Updated: Sep 27, 2020
We are back! How are you doing?
It’s been a few months since our last newsletter. So many things have happened – we are still coping with the pandemic as other small businesses and families are, and we’re all trying to plan as best as we can for the future despite how uncertain everything is.
According to Yelp, Inc., the online crowd-sourced review platform, more than 80,000 small businesses permanently closed between March 1 to July 25. About 60,000 were local businesses or firms with fewer than five locations. According to the American Bankruptcy Institute, about 800 small businesses filed for Chapter 11 bankruptcy from mid-February to July 31, and the trade group expects the 2020 total to be up 36% from last year.
We at Periwinkle Group were impacted when we abruptly closed in March. We experienced a reduction in business from the pause and cancellation of our contracts. Over the past few months, we used the break as an opportunity to pivot as we explore new opportunities available to reopen our business.
Be encouraged, during this time of crisis, it may be necessary to slightly switch your business model altogether in order to keep your business afloat. Consider ways that you may be able to adjust your business model to provide your core good or service in a more advantageous way.
Below we share client news, community happenings and resources available to assist small businesses to stay afloat.
It might seem grim now, but your business can survive! So no matter how grim the situation seems for your business now, work on developing a Survival Plan that will ensure that your business not only thrives but is stronger than ever before
Until next time - Yours in Prosperity,