• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • About Us
  • Videos
  • Online E-Editions
  • Social Media
    • Facebook
    • Twitter
    • Instagram
  • Advertising
  • Local Jobs
  • Puzzles & Games
  • Circulation Request

The Laker/Lutz News

Serving Lutz since 1964 and Pasco since 1981.
Proud to be independently owned.

  • Home
  • News
    • Land O’ Lakes
    • Lutz
    • Wesley Chapel/New Tampa
    • Zephyrhills/East Pasco
    • Business Digest
    • Senior Parks
    • Nature Notes
    • Featured Stories
    • Photos of the Week
  • Sports
    • Land O’ Lakes
    • Lutz
    • Wesley Chapel/New Tampa
    • Zephyrhills and East Pasco
    • Check This Out
  • Education
  • Pets/Wildlife
  • Health
    • Health Events
    • Health News
  • What’s Happening
  • Closer Look
  • Homes
  • Obits

North Texas SBDC

Experts offer ‘next steps’ advice for small businesses

June 2, 2020 By B.C. Manion

Small businesses around the country recently tuned into a webinar presented by Spectrum Reach to help entrepreneurs respond to challenges posed by COVID-19.

Moderator Annika Pergament, of NY 1, asked panelists about current economic conditions and asked them to provide practical suggestions for business owners to help them get to the other side.

The webinar, called “Looking beyond: What’s next to help local businesses succeed,” featured David Asman, a host on the Fox Business Network; Mark Langford, director of the North Texas SBDC (Small Business Development Center); and Bridget Weston, acting director of SCORE.

Local chambers of commerce, including the North Tampa Bay Chamber and The Greater Pasco Chamber, put out the word about the webinar, to give local businesses a chance to benefit from the panelists’ knowledge.

A quick poll taken at the front end of the session revealed that most businesses have reopened or are reopening gradually.

Besides providing advice, the panelists offered words of support to business owners.

Bridget Weston, acting CEO of SCORE, put it like this: “What I want all small businesses to know — whether you are completely open, opening slowly, or still struggling — is that there are resources out there to help you make the best decision for your business. You do not have to go through this alone.”

SCORE, which is a nationwide network of volunteer business mentors, is there “to help you figure out what the next right step is for you and your business. You, as entrepreneurs, are resilient. We know you can get through this, and we are here to help,” she said.

Asman said it’s no secret that “it’s an awful, awful moment.”

The unemployment rate, at 30%, is worse than at the worst time in the Great Depression, when unemployment hit 25%, he said.

But, he added: “I think there is, believe it or not, more good news to tell you than bad news. The bad news has already been cooked in.”

Asman said people “want to work and they want to be able to take care of their family, and they want to buy things, as well.”

But, Pergament noted, “as more states begin to open, that is the big question that lingers —how they will do, as economies and stores and businesses start to open their doors, whether there will be a resurgence.”

Mark Langford, director of the North Texas SBDC (Small Business Development Center), said Texas has begun its reopening process.

“From an observational standpoint, I would say the first week, the demand was not as strong as people thought,” Langford said. “People want to get out there, but they also have to balance it with, ‘Is it safe to be out there?’

“Last week, again, from an observational standpoint, a lot more traffic in the businesses than there was the week before,” he said.

People are interested in seeing if the rates spike with the COVID virus in the next couple of weeks, what those numbers look like, he added.

“Their nature is to want to get things back to the way they were. The only thing holding them back, I think, are the safety concerns,” Langford said.

Pergament said business owners are asking for advice on how to pivot their business in this changing environment.

Weston said SCORE said companies need to stay connected with their clients.

She said it’s a good time to  promote “the why behind your company.

“Connect your customers to your mission. Build that brand loyalty now,” she added.

It’s also a good time for companies to think of current needs in the market and consider whether they can adapt to meet any of those needs, she said.

Companies also can communicate with clients about steps they are taking to be safe for their customers.

Be prepared to pivot
Companies need to be thinking about how they can respond to opportunities that lie within the current crisis, Langford said.

“This is your opportunity as a small business owner to react quickly to the marketplace and take advantage of that,” Langford said.

Small businesses, he said, are “being forced to think of ways to do business that they never have before and never even quite frankly considered.

