BANKS OFFERING DIRECT RELIEF TO CLIENTS
Many Canadian banking institutions have extended and bolstered services
to offer immediate financial relief to individuals and small businesses
impacted by COVID-19. Contact your representative to find out about
initiatives like:
• Waived minimum payments on credit cards
• Business loan payment deferrals
• Line of credit increases
• Waived fees for new enrollments to cash management solutions
NAMM U COMES TO YOU IN REAL-TIME
NAMM’s Professional Development team has launched a series of
webinars on a range of topics either specific to COVID-19, or that can be
particularly valuable while navigating its fallout. Sessions they’ve hosted
thus far, which are accessible on-demand at www.namm.org, include:
Financial & Tax Response to COVID-19
Alan Friedman and Daniel Jobe shared vital tips and new ideas for gener-
ating cash flow and reducing expenses during this disruptive period.
Music Retail in the Time of COVID-19
Retail thought leader Bob Phibbs (a.k.a., The Retail Doctor) explored
how you deal with the coronavirus outbreak at your music retail business,
the smart thing to do at your business right now, and how to lead when
leadership is tough.
Making Music Online – How-To’s for Private & Group Lessons
Myrna Sislen, owner of Middle C Music, and Miriam and Mike Risko,
owners of Risko Music, explain how they have adapted their business
models to move in-store music lessons online to keep their students
connected and making music.
Advice from the Retail Doctor:
HOW TO PLAN & PREPARE FOR POST-PANDEMIC
SUCCESS
Retail specialist and frequent NAMM
U presenter Bob Phibbs, aka the Retail
Doctor, has shared a slew of information
for retailers in any sector on “How to
Retail During COVID-19.”
Here are some forward-looking
tips from a blog post on the subject,
though visit www.retaildoc.com to
access more articles, videos, webinars,
podcasts, and other resources, or to be
in touch with Bob directly.
BOB PHIBBS
1. Go Over Your Financials
Plan for the coming months with a list of all fixed expenses, then all vari-
able expenses. See if your fixed expenses have an associated forbearance or
postponement clause. Speak with your financial planner for guidance.
2. Maximize Your Credit to Live to Fight Another Day
Check the available balances on your cards and look into other means of
credit. Many institutions have special conditions due to COVID-19.
3. Don’t Blow Off Vendors; Work with Them
Call all of your vendors; you’re in this together. Make sure you’re
getting their best available rate, and collaborate on mutually-agreeable
arrangements.
The Canadian Federation of Independent Business’s
COVID-19 SMALL BUSINESS HELP CENTRE
The CFIB has launched an online help centre for small businesses with
expert advice to guide business owners through this difficult time, as well
as helpful resources like:
• Extensive FAQs on the coronavirus pandemic and its impact on
businesses
• Free customizable templates for: notices to visitors, temporary
closure notices, emergency preparedness notices, sick policies,
and more.
• Regular, ongoing surveys of members on the latest impacts of
COVID-19
• Weekly business-focused webinars (available on-demand after
the live sessions)
• The latest news relevant to business owners
The CFIB is updating the page regularly, and has added staff to quickly
and effectively answer inquiries from members. For more, visit:
www.sfib-fcei.ca.
4. Talk to Your Landlord About Rent Concessions
Ask for reductions, or propose paying over the rest of the year. Landlords
don’t want empty storefronts now or in a few months, and many would
rather have something than nothing.
5. Monitor All Government Programs Daily
Things are evolving almost hourly amidst the pandemic. Make sure you
have up-to-date info on the relief programs designed to help businesses
and individuals and take advantage of them as soon as you can.
6. Understand It Will Be a Jaded Consumer that Re-Emerges
Consumers may still be uncertain about their jobs and financial security
as things return to normal, and subsequently, may avoid “unnecessary”
spending. Do what you can to instill confidence in your customers, and
consider adapting your return policies as an extra “security net” that few
will likely take advantage of in the end.
Andrew King is the Editor-in-Chief of Canadian Music Trade.
CANADIAN MUSIC TRADE
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