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Top 5 Tips for Business Survival in Any Type of Economy

Top 5 Tips for Business Survival in Any Type of Economy

Having survived the Dot Com Crash and the Great Recession I will provide my insight how you can have your small business survive any economic cycle. This blog entry will outline my 5 Tips for Business Survival in any type of economy.

Tip 1-Become Recession Proof

The key for a business to survive in any economy is the ability for management to predict and/or adapt to changing economic conditions.  Many of us learned the “hard way”  during the Great Recession.  The Wallace Law Group, PL was founded in 2009 in the midst of the Great Recession.  Up until 2009, my law practice comprised Real Estate Law and Corporate Law clients.  However, many of my clients were facing financial hardship whether it was facing foreclosure on their homes, the lost of their jobs or both.  At that point, the scope of my practice changed to representing clients in Bankruptcy matters.  The key point is a business owner must always have skills or products available to serve your customers’ changing needs and wants.

Tip 2-Always Run a Lean Operation

Often when business seek my advice concerning financial difficulty, my first question is let me look at your expenses.  Upon first glance of the budget, I am able to highlight numerous unnecessary business expenses.  It may be an unfavorable commercial lease or bloated payroll.

Tip 3-Cashflow, Cashflow, Cashflow

During difficult financial times, the businesses that survive have mastered the art of maintaining consistent cashflow.  This can be accomplished by being as disciplined in your business budget as you are with your personal budget.  Prior to starting The Wallace Law Group, PL, I always worked at large law firms and I would marvel at largesse these firms would employ.  Obviously to woo and maintain its client base, a certain image was needed but the first adjustment was layoffs and salary reduction not trimming the largesse.

Tip 4-Revaluate Your Staff

As a small business owner I always try to maintain a consistency in my staff.  The most difficult task as a compassionate business owner is the decision to terminate a member of my staff.  However, during times of financial difficulty it is a time to reevaluate each member of your staff.  You should ask yourself whether each staff member is necessary to maintain your operation and such staff member is performing to your expectations.

Tip 5-Reinvent Your Business

Americans pride themselves on innovation and resilience during times of need.  Use these difficult times to create new products, new recipes or new services.  During this pandemic I am learning a new language, working on an E-Book and learning web design and coding.

For any questions about your small business, please contact the experienced business attorneys at The Wallace Law Group with a convenient office location in Boynton Beach representing clients in Boynton Beach, Delray Beach, Boca Raton, West Palm Beach, Greenacres, Wellington, Fort Lauderdale, Coral Springs, Deerfield Beach, Parkland, Hollywood, Weston, Aventura, Miami, Miami Beach.

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Steven Wallace, EsqTop 5 Tips for Business Survival in Any Type of Economy
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When will Sports Return?

When will Sports Return?

On March 11, 2020, the world as I know it and many other sports fanatics occurred, the NBA ceased playing games as a result of Rudy Gobert testing positive for COVID-19.  That revelation set off a chain reaction throughout the Sports World.  Within 2 days, all conference post season College Basketball tournaments (including the NCAA College Basketball tournaments) and Major League Baseball Spring Trainingwere cancelled.  The NBA, NHL, MLS and Professional Soccer Leagues were suspended indefinitely. For many (including the author), Sports serves as a getaway from the stresses of daily lives.

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Steven Wallace, EsqWhen will Sports Return?
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Florida Moratorium on Foreclosures and Evictions

 Florida Moratorium on Foreclosures and Evictions

COVID-19 Economic Fallout

On April 3, 2020, in response to the COVID-19 pandemic, Florida Governor Ron Desantis signed Executive Order 20-94 which halted all Foreclosure Actions and Residential Tenant Eviction Actions for Non-Payment of Rent for 45 days.

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Steven Wallace, EsqFlorida Moratorium on Foreclosures and Evictions
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COVID-19 Financing Options Simplified

Small Business Loan|Boynton Beach Bankruptcy Lawyer

COVID-19 Financing Options Simplified

By now, you have received numerous emails on the loans and other relief available from the State and Federal government to assist with the economic disruption caused by the pandemic. This Article is a concise explanation of what is truly available for the small business person. Note, this Article does not constitute legal, financial or tax advice. This is just a summary of the options available as of April 1, 2020.

Types of Loan Programs

The BIG THREE programs are: 1) The Florida State Small Business Emergency Bridge Loan; 2) The Small Business Administration COVID-19 Economic Injury Disaster Loan; and 3) The Coronavirus Aid, Relief and Economic Security Act Loans.