Asman said the pandemic has revealed breakdowns in the supply chain and has created new opportunities for smaller operations to compete with the giants.

For instance, small businesses that couldn’t compete with Tyson and other big corporations are getting a chance to do so now, he said.

He also observed that as more employees work from home, it could cause disruption for corporate real estate, in Manhattan, for example.

“Big office buildings may have some serious problems,” Asman said.

When it comes to making big expenditures, he advises businesses to take a wait-and-see approach.

“Focus on cutting back to the bare minimum of what you need to stay in business, and then, if you have any resources left over, save them for a moment when you sense there is an opportunity opening up,” Asman said.

Langford said businesses need to know their revenues, their expenses, their margins, and their costs for goods and labor.

He advised businesses: “Have a short-term plan; a mid-term plan; a long-term plan, so that you’re prepared.

“It’s a whole lot easier to make decisions when you have the facts in front of you that show you, ‘Well, if I adjust this, if I change my labor here, if we streamline our menu, I can make it another 30 days; another 60 days.

“Now, is the time to really drill down on those numbers,” Langford said.

Moving forward
Here are some tips that may help small business owners, in response to COVID-19:

  • Make a plan based on what you are trying to accomplish with your mission, your values and your business objectives — considering the current environment — then talk to an expert about that plan
  • Put your plan to paper and adapt, as new information becomes available
  • Check with SCORE and SBDC (both free resources) to learn more about loans, grants, training, free seminars and so forth, to help you consider your options
  • Seek help from mentors to prioritize your budget
  • Keep lines of communication open with existing clients; if you haven’t been in touch lately, get in touch
  • Make sure you have a social media presence, if you don’t have one; if you have one, see if it’s time to refresh it.

Sources: SCORE and North Texas SBDC

Published June 03, 2020

Filed Under: Local News Tagged With: Annika Pergament, Bridget Weston, COVID-19, David Asman, Fox Business Network, Mark Langford, North Tampa Bay Chamber of Commerce, North Texas SBDC, NY 1, SCORE, The Greater Pasco Chamber of Commerce

Primary Sidebar

Plaza Mexico

Foodie Friday Gallery

Search

Sponsored Content

Avalon Applauds… Norah Catlin

February 23, 2021 By Special to The Laker/Lutz News

CONGRATULATIONS to Norah Catlin, for being applauded by Avalon Park Wesley Chapel. Catlin, a senior at Wiregrass Ranch … [Read More...] about Avalon Applauds… Norah Catlin

More Posts from this Category

Archives

What’s Happening

‘Aladdin jr.’

Live Oak Theatre is now selling tickets for its Acorn Theatre production of “Aladdin jr.” Performances will be March 18 through March 28, at the Carol and Frank Morsani Center for the Arts, 21030 Cortez Blvd., in Brooksville. Seats are $15 for adults and $8 for children ages 13 and younger, when accompanied by an adult. For show times and tickets, visit LiveOakTheatre.square.site, email , or call 352-593-0027. … [Read More...] about ‘Aladdin jr.’

02/24/2021 – ServSafe class/exam

The UF/IFAS Pasco County Cooperative Extension Service will offer a ServSafe Manager Certification Class and Exam on Feb. 24, at the One Stop Shop Stallings Building, 15029 14th St., in Dade City. The class begins at 8:30 a.m., with a review of material from the textbook. The exam will follow lunch. To reserve a spot and order the textbook, register at bit.ly/SafeServFeb2021. Participants should pack a lunch or plan to purchase food during the lunch break. Face masks will be required in the classroom. … [Read More...] about 02/24/2021 – ServSafe class/exam

02/26/2021 – Girls Night Out

The Carrollwood Cultural Center, 4537 Lowell Road, will present a “Girls Night Out Comedy Show” on Feb. 26 at 8 p.m. Performing comediennes will be Catherine Maloney, Tiffany Barbee and Angela Nacca. The show will be live-streamed through CarrollwoodCenter.org. Tickets to attend in person are $15 to $20. Online access admission is $10. There are limited seats available for in-person, to ensure social distancing. For information and tickets, visit CarrollwoodCenter.org, or call 813-922-8167. … [Read More...] about 02/26/2021 – Girls Night Out

