Hi folks, I know it’s a little crazy out there right now, but I’ve talked to a bunch of dealers over the past couple of days and wanted to hop on for a few minutes to talk about some things those dealers are already doing to address the coronavirus and some things you may want to consider in your own business.
First of all, the grass is going to grow and farmers, who are so central to the country’s forward movement, are still going to do what the do, come hell or high water. Commercial cutters are likely still going to be serving customers and they’ll need parts and service like always. And the homeowners are going to have a lot of time on their hands sitting at home when the sun starts to shine, they’re going to be mowing as well. So the start of the season might be dulled, but the season will come, one way or the other. Some of these ideas could actually be permanent adjustments to the way your store does business.
Some things to consider on the business front.
The government is working to put stimulus programs in place in the form of cash payment to most families tentatively on April 6th and May 18th. That’s right in the middle of spring selling season so there is potential for some cash influx that you can wrap promotions around if you offer special cash pricing or use it to tie into one of the many promotions most OEM dealers will have during that time anyway.
We’re a small business, just like you and we’ve been watching pretty closely as the government is also pushing special SBA loans for qualifying businesses. With most of you sitting on a lot inventory that may not move for the next few months, it may make sense to look into the temporary relief that the SBA program can provide for payroll and other expenses. Check out the programs details from the SBA here.
Another thing to consider if you’ve racked up some credit card debt that’s killing cash flow, American Express may waive interested and late fees for businesses that are hit hard by the pandemic. Find out more details on that program here.
Here’s hoping some of this helps you and your business. Remember to try to enjoy some of this time with your families and have faith that things are going to be back to normal again real soon.