Business Consulting Services
How we can help?
Our team of business consultants can provide you with new outside perspectives on how your organization can grow.
Our past successes include
- Working with the owner of a linen plant to analyze his current operation and provide him with a solution to allow his organization to take on a new contract that doubled his business
- Showing organizations new marketplaces to offer there products and services
- Providing marketing advice so as to attract additional clients
Coronavirus / COVID-19 Business Advice
During these tough times many are looking to government for help. Some help seems to be forthcoming and details are unfolding almost daily. Personally looking at the situation you could take a additional approaches.
Looking over popular topics in Facebook groups here are some of my suggestions on how businesses could continue to operate.
1. Can’t pay your commercial rent? Go directly to your landlord and explain the current situation that you are in. Pick up the phone (don’t email the landlord as your tone doesn’t come through nearly as well in an email versus over the phone) and plead for some short term relief. Make a deal with them. If Donald Trump was still in business from his past business record this is exactly the kind of thing he would have done to keep his businesses alive during this and thriving with better terms once this is done. Look at the issue objectively from all three sides (the business tenant, the landlord, and the bank that holds the mortgage). If they can’t get a tenant to rent the space then they will go with zero income and have the expenses of property taxes and maintenance for the place. The grass will still need to be cut in the summer and in the winter some level of heat will still be required for the building to keep pipes from freezing if a tenant is in the property or not. Businesses take a lot of effort to get off the ground. With many people going through their savings any new businesses won’t have the cash to pay the rents that they were paying before this happened. If a bunch of businesses close their doors there is going to be a glut in available retail and office spaces to rent. That will cause an even greater drop in market rates for rental properties. As the business owner the power is on your side. What’s the worst that they can say to you? If they say no then you are back at the same spot you were at before you picked up the phone. If on the first phone call the landlord refuses to give you any breaks tell them to take these suggestions to the bank so that they can get a break on the mortgage on the property. From the bank’s point of view foreclosure is very expensive. They want to avoid that! My suggestion is to do this quickly as your suggestions will give the landlord some ideas for them to negotiate when they may have to make a call to their bank/mortgage company.
2. For the lawyer who is struggling to operate with a closed courthouse we suggest that they simply sidestep the closed courthouse. Legal services are still operating. Lawyers are on the list of essential businesses. In opening the March 28 LFP we found 2 legal ads for class action cases on the go. Legal disputes are getting resolved. We suggest that lawyers work hard on building there cases. When ready instead of going to court we suggest that lawyers and their clients to work either directly with the other party to solve the dispute or if that doesn’t work with a mediator. Many times a lawyer can simply coach a client to say the right things to work things out. These alternative resolutions paths are how about 90 percent of legal disagreements are solved in regular times anyways. The courts don’t have a monopoly on how justice is dealt with. If new cases come to your office consider becoming a mediator yourself. Good lawyers often become judges. Think of this as getting in some legal training for the future.
Looking for another option? People are worried about dying during this uncertain time. We suggest if anyone is a general practice lawyer now would be a good time to be promoting making wills for customers, who should be doing so anyways.
Want more options as a lawyer? If you are physically fit get in the security field. You already know the law. Another option is to ask the government for a temporary permit to sell to retail items from your office. People are looking for like cleaning supplies and toilet paper. Many suppliers are still open, have stock, but no orders. Help them both out. It would be good outreach to meet people in your community for providing legal services for later.
3. What about other businesses? You may need to move to another business area that is needed more during this time.
Are you the owner of a jewelry store whose business has been deemed non-essential? Move into selling gold bullion to survivalists. Online commerce is still allowed. Try switching to that. Now that people have some hardship to deal with they may see new things they like in their partner and want to get married.
Are you a hair dresser who had to close down their salon? Try calling up the hospitals that are overrun and offer to provide pre-surgery hair shaving services. This could free up nurses to work on other things.
Are you a karate teacher? Consider the security guard route mentioned above.
From the list of businesses that are on the list, they list online commerce as something that is still allowed to operate in Ontario. Consider what products or services you might enjoy offering.
4. Still can’t think of how to do things?
Work on your website for your business. Having a better website is going to bring you in more customers now or later if you are closed. If you have the free time now is the time to put that free time into a website. In these times it is critical to have an up to date website. Not sure what to fix? Contact a digital marketing consultant like ourselves to get some ideas.
Read a book or learn something on YouTube. Now is a great time to upgrade your skills!
Property values have been high so doing this is an easy way to maintain the value of your biggest asset. Have unused paint around your house? Now is a great time to paint a room or do touch up areas. Hardware stores were deemed essential in Ontario. Many are still open for business.
Stay healthy! Being strong may help you survive COVID-19 if you get infected. It doesn’t cost much. Consider walking around the block or do exercises from home. Do simple arm curls with can goods to build arm strength. Go up and down stairs to maintain cardio. Personally we have found the Hasfit videos on YouTube to be fantastic.
5. Once this crisis is over remember this. Businesses should keep enough of a cash reserve on hand to weather through some storms like being closed for one or two months. If you don’t have those financial reserves in your business and are desperate then consider seeking investors to help keep your business afloat. It may be a painful lesson, but this is why businesses need to have high enough margins. Having good marketing, operations, and business structure (including reasonable pricing) allows businesses to survive. There are many businesses that have sold items at a loss to the point that they have sold themselves out of business. If you don’t know how to prove your worth at a higher price then you need the help of a marketing consultant.
Hockey teams play different when shorthanded versus when at regular strength or on a power play. Your business needs to understand that there has been a massive pivot point. Things are now different. Those that can adjust to the new normal will thrive. Those who can’t will struggle. Be agile and keep working. As of March 28, 2020 thankfully only 0.006636925188744% of Ontario has tested positive for COVID-19. If the remaining 99.99336307481126% who aren’t COVID-19 positive give up the province’s economy will be in trouble.
Remember don’t rely solely on our government. Realise though they do have restraints and are trying to do the best they can to help.
Looking for a way to keep your business going and thriving? Fill out the form below for a free consultation.