Since many small businesses are swimming in uncertainty right now as they reconsider what they are buying and paying, Gus Wheeler from LCPA Group challenged his listeners to think about building relationships with key partners that include bankers & lenders, attorneys, accountants, financial advisors, insurance providers, and technology specialists.
These partners will be the floats to help you keep your head above water enough to provide perspective and to make the important adjustments you need to keep moving forward. To help us in understanding the benefit of a financial partner, Gus invited an expert in the restaurant industry to share his experience and encourage new ways to grow even through difficult obstacles. His guest, Charles Koch spoke about how his restaurant adapted to the pandemic by changing how they delivered their product—and finding surprising success!
Gus reiterated that this way of adaptive thinking is vital by considering diversity, remodeling business in the new reality, and looking at how products could be delivered more efficiently. When asked why his presentation was especially important due to policy and guideline changes, Gus reminded us of changes to the PPP loan guidelines. He said, “Forgiveness on the PPP loan will be measured over 24 weeks—not 8, and will require 60% of the loan to cover payroll instead of 75%.” Since these changes are already happening and will continue to happen as we adjust, Gus helped us to see how we will be functioning in this uncertainty for quite a while. He encouraged us to be building such key relationships NOW for the best opportunity to succeed.
For more information, go to www.lcpgagroup.com
This, along with all the webinars in the series are important to review as soon as possible.