How Is Business Weathering the Storm?
Updated: May 15, 2020
Businesses of all sizes are being affected by the COVID-19 crisis. And the trickle-down effects are being felt everywhere. The members of the Westborough Mill Networking Group continue to meet twice a month via Zoom. During these meetings, the members share how the current crisis is affecting their business – and talk about ways they can help one another.
This dynamic group covers a range of industries – from commercial lending and insurance, to marketing, estate planning, payroll services, and financial planning, and much more. Many of them work with entrepreneurs, small business owners, and consumers on a daily basis and have great insight into what is happening across the economy.
We’ve collected feedback from some of them on how the current situation is affecting their industry – and any information or tips that could be helpful.
Auto Insurance Rebates
"With so many of us staying home, accidents and auto incidents have gone way done - and insurance companies are passing the savings on to their customers. Many companies have decided to provide a rebate back on auto policies, since people aren’t using their cars nearly as much these days. I’d encourage everyone to contact their agent to find out about these savings and to potentially look at their coverage overall for additional areas where they could save."
Jamie Karrat, Relationship Manager at Ripple Effect Insurance www.ripfx.net
It’s Easier Than Ever To Get Life Insurance
"For the first time in our firm’s 35 years of business, we are seeing A+ premier insurance carriers removing all paramedical requirements, making this a unique and flexible opportunity to purchase life insurance. Ordinarily, life insurance applications with quality companies require a paramedical (underwriting for medical history), blood and urine specimens along with potentially EKG’s and APS (Attending Physician Statements).
I’d encourage everyone - whether you have life insurance or not - to contact an agent and see if you can add coverage and /or save money. "
Gregg Katz, Financial Advisor at Katz Financial Services www.katzfs.com
If You Need to Buy/Sell A Home, It Can Be Done
"Real Estate transactions are continuing every day, albeit with a tempered pace. What is often the busiest time of year feels like the depths of winter. We’re adept at working remotely, and are now doing virtual showings, showings with social distancing, and virtual client consultations. Some clients need to sell and we are supporting this while others are tapping the brakes. We aim to help our clients no matter what. If you need to buy or sell, rest assured that it is possible, even in these times."
Gary L Kelley - RE/MAX Executive Realty www.MoveWithGary.com
Estate Planning Continues
"New clients seeking estate planning have been delayed in meeting with me and for the most part, signings of prepared documents have been delayed because notaries (in Massachusetts) must take acknowledgements “in person.” However, the administration of estates is ongoing because the probate courts are open to take petition filings that are made by mail and the court clerks are processing them. Unfortunately, as before, death is a fact of life; the administration of new estates are needed when people pass away.
People who have signed their estate plans in the past can take comfort in the fact that they have plans in place, in case the worst happens. People who have not done so, will need to stay healthy so that they can prepare their estate plans and have them signed as soon as the current crisis has ended."
Marvin Silver, Esq., Christopher, Hays, Wojcik & Mavricos, LLP www.chwmlaw.com
Payroll Processors Can Help You Navigate CARES Act Programs for Small Business
Because the legislation to help business owners has been rolled out so quickly, it can be very confusing. We want to help however we can and are working both with existing clients and others to help them make sense of it all. We’ve developed a chart to compare all of the legislation – and hope it helps everyone!
Sean Halloran, Regional Sales Manager, Complete Payroll Solutions www.completepayrollsolutions
Related Post: Why Hire A Bookkeeper?
Take Control Of Your Leads and Get Ready to Market When the Economy Opens Up
"While some companies have pulled back on their marketing efforts, others are using this time to get new websites done, improve their marketing functionality, and get their leads in order. Like many entrepreneurs, you likely have a stack of business cards, some random notes, and other lead information scattered around your office. Smart companies are using this time to either: test drive a new CRM system if they aren’t already using one; or get serious about updating and learning to use all the features of one they already have. By getting their house in order now, they’ll be in great shape to hit the ground running with marketing, communications, lead gen and sales efforts when things open up again."
Michael Gladstone, Co-Founder, MyHelp, Inc. www.myhelpinc.com
Related Post: Four Things To Do Today That Will Help Your Business
This post was developed collaboratively by the members of the Westborough Mill Networking Group. If you are interested in learning more, or arranging to visit one of our meetings, please visit our website and fill out the contact form. A member will be in touch!