02/26/2021 – Seafood festival

The sixth annual SunWest Crab & Shrimp Festival will take place Feb. 26 from 5 p.m. to 9 p.m., Feb. 27 from 11 a.m. to 9 p.m., and Feb. 28 from 11 a.m. to 6 p.m., at SunWest Park, 17362 Old Dixie Highway in Hudson. There will be live bands and entertainment, a stone crab claw eating contest, chainsaw carving, crab races and more. Admission is $10, with free entry on Feb. 26. Parking is $5, which supports SunWest Park Development. For information, call 727-674-1464, or visit FloridaPenguinProductions.com. … [Read More...] about 02/26/2021 – Seafood festival

02/27/2021 – Flea market

The Wesley Chapel Antique & Collectible Flea Market will take place on Feb. 27 from 9 a.m. to 6 p.m., at the Grove at Wesley Chapel. There will be food trucks, inflatables, 100-plus vendors, and more. Admission is $5. Parking is free. … [Read More...] about 02/27/2021 – Flea market

02/27/2021 – JunkFest celebration

The Blooming House Junk Shop, 12409 Curley St., in San Antonio, will host a fifth anniversary JunkFest Celebration on Feb. 27 from 9 a.m. to 3 p.m. There will be more than 40 vendors, food, live music, and tons of ‘junk.’ For information, call Laura Bloomer at 813-541-9234, or visit the shop on Facebook and click on the event tab. … [Read More...] about 02/27/2021 – JunkFest celebration

More of What's Happening

Follow us on Twitter

The Laker/Lutz NewsFollow

The Laker/Lutz News
LakerLutzNewsThe Laker/Lutz News@LakerLutzNews·
23 Feb

Saint Paul’s Episcopal continues its faith journey. https://buff.ly/2ZwB8Fl

Reply on Twitter 1364258722965520384Retweet on Twitter 1364258722965520384Like on Twitter 1364258722965520384Twitter 1364258722965520384
LakerLutzNewsThe Laker/Lutz News@LakerLutzNews·
22 Feb

Two Rivers will offer places to live, work, play. https://buff.ly/2OJaQ0j

Reply on Twitter 1363896543552667653Retweet on Twitter 1363896543552667653Like on Twitter 1363896543552667653Twitter 1363896543552667653
LakerLutzNewsThe Laker/Lutz News@LakerLutzNews·
22 Feb

Pasco County tourism decreased in 2020. https://buff.ly/2NFfiN9

Reply on Twitter 1363643924192112641Retweet on Twitter 1363643924192112641Like on Twitter 13636439241921126411Twitter 1363643924192112641
Load More...

 

 

Where to pick up The Laker and Lutz News

Top Stories

Grove Theater now open in Wesley Chapel

Pasco board looks to put pause on multifamily

An entertainment venue in downtown Zephyrhills?

Ash Wednesday events vary, across region

State testing should not be punitive, board members say

Retiring ‘Old Glory’ with dignity

SWFMD executive director wins geology alumni award

Perils on Pasco roads continue to climb

New fire truck welcomed with a ‘push-in’ ceremony

Efforts underway to help deputy’s family

PHSC panel seeks solutions on racial equity, social justice

Celebrating one life, saving another

Two Rivers will offer places to live, work, play

Secondary Sidebar

More Stories

Check out our other stories for the week

Grove Theater now open in Wesley Chapel

Pasco board looks to put pause on multifamily

An entertainment venue in downtown Zephyrhills?

Ash Wednesday events vary, across region

State testing should not be punitive, board members say

Retiring ‘Old Glory’ with dignity

SWFMD executive director wins geology alumni award

Perils on Pasco roads continue to climb

New fire truck welcomed with a ‘push-in’ ceremony

Efforts underway to help deputy’s family

PHSC panel seeks solutions on racial equity, social justice

Celebrating one life, saving another

Two Rivers will offer places to live, work, play

Sports Stories

Sports agency in Lutz building reputation, clientele

Conference champs!

1,000-point club

Locals athletes ink with colleges on National Signing Day

Seniors keep active at East Pasco Family YMCA

Copyright © 2021 Community News Publications Inc.

   