN — Despite a global pandemic, an economic crisis and a world that seems to be very much turned upside down, it looks like flowers on Mother's Day are still a necessity.
That was certainly the case at Southern Roots Flower Market in McAllen on Friday, where owners Mariana Linaldi and Rodrigo R. Rodriguez waded among piles of peonies, roses and maraca flowers in the shop. Florists in facemasks snipped and arranged flowers bound for mothers and grandmothers, while other employees met customers at the door with bouquets and baskets.
Is the Next Generation of Your Family Business Entrepreneurial Enough?
Many family businesses are built around the legend of the entrepreneurial founder who persevered in the face of adversity. But for some business families, it’s easier to pay lip service to the founding entrepreneurial values than it is to actually instill the drive required to nurture those values generation after generation. The senior generation in a family enterprise often struggles to distinguish the fine line between nurturing entrepreneurial talent and coddling.
The great secret of business families that achieve tremendous wealth and hold onto it for generations is that they persistently promote the entrepreneurial spirit that led to their initial success. That drive — a combination of ambition, sheer will, and the willingness to take calculated risks — is integral to long-term success, particularly in challenging times.
Happening on Twitter
If they benefited from a program designed to support small businesses, then they should be taxed like businesses. https://t.co/zjx8pdO6wY WFKARS (from Maine, USA) Sat May 09 14:30:20 +0000 2020
"We need to immediately get a financial package to small-medium businesses, get money in the hands of poorest, have… https://t.co/fmqbIT0DgN ndtv (from India) Fri May 08 05:52:25 +0000 2020
This Admin is cont. to build on our efforts to support small agricultural businesses. ✅Worked w/ small lenders + fa… https://t.co/6WtwmJaDyR IvankaTrump (from Washington, DC) Fri May 08 22:27:22 +0000 2020
No comments:
Post a Comment