Archive for March, 2020

How To Help Your Business Survive COVID-19

March 25th, 2020

The Coronavirus pandemic is a serious threat to our country and the rest of the world, and the US government and the CDC (Center for Disease Control) are working to slow down the spread of the disease. It is also a threat to the US economy with businesses of all shapes and sizes already feeling the impact.

So what can you do to increase your business’ chances of surviving throughout this difficult time?

Check Your Cash Flow – One of the first things businesses need to look at is their cash flow forecasts. Include details like supplier payments, employee wages, taxes, property rents etc. The Coronavirus pandemic is like nothing we have ever seen before, so factoring in as many variables as possible can help prepare for the worst. To be forewarned is to be forearmed.

Shore up Supplier Relationships – Another essential thing to do is to speak to your suppliers. If you have a good relationship with your regular suppliers this will help a lot, as it is in their interest as well that your business survives so you can continue to be a loyal customer.

Create Special Offers – On the same note, speak to your own customers and clients. Come up with ideas to offer discounts, upgrades and freebies. Is there a way you can adjust your pricing and terms? Retaining your loyal client base is essential to the on-going survival of your business.

Other Things You Can Do – Speak to the bank, call the tax office, and ask for extended payment plans and timings if necessary. Take a look through your current terms and conditions and update and adapt where necessary. You may need to update your cancellation clauses, and service or delivery lead times. It is essential to ensure that you and your business are not overly exposed at this current time.

The CDC (Center for Disease Control has provided this Business Pandemic Influenza Planning Checklist with specific actions businesses are advised to take and includes the following steps:

  • Plan for the impact of a pandemic on your business
  • Plan for the impact of a pandemic on your employees and customers
  • Establish policies to be implemented during a pandemic
  • Allocate resources to protect your employees and customers during a pandemic
  • Communicate to and educate your employees
  • Coordinate with external organizations and help your community

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Growing your business in Las Vegas

March 17th, 2020

Las Vegas is one of the most visited cities in the United States and has managed to grow as a distinct economic hub despite its location on the Mojave Desert. The city was originally established as a stopping point for important trade routes between the Midwest and the Pacific Coast, and eventually grew to become one of the 30 most populated cities in the nation.

Las Vegas Business Environment

The local industry is clearly dominated by tourism, hospitality, leisure, and entertainment. There is also a large number of government and healthcare agencies, along with professional and business services firms, that support tourism-related activities.

Las Vegas is an internationally renowned hub for business conferences, meetings, and conventions, and the business events industry supports more than 66,000 jobs in the city. Since 2012, efforts and investment have been put into building a strong technology sector in Las Vegas, offering financial support and real estate discounts to tech companies. However, the tech talent pool is still small relative to other cities where similar initiatives have been implemented. A similar trend is evident across the state of Nevada, where the tech sector barely accounts for 2.5 percent of all economic activity. Read the rest of this entry »