BizEd-x Business Insights Worth Sharing

03/03/2021

https://www.inc.com/teneshia-carr/nashlie-sephus-jackson-mississippi-bean-path-tech-hub.html?cid=sf01002

Nashlie Sephus, a 35-year-old Black AI researcher, has a vision for transforming her hometown into a thriving center for tech entrepreneurs.

03/03/2021

https://www.businessnewsdaily.com/5954-smb-finance-management-tips.html

Managing your finances is critical to running a successful business. Here are some tips to make sure your finances are being properly managed.

26/02/2021

Point 4 - Improve Your Business Financial Management Skills
Where to start? Here is a good article that walks you through some basic ways.
https://hbr.org/2017/03/how-to-improve-your-finance-skills-even-if-you-hate-numbers

Learn the lingo.

26/02/2021

Recap of Business Recovery Beyond COVID
Point 1 - Understand & Accept "New Reality"
Point 2 - Essential & Non-Essential Business Model
Point 3 - Diversified Income Streams

26/02/2021

If there is one thing that the pandemic has exposed is the lack of sound Business Financial Management.

26/02/2021

As we inch closer to nearly 1 year of working from home, how did you do when your both the boss & employee?
https://www.inc.com/marcel-schwantes/is-office-dead-forever-studies-suggest-working-from-home-is-way-of-future.html?cid=sf01002

Eighty percent of U.S. workers said they're just as productive or more productive working from home.

26/11/2020

Happy Thanksgiving!
We know it's been a while since we posted any guidance, but the real challenges of the pandemic has kept us extremely busy. However, the experience and knowledge gained is priceless. For now, enjoy your family and guve thanks for all we have, as we bever kniw fully what tomorrow brings. Remember, Shop Local this Saturday!!!!

30/06/2020

Point 3 - Diversified Income Streams. This type of reflection can also identify how to maintain your current client base by creatively finding ways to provide your product or service, but within the parameters that the pandemic has created.
https://squareup.com/us/en/townsquare/how-businesses-are-adapting-their-product-offerings

Examples of how businesses are adapting their product offerings to keep serving and supporting their customers.

18/06/2020

https://www.forbes.com/sites/forbescoachescouncil/2020/05/11/16-creative-ways-to-diversify-your-revenue-streams-during-tough-times/

Innovation during struggle can change your business for the better. Here's some ideas for how to get started.

17/06/2020

Points for Recovery & Success Beyond COVID-19 - Point #3

05/06/2020

TO recap, we began sharing the Points of Recovery and Success Beyond COVID-19 a few weeks back. There are a total of 8 points. We are getting ready to share Point 3, but first, let's review the first two:
Point 1 - Understand and Accept the "New Economy". This falls under establishing the right MINDSET from "Survival Mode", to a "Mode for Surviving". One is reactive, the latter is proactive.
Point 2 - Under REFLECTION Establish both an Essential and NonEssential business platform. Knowing the most basic core of your business to survive and move towards surviving.
We will soon move on to
Point 3 - Under CREATION build Diversified Income Streams...

05/06/2020

Final thought on Point 2 of our Points of Recovery & Success Beyond COVID-19

https://www.entrepreneur.com/article/351102

One will come easily. The other two will be a struggle.

28/05/2020

There many lessons being learned as a result of COVID-19, especially about our small and minority owned businesses. We have been asking lending industry leaders about how they plan on reacting to the exposed needs of small and minority owned businesses. The responses thus far have been an expected hyper-cautious outlook. It is almost as if their greatest fear generated by the potential risks they consider during the underwriting process just came true. Although it may be expected that the smallest of businesses would be cash strapped, COVID revealed that even those at the upper echelons of what a small business is were also cash strapped. So, how do we all move forward? How do you secure funding to rebuild if lenders are even more spooked? The following article highlights some of these truths exposed, while also highlighting that when our back is against the wall, our spirit and hope will come out fighting.

https://www.mckinsey.com/industries/social-sector/our-insights/covid-19s-effect-on-minority-owned-small-businesses-in-the-united-states

Minority-owned small businesses could be disproportionately affected by COVID-19.

27/05/2020

As America begins to re-open, small & minority businesses are faced with a multitude of factors in deciding how to move forward. Some of those factors are:
1. Your Local & State Restrictions - most states are allowing the local cities and counties to reopen based on the current situation in their jurisdiction. This means one county 30 minutes away may be allowing gatherings up to 50%, while others are still at only 10 people max.
2. Based on such restrictions, businesses who rely on foot traffic have to re-calibrate between in-person services & expanding online offerings, if it even applies.
3. Beyond the aforementioned, is accepting the current economic reality against upcoming due dates for fixed expenses.

So how does a business respond? Although, there is no "one size fits all" roadmap, we find that doing a "simple" analysis of the most basic factors is a good starting point. Point 2 Establishing an Essential and Non-essential business platform is meant to head in that direction.

21/05/2020

Here is another resource to help you further understand how under the concept of REFLECTION, BizEdx's Point 2 of our Points For Recovery & Success Beyond COVID-19 can be applied.
https://www.entrepreneur.com/article/350284

In times of crisis, this simple four-step plan will help you stabilize and recover.

