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Top four trends for your business to consider around COVID-19

By April 10, 2020 No Comments

Community business is a big deal. And you’re in the midst of a big deal right now. We are, too. As your local bank team, it’s up to us to do everything we can to support you, while remaining rooted to weather this uncertain storm together.

We aren’t sure if we’re in the beginning, middle or end, but here’s some things we do know based on all the information and experiences coming to us right now. These are the top trends we are seeing for you to consider as a business owner.

 

1. Paycheck Protection Program through the SBA

Our President wants to ensure that your employees do not lose their income and that your business does not fail. We are honored to have the ability to sort this all out with you so you can gain forgiveness of the short term loan you can receive to keep both afloat. We’re proud to announce that in our first day, we helped more than 70 local businesses receive SBA approval for more than $9 million dollars. We currently have over 500 applications and are beginning the next step in the process – funding.

Any community owned business in central Ohio can come to us for the support and education through the process. We are in this together, learning together. We both want absolute accuracy to guarantee the rebate and certify your unique story of how the Corona Virus affected your business. Go to www.RichwoodBank.com/PPP to learn more.

 

2. Creative solutions are necessary to adapt now, and tomorrow

As new behaviors, terms and guidance are given for us to stay safe, new business models and workflows are changing with them. The more isolation and/or exhaustion sets in on our citizens working through this, the lower expectations of customer experience and social interaction accepted.

By sharing ideas and experiences, we can collaborate to emerge from this stronger. There’s many ways we can still be a diamond in the rough to a neighbor, customer or friend who could be pleasantly surprised by memorable customer experiences.

It could be to temporarily repurpose your business and employees to safely implement a service that benefits us right now, in the apex of the virus and keep loyal customers long after this is a piece of the history that made us.  On our 200th year in 2020. Sounds like the right time to shift.

Our marketing team has been helping several customers do just that. We are also looking for participants for zoom forums to discuss ideas. You can send an email to Team@RichwoodMarketing to inquire about participating and getting support.

 

3. Check up on your financial health

There’s already too many fraud scams in our country as it is. In the times of crisis – the criminals pounce on people already left in a vulnerable state of loss. They also target any person or business who unwillingly let them in without notice.

This is a global pandemic, and the surge of invisible enemies goes beyond our health, too.

We encourage you to read these specific ways you can protect your identity and your finances.

 

4. Remember that we are in this together

United we will stand, divided we will fail. Our lives our restricted and the economy is in the air, but our faith in getting through this will prevail.

Eye contact, smiles and kindness towards each other aren’t measured in feet. Staying clean, washing your hands, and being aware of all the recommended ways to do your part are crucial. Showing patience while we all figure out how to get you what you need while keeping everyone safe is new for us all and stress is maxed for many.

Check in with friends and family, be the light in their day. As we consume more information daily about how this will wind down and eventually end, we’ll remember those diamonds during the rough.

 

#DiamondsInTheRough