Business on the Horizon
By: Meredith Walker | Posh Events and Affairs | www.posheventsandaffairs.com
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n the 2019 Fall Edition of the Small Business Concierge Magazine, I wrote an article entitled “Is the Social Events Industry Recession Proof.” At the time, murmurs and grumblings were going on about the state of the economy. Depending on which expert you chose to listen to, something was on the horizon that could alter the business world’s course.
One might ask, “How do you shift the way you have been doing business to something new when you’ve lost customers and are struggling financially?” There is financial support out there, but you have to be diligent, persistent, and patient. The U.S. Department of the Treasury the Coronavirus Aid, Relief, and Economic Security (CARES) Act assisting workers,
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Never did I imagine within a few short months of writing that article, the world would be in the middle of a pandemic known as COVID-19 and that it would abruptly disrupt the way we did everything. From going to work, shopping, traveling, socializing, religion, routine doctor appointments, and funerals; to the devastating blow to our economy and our wellbeing, we are experiencing is dubbed the “New Normal.” During these “economic downturns,” small businesses need to be laser-focused, honing in on their services or product offerings, ready to shift and adjust for the changing times. Today’s social norm is allowing me to ignite my creative talents in multiple ways, and I am excited. But do not think that I am ignorant of the struggle ahead. I am aware of the news reports stating that over 20.2 million individuals have lost their jobs in the services and hospitality industry (MSNBC). I have lost a significant amount of revenue due to event cancellations and offering full reimbursements to my clients. But now is not the time to give up. Now is the time to shift and adjust to the changing times, or you could be left behind. 14 | Spring 2020 Extended
“No man ever injured his eyesight by looking on the bright side of things.” - Author Unknown
families, and small businesses. As a result, the U.S. Small Business Administration (SBA) is offering several relief options and resources; • The
Economic Injury Disaster Loan (EIDL) • EIDL Advance (for U.S. agricultural businesses) • Paycheck Protection Program (PPP) • SBA Express Bridge Loans • SBA Debt Relief Thankfully, it doesn’t stop there. A plethora of resources is out there waiting and willing to help business owners during this time. While we are ‘sheltering-in-place,’ there are learning and mentoring opportunities from successful business owners and companies on how to survive this pandemic, but how