20/05/2020

Point 2: Essential and Non-Essential Business Platforms

What does it mean to have an Essential Platform? In light of COVID-19, "Essential" refers to identifying the most basic & necessary factors so that your business can survive. Here, we need to simplify and look at the following:

1. What was the financial health of your business before COVID?

2. What is the current financial health during COVID?

3. What is necessary for your business to survive?

A simple formula:

- How much does it cost to produce your product/service, from inception to delivery?

- How quickly can you convert the sale into cash in hand?

- Cash in hand - Cost & Expenses = How much money is left.

Apply this to your business before & during COVID and you should have a good idea of what is "Essential" for your business to survive. It is safe to say, most small and minority businesses are seeing "rock bottom", so we need to plan for our way out.

19/05/2020

Points For Recovery & Success Beyond COVID-19: Point # 2 falls under the concept of "REFLECTION". In the case of a business this process allows you to look back into your business platform or model and identify the core of the business, then rebuild what your company will need to survive under an "Essential" platform, and recover & grow under a "Non-Essential" platform.

15/05/2020

As we prepare to discuss Point 2, here is a good review of what happens during "Reflection", an Important aspect of Point 2, which we will reveal soon in an upcoming post. Be safe!

https://hbr.org/2020/04/a-way-forward-for-small-businesses

In the face of existential uncertainty, you must balance urgency with prudence.

15/05/2020

As we prepare for Point #2 in our business Recovery and Success beyond COVID-19, let's review the concept of "REFLECTION". To positively "reflect" your mindset has to be clear of the goals you want to achieve. For example, due to the pandemic our business goals have changed. 2 months ago you might have been working towards "growth" based on a healthy economy. Now the goal may be generating enough revenues to decrease the impact of revenues lost due to the lockdown. So, using Point #1 and applying a "Proactive" mindset as you begin to reflect on where your business is today & where you need to be is "Essential". We will discuss Point 2 of our Points For Recovery & Success Beyond COVID-19 on our next post.

13/05/2020

Staying on MINDSET, and it's importance as we approach Re-Opening & Recovery of our Economy beyond COVID-19. The US Chamber highlights through a small business survey, what the current MINDSET appears to be. This is the launching point to get our Small and Minority businesses back.

https://www.uschamber.com/report/small-business-coronavirus-impact-poll

As small businesses remain closed due to social distancing requirements, many are finding unique ways to transform their business operations, according to the latest MetLife & U.S. Chamber of Commerce Small Business Coronavirus Impact Poll.

12/05/2020

Continuing with the importance of MINDSET in our economic recovery during/after COVID for our Small and Minority Businesses.

https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/rapid-revenue-recovery-a-road-map-for-post-covid-19-growth

Speed, agility, and a new understanding of customer values are the keys to navigating the next normal.

11/05/2020

https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/the-digital-led-recovery-from-covid-19-five-questions-for-ceos

By acting early and being bold and decisive, CEOs can accelerate their digital-led recovery transformation and reach the next normal sooner.

11/05/2020

Some have asked what does MINDSET have to do with dealing with COVID-19? From a business perspective we posted Point #1 - Understand and Accept our "New Economy ". As part of that knowing the difference between "Survival Mode" (Reactive) & "Surviving" (Proactive) is crucial. For example: Business A - Salon owner quickly acted to retain as much revenue through selling products since they couldn't give in person services. They even created their own type of facemasks. Business B - Salon owner reacted to lock-down orders, has relied on any government assistance programs, and can't wait to reopen its doors. Hoping that day is soon, as they have just about reached their limit. Business A has been "Proactive" laying down the base for surviving beyond COVID-19. Business B has been "Reactive" and has not played down any base for recovery. MINDSET will determine your actions. Next post will prove why this is so important as the first step.

06/05/2020

30/04/2020

Welcome to BizEdX - Business Moving Forward: Points For Recovery & Success.
Pre-lude to Point #1 - "TOGETHER" - What Does It Mean to You, Your Business & Beyond? As an 'Adverb' it means With each Other / At one time / Considered as a Whole. No doubt we are experiencing just that. However, from a business perspective as an 'Adjective' we recommend you consider this meaning - Appropriately Prepared / Organized / Balanced / Composed in Mind or Manner. Next time use this for Point #1.

30/04/2020

Welcome to BizEdX - Business Moving Forward. Our aim is to provide business insights worth sharing in easy to digest portions. We bring over 20 years of business experience from business banking, finance, Hispanic marketing, graphic design & brand identity, data analysis, consulting, outreach & event management. Our first post set the stage for our focus on Business Moving Forward: Beyond COVID-19. We will begin to share Points For Recovery & Success.

22/04/2020

To*ge*ther
- With or in proximity to another
- Into Campanionship or close association
-Self-Confident, level-headed, or well-organized

BizEd-x Business Insights Worth Sharing will begin to provide information that delves into the meaning of "We are in this Together" as we figure out our way forward during and beyond COVID-19. Stay tuned.