It’s been an up-and-down year for everyone, and during the pandemic, flexibility has been the operative word. For many businesses, the opportunity to be able to resume activity to suddenly being demanded to close, the pattern has been frustrating for everyone. It’s been too much to ask for many businesses, and many businesses have had to shutter their doors for good.  

The transformation for most industries is far-reaching, and the damage to some may be permanent. Traditional clothiers that specialize in office wear, for example, are having a hard time making the transition to the work from home environment. In contrast, more casual wear manufacturers see a spike in sales. 

The challenge is for traditional businesses to pivot and adapt or perish. 

Be Agile And Succeed

Not everything is bad news, however. While the pandemic has hard hit some businesses, others are finding ways to thrive. By being agile, focusing on client and staff relationships, and going a step above and beyond, The Londoner, owned by Anthony Morrison, is able to expand its business while so many others are contracting. 

Besides working on staying relevant to clients during the various lockdowns, Anthony Morrison focused on one area during the multiple shutdowns that are getting classified as a sustainable, green business. 

By moving The Londoner outdoors, Anthony Morrison and Managing Director Bradley Davis worked with staff to ensure that hair care products they used were not harmful to the environment. Pairing with local officials and The California Green Business Network, The Londoner has decidedly made the transition to a green business model. 

Meanwhile, restaurants, retail, and hotel and tourism industries are suffering a catastrophic event to their business models. With profit margins already razor-thin, many restaurants have decided to throw in the towel rather than try to adapt to the ever-changing public health environment. 

Those closures affect the businesses and the employees and families that depend on those restaurants for income. 

Lack Of Federal Help Requires Locals To Seek Alternative Funding

Unfortunately, at the time of this writing, Congress and the Federal Government have fought to pass and sign into law an aid package to address an adequate amount to mitigate industries’ continuing economic damage. 

There is hope on the horizon as an aid package was sent to the President, but due to various factors, the President has threatened the bill as not adequate and the delay in signing has left those in need to hang in limbo.  

So with Federal assistance being so unsettled, what can a business or individual do to make ends meet? The answer may be in finding short term financing to assist you. 

Short-term financing can best be understood as being broken into three ways. One form is through trade credit. Another is to secure traditional commercial bank loans and credit lines, and the final form is through secured loans. 

With trade credit, you are requesting that your account payables extend your credit until such a time as your business can make whole on the debts. There is an underlying risk involved with trade credit, and it may be difficult to negotiate in some industries right now. 

Traditional bank loans and credit lines will examine your business transactions to extend credit and short term loans for those who qualify. 

For secured loans, the borrower will have to offer some collateral to “secure” the loan. A secured loan provides less risk for the lender but is usually the option for those with a less than stellar track record or poor credit rating. For these types of loans with bad credit ratings, the lender will ask for sizable guarantees, and personal collateral may be necessary to secure the loan. 

The goal of getting some alternative financing is to patch up some holes in the revenue stream and not a long-term strategy for your overall business health. If there is an increase in the Federal Paycheck Protection Program or PPP, then considering these financing types is another option. 

Better Days Ahead

Regardless of what options a business needs to explore, everyone’s key is to become more adaptive. We don’t know the timeline that this virus is going to take. Still, those businesses and individuals who position themselves in flexible ways will be best situated to survive. 

With several vaccines on the horizon, a return to some normalcy isn’t too far off. In the meantime, individuals and businesses need to be creative and pivot their practices to accommodate the current climate. 

It will get better.

It’s been an up-and-down year for everyone, and during the pandemic, flexibility has been the operative word. For many businesses, the opportunity to be able to resume activity to suddenly being demanded to close, the pattern has been frustrating for everyone. It’s been too much to ask for many businesses, and many businesses have had to shutter their doors for good.  

The transformation for most industries is far-reaching, and the damage to some may be permanent. Traditional clothiers that specialize in office wear, for example, are having a hard time making the transition to the work from home environment. In contrast, more casual wear manufacturers see a spike in sales. 

The challenge is for traditional businesses to pivot and adapt or perish. 

Be Agile And Succeed

Not everything is bad news, however. While the pandemic has hard hit some businesses, others are finding ways to thrive. By being agile, focusing on client and staff relationships, and going a step above and beyond, The Londoner, owned by Anthony Morrison, is able to expand its business while so many others are contracting. 

Besides working on staying relevant to clients during the various lockdowns, Anthony Morrison focused on one area during the multiple shutdowns that are getting classified as a sustainable, green business. 

By moving The Londoner outdoors, Anthony Morrison and Managing Director Bradley Davis worked with staff to ensure that hair care products they used were not harmful to the environment. Pairing with local officials and The California Green Business Network, The Londoner has decidedly made the transition to a green business model. 

Meanwhile, restaurants, retail, and hotel and tourism industries are suffering a catastrophic event to their business models. With profit margins already razor-thin, many restaurants have decided to throw in the towel rather than try to adapt to the ever-changing public health environment. 

Those closures affect the businesses and the employees and families that depend on those restaurants for income. 

Lack Of Federal Help Requires Locals To Seek Alternative Funding

Unfortunately, at the time of this writing, Congress and the Federal Government have fought to pass and sign into law an aid package to address an adequate amount to mitigate industries’ continuing economic damage. 

There is hope on the horizon as an aid package was sent to the President, but due to various factors, the President has threatened the bill as not adequate and the delay in signing has left those in need to hang in limbo.  

So with Federal assistance being so unsettled, what can a business or individual do to make ends meet? The answer may be in finding short term financing to assist you. 

Short-term financing can best be understood as being broken into three ways. One form is through trade credit. Another is to secure traditional commercial bank loans and credit lines, and the final form is through secured loans. 

With trade credit, you are requesting that your account payables extend your credit until such a time as your business can make whole on the debts. There is an underlying risk involved with trade credit, and it may be difficult to negotiate in some industries right now. 

Traditional bank loans and credit lines will examine your business transactions to extend credit and short term loans for those who qualify. 

For secured loans, the borrower will have to offer some collateral to “secure” the loan. A secured loan provides less risk for the lender but is usually the option for those with a less than stellar track record or poor credit rating. For these types of loans with bad credit ratings, the lender will ask for sizable guarantees, and personal collateral may be necessary to secure the loan. 

The goal of getting some alternative financing is to patch up some holes in the revenue stream and not a long-term strategy for your overall business health. If there is an increase in the Federal Paycheck Protection Program or PPP, then considering these financing types is another option. 

Better Days Ahead

Regardless of what options a business needs to explore, everyone’s key is to become more adaptive. We don’t know the timeline that this virus is going to take. Still, those businesses and individuals who position themselves in flexible ways will be best situated to survive. 

With several vaccines on the horizon, a return to some normalcy isn’t too far off. In the meantime, individuals and businesses need to be creative and pivot their practices to accommodate the current climate. 

It will get better.