In this episode of Business 1st Responders, host Suzanne Johns talks w/ Doreen Milano, Executive Coach and Business Consultant with Visions to Excellence. Suzanne and Doreen spend time in this episode to discuss businesses struggling during challenging times.
Many of the businesses that were challenged in our recent environment are pulling back and not contributing to their communities. Doreen grew up in the family business environment and it is one of her passions. She helps businesses work through their processes, decide where to move forward and where to hold back, so that they can continue to be successful, contribute to their communities, and grow their bottom lines significantly.
If business owners are struggling, there are many options to consider before dissolving the business and leaving the dreams behind. Some of these options are to look into small business administration loans with long-term grace periods or grants, which don’t need to be paid back.
For businesses that are continuing to grow and plan to diversify, the best time to do so is when the market is in a dip because prices are reduced. Some investments are no-lose situations. For example, land is always a good investment and right now self-storage is trending high, as well as anything to do with boat or RV storage. Be leary of the many office buildings that are coming up for sale as we are learning to work remotely as a society. Due to this, there will be a record number of leasing areas that will be vacant and dirt-cheap. So, stay away from office buildings, as well as retail shopping centers due to online shopping.
As changes continue to occur, businesses are called to be creative and challenge their own status quo. There is even a rising trend of people that are buying prefab buildings and putting them in their backyard. This is the new office space! Now, that’s creative.
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