While published in late March (which seems like *more* than only a few months ago) this article in Entrepreneur highlights ten important items to consider as your are navigating how to keep your small business afloat during this challenging time. While you may have already addressed many of these items, it is still a useful list to skim through.
Click this link to access the May 27, 2020 webinar entitled “The Search For Money: How Women Can Negotiate Better Startup Financing“. Victoria Yampolsky shares strategies on how to position your company in the best light and how to create an effective fundraising strategy.
Several resources mentioned in the webinar included:
Unqork Forward is a Digital Resiliency Program providing COVID-19 relief for small and medium-sized businesses (SMBs) that need to digitize some or all of their business operations. Forward provides access to Unqork’s no-code application development platform and in-house experts to help design and build digital solutions for participating businesses.
If you are selected by Unqork to participate in the Forward program, Unqork will give you, free of charge, a one-year subscription to Unqork and access to one or more of the digital applications that Unqork builds as a result of this program. The Forward program application window ends June 30, 2020. Application information can be found here.
Click this link to access the April 29, 2020 webinar entitled “Optimize Your Financial Dashboard: Use Data, Metrics and Key Indicators To Drive Decision-Making” where Victoria Yampolsky discusses key financial indicators that not only help you understand your current position but also help you plan for the future. Victoria also responded to questions from those listening live.
A link to Victoria Yampolsky’s company, The Startup Station, is here.
Haircare and beauty brand, SheaMoisture and its parent company, Sundial Brands, has announced a $1 million relief fund to help support women of color entrepreneurs and minority-owned businesses affected by coronavirus. Applications will be available online April 8, 2020. Entrants must complete this registration form by 11:59pm eastern time, April 10, 2020. It is a quick turnaround time! For more information, follow SheaMoisture on Instagram or check this link.
Bank of America has put together a web page with resources for small businesses that are grappling with the challenges stemming from COVID-19 shutdowns. Included on this page is a link to Facebook’s Small Business Grant program. Facebook stated that they will be providing $100 million in grants and credits to 30,000 small businesses and application information will be posted soon.
The Paycheck Protection Program is a Small Business Administration (SBA) loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The Paycheck Protection Program will be available through June 30, 2020. More information can be found here.
This post on business.com discusses how women-owned businesses can better leverage social media to increase brand awareness and grow a market base. In addition to offering tips, the piece shares that those who are most successful in using social media are those who use their platforms of choice consistently and have a clear strategy.
Despite women owning 40% of all the businesses in the U.S., in 2018, less than 2 percent of women-owned businesses generated more than $1 million in sales (and that percentage is even lower when you only look at women of color). This article in Entrepreneur explores ten common mistakes that include: trying to do it all yourself, not spending enough time working with mentors and coaches, lack of a cash runway and not understanding the scalable aspects of the business.
Two articles appeared recently discussing the importance of more openly sharing personal salary information as well as financial management strategies. “Build Your Squad For Financial Success” appeared in Entrepreneur and focuses on how women of color can help lift each other up by more openly sharing salary ranges, negotiation tips and business collaboration.
A New York Times piece published the same week entitled, “I’ll Share My Salary Information if You Share Yours” shared how more and more women are openly discussing topics that were historically considered taboo – salaries, stock options, signing bonuses, negotiation tactics and both “dream” and “walk-away” numbers.