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Working From Home? 9 Tips to Staying Productive and Sane During These Difficult Times

Posted: 25 Apr 2020 11:18 AM PDT

Whether your business is new to remote working due to the numerous stay-at-home policies issued by most U.S. states to fight the coronavirus or accustomed to it, it can be hard to be productive working from home while also keeping your sanity.

Believe me, I can personally attest to this. I've worked from home for more than a decade now, and still struggle with certain aspects of it every day. It is very easy to form bad work-at-home habits. Here are some ideas and tips to help you and your employees work at home more effectively.

Create a space

You'll be more productive if you can carve out a separate space in your home in which to work. That helps you separate your work space from your personal space and maintain some privacy.

This is even more important if you don't live alone and are sharing space with other adults and/or kids. If that is the case, you need to establish some ground rules. Tell your kids when it's okay to interrupt you and the best way to do it. If you have a separate room, put a small sign on the door, saying when it's safe to come in. If you're in a meeting, let everyone know they need to be quiet.

One business owner I know, struggles with the possibility his dogs will start barking when he tapes his podcasts. He once asked his wife to take the dogs for a ride while he was taping a particularly important episode.

If you don't have a spare room, can you take over a guest room, part of the basement, or a little-used dining room? Someone I know converted their back porch from "junk room" to office space. You also should work from an ergonomic chair whenever possible. Experts will tell you not to work from the couch. They're right—but in the spirit of full disclosure, even though I have a separate office, I sometimes work from my living room couch.

Establish a schedule

Set "office" hours and try to stick to them. If you're the boss, it's okay to tell your employees the times you expect them to be at work. But given the current situation, some may need extra flexibility.

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Take breaks

Incorporate breaks into your schedule, even if it's just a quick stretch or walk around your house or apartment. Try for a five-minute break once an hour. If you can safely go outside for a short break, do so. If you can't, check with your doctor to see if you need to add Vitamin D to your diet. And don't forget to eat lunch.

Get equipped

Every business's circumstances are going to be different here. What computers are your staff using? Work-issued secure machines or their personal computers? Whichever, you want to make sure your employees are keeping their work secure. You might want to investigate getting a VPN (virtual private network) service.

What equipment do you and your staff need to work from home productively? Will someone need a printer or copier? Will everyone be relying on their own cell phones? Do they have enough data? Ask your staff if they have what they need to get their jobs done? If not, can you order equipment or supplies online and send it to them?

Respond to your employees quickly

This is especially important if your company is new to remote working. Your staff is bound to have questions. Don't keep them waiting too long. If you can't respond immediately, a quick head's up—"I'll get back to you in 20 minutes"—can be helpful.

Stay in touch with your team

Luckily, there are a lot of tools that make it easy to stay connected, such as Slack, Skype, and Zoom. Many of these offer free options.

Not every communication needs to be about work. Many people are particularly stressed these days, so be sure to check in with your staff, even if it's just to find out how they're doing, or if there's something they need to make their jobs easier.

Conference calls

There will be times you need to meet with your team or clients. Try to keep internal meetings to a minimum, prepare an agenda ahead of time, and distribute it to your staff. Have everyone sign on five minutes before the meeting starts to make sure you can start on time. There are plenty of meeting tools to choose from, again many with free plans that will suit your business.

Get happy

You don't want to lose the social aspect of work. Consider holding virtual "happy hours" with your staff where you catch up on one another's lives and let off some steam. Or have a Monday morning catch-up meeting where the agenda is more personal than business. Employees can easily feel isolated which hinders productivity.

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Reevaluate your work-at-home policies

Up until now, many small businesses have been reluctant to allow remote working, fearing, among other things, a loss of control. This is a good time to reconsider. According to a study from the SMB Group, Impact of COVID-19 on Small and Medium Businesses, "Due to new stay-at-home guidelines and mandates, 80% of SMBs with existing work-from-home programs are now expanding them as they try to keep their businesses going. Meanwhile, among the SMBs that lacked telecommuting options prior to COVID-19, 24% have now established them, and 29% plan to do so."

The SMB Group believes more small businesses will adapt to working from home and make remote work a permanent aspect of their businesses.

I've read about a number of companies that have already done exactly that. One company tweeted they were so pleased with how their remote working plan is going, they've decided to convert to being a virtual business. The move, they say, will save them thousands of dollars on rent and other overhead costs.

RELATED: 10 Tips for Conducting Productive Virtual Meetings

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Work From Home Guide for First-Time Remote Workers

Posted: 25 Apr 2020 11:08 AM PDT

We're currently in the midst of the greatest remote work experiment in history. The COVID-19 pandemic is forcing businesses to quickly adapt to new work setups that allow for greater social