I am anticipating fewer in person meetings, demonstrations, presentations, and events. My feeling is that more companies will allow employees to continue working from home. It will no longer look "bad" to be seen online working from a home office. While most decision makers have been looking to maintain rather than increase or expand business, my office is getting ready with more content, video, and online presentations.
I think that the second half of the year will be an exciting time. Unfortunately some businesses have closed but certainly others will open to fill the gap. We are seeing companies rehiring and adding new hires. I do think we as business owners have learned a few things in the last few months. First is how important it is to keep a close eye on all of your expenditures and the second is how important it is to have a banking relationship as well as a relationship with your payroll provider and your CPA. We gathered a lot of information for our clients who applied for the PPP loans and we were able to get that info to them immediately.
As a children's author, I am promoting my books whenever and wherever I can. I can also HELP writers become published with a "Content" Edit. This guides them into pruning all those excess words and paragraphs, and using powerful words that paint evocative and clear mental pictures. Good writing is an art that must be learned!
Update: I am seeing a growing trend in companies downsizing their leased commercial space. Some are not addressing changes in their parking requirements. The businesses I've been assisting have downsized their square footage between 50% to 78%. However, they are not reducing their occupant count by the same ratio. In their larger space they may be using 4 parking spaces for every 1000 SF leased. But their new ratio may be closer to a 6 space per every 1000 SF leased. Since they are looking for different, control your own front door spaces, they may be looking at properties which only offer a 3/1000 to 5/1000 parking ratio. It is impossible to try to fit a 6/1000 parking ratio tenant in a building that can only accommodate a 3/1000 ratio. And your excess parking can't trespass onto the parking lot next door. It does not work that way. So once again, as I indicated below, it is very important to engage a seasoned commercial real estate broker to help guide your business through this process.
If you are considering downsizing your office space. First talk to a commercial broker and discuss your situation with them. They see what is going on in the market. They see other's needs, spaces being marketed, and they see the sublease market. Perhaps you would be better off moving into sublet space for a shorter term, and in a building with executive suites so that you can use the executive suites as a gap between lesser space and addl. space as you need it. I helped a firm move from sublet to sublet space over a 8 yr period, they grew, shrunk, grew, shrunk and are finally stabilized into space that meets their needs. For now. But engage a commercial real estate broker to assist you. Every business who uses commercial space and buildings should have a broker as part of their team, as much as they have an attorney, accountant, etc.
I have been busier than ever with clients refinancing their mortgages, etc. Also, keeping up with the Paychex Protection Program, and now a new stimulus passed yesterday by the Senate. A welcome change, only 60% required payroll expenditures, and extension of an additional sixteen weeks to 24 weeks to spend the money. And, the good part money is still available for businesses qualifying and needing the funds. Also, there are 305 Community Development Banks in the country, so there are many choices for the right bank funding of the loans.
Answers (1-10)
Business is booming. We are planning to expand.
We are looking at expanding our business and buying a commercial building
I am anticipating fewer in person meetings, demonstrations, presentations, and events. My feeling is that more companies will allow employees to continue working from home. It will no longer look "bad" to be seen online working from a home office. While most decision makers have been looking to maintain rather than increase or expand business, my office is getting ready with more content, video, and online presentations.
I think that the second half of the year will be an exciting time. Unfortunately some businesses have closed but certainly others will open to fill the gap. We are seeing companies rehiring and adding new hires. I do think we as business owners have learned a few things in the last few months. First is how important it is to keep a close eye on all of your expenditures and the second is how important it is to have a banking relationship as well as a relationship with your payroll provider and your CPA. We gathered a lot of information for our clients who applied for the PPP loans and we were able to get that info to them immediately.
As a children's author, I am promoting my books whenever and wherever I can. I can also HELP writers become published with a "Content" Edit. This guides them into pruning all those excess words and paragraphs, and using powerful words that paint evocative and clear mental pictures. Good writing is an art that must be learned!
We're actually trying to grow aggressively right now by making a key hire and 10x between now and the beginning of 2021.
Update: I am seeing a growing trend in companies downsizing their leased commercial space. Some are not addressing changes in their parking requirements. The businesses I've been assisting have downsized their square footage between 50% to 78%. However, they are not reducing their occupant count by the same ratio. In their larger space they may be using 4 parking spaces for every 1000 SF leased. But their new ratio may be closer to a 6 space per every 1000 SF leased. Since they are looking for different, control your own front door spaces, they may be looking at properties which only offer a 3/1000 to 5/1000 parking ratio. It is impossible to try to fit a 6/1000 parking ratio tenant in a building that can only accommodate a 3/1000 ratio. And your excess parking can't trespass onto the parking lot next door. It does not work that way. So once again, as I indicated below, it is very important to engage a seasoned commercial real estate broker to help guide your business through this process.
If you are considering downsizing your office space. First talk to a commercial broker and discuss your situation with them. They see what is going on in the market. They see other's needs, spaces being marketed, and they see the sublease market. Perhaps you would be better off moving into sublet space for a shorter term, and in a building with executive suites so that you can use the executive suites as a gap between lesser space and addl. space as you need it. I helped a firm move from sublet to sublet space over a 8 yr period, they grew, shrunk, grew, shrunk and are finally stabilized into space that meets their needs. For now. But engage a commercial real estate broker to assist you. Every business who uses commercial space and buildings should have a broker as part of their team, as much as they have an attorney, accountant, etc.
I have been busier than ever with clients refinancing their mortgages, etc. Also, keeping up with the Paychex Protection Program, and now a new stimulus passed yesterday by the Senate. A welcome change, only 60% required payroll expenditures, and extension of an additional sixteen weeks to 24 weeks to spend the money. And, the good part money is still available for businesses qualifying and needing the funds. Also, there are 305 Community Development Banks in the country, so there are many choices for the right bank funding of the loans.
Renovating and expanding our office in anticipation of bringing in two additional Certified Financial Planners.
No changes, we are hiring as business is going well.