Rebuild Florida Bridge Loan

The Florida State Small Business Emergency Bridge Loan (the “State Bridge Loan”): This is a 1-year short-term loan for up to $50,000 from the State of Florida. There is no interest. You can complete an application by visiting the following website: http://floridajobs.org/rebuildflorida/businessrecovery. Yes, there are all sorts of exceptions but if your business is domiciled in Florida, and the applicant owns 51% of it, you will more than likely qualify.

EIDL Loan

The Small Business Administration COVID-19 Economic Injury Disaster Loan ( the “EIDL Loan”): This is a loan from the SBA directly. This loan allows for up to $2,000,000 with a term of 30 years and very low interest rates. You can complete an application by visiting the following website: https://covid19relief.sba.gov/#/.  The application is complicated and requires a number of supporting documents. Eligibility is also complicated, but you should not be deterred. There is no cost to submit an application. Also, if you apply you can receive an up to $10,000 Advance that is a forgivable grant whether you are approved for the loan or not.

PPP Loan

The Coronavirus Aid, Relief and Economic Security Act Loans (the “CARES Act Loan”): This a loan through a qualified bank whereby the SBA guarantees the loan. This loan allows for up to $10,000,000, although the specific amount is capped for each business at 2.5 times the average monthly payroll of the business. That is right; basically, you can borrow up to 10 weeks of payroll. The CARES Act Loan, also have the possibility of forgiveness. You CANNOT apply for this particular loan online. If you are interested, call your regular banker and ask if they are an SBA partner. If not, you can search online for a qualifying bank in your area on the SBA Online Lender Match or ask your banker for a referral.

Some practical suggestions:

  1. You only need the two sites linked above in this email to complete your applications. The scams are everywhere.
  2. Contact your accountant. You will need personal financial statements, tax returns, profit and loss statements, etc. to include with your application. Be prepared when you go to the websites so you do not have to return numerous times.
  3. Get up in the middle of the night to complete your application. The websites are facing heavy traffic, so you are likely to have better luck at a less popular time.
  4. Each website provides ways for checking in on your application.

Now, before everyone else in the world gets the money, complete your applications.

Should you have any questions, please contact us at 561-877-6020 or via email at wallacelaw1@me.com as we are assisting our clients in completing the aforementioned loan applications if needed.

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Steven Wallace, EsqCOVID-19 Financing Options Simplified
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Demystifying Bankruptcy—Part 3

Chapter 7 Bankruptcy|Chapter 13 Bankruptcy|Boynton Beach Bankruptcy Attorney|Boynton Beach Bankruptcy Lawyer

Demystifying Bankruptcy—Part 3

This blog entries will dispel common myths and educate you on the general process of bankruptcy in Florida.

QUESTION: Will I Lose My Car if I file Bankruptcy?

For many people, their car is their prized possession.  The decision to file Chapter 7 bankruptcy (liquidation) or Chapter 13 reorganization often is determined by your vehicle(s).

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Steven Wallace, EsqDemystifying Bankruptcy—Part 3
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Demystifying Bankruptcy-Part 2

Demystifying Bankruptcy-Part 2

Many clients and prospective clients contact us and ask common questions based on advice from their relatives or a “friend of a friend.” These blog entries will dispel common myths and educate you on the general process of bankruptcy in Florida.

QUESTION: Will I lose my personal property if I file Bankruptcy?

One of the benefits of consumer bankruptcy is that it allows extraordinary relief that cannot be accomplished outside of bankruptcy.

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Steven Wallace, EsqDemystifying Bankruptcy-Part 2
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Demystifying the Bankruptcy Process-Part 1

Boynton Beach Chapter 7 Bankruptcy Attorney | Boynton Beach Chapter 13 Bankruptcy Attorney

Demystifying the Bankruptcy Process-Part 1

Many clients and prospective clients contact us and ask common questions based on advice from their relatives or a “friend of a friend.”  These blog entries will dispel common myths and educate you on the general process of bankruptcy in Florida.

QUESTION: Will I lose my Home if I file Bankruptcy in Florida?

There are two types of consumer bankruptcy: Chapter 7 (Liquidation) and Chapter 13 (Reorganization for Wage Earners).  One of the benefits of consumer bankruptcy is that it allows extraordinary relief that cannot be accomplished outside of bankruptcy.

Chapter 7 Bankruptcy

First, Florida allows an unlimited exemption for your homestead property which allows you to protect from creditor (and Bankruptcy Trustee) claims.

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Steven Wallace, EsqDemystifying the Bankruptcy Process-Part 1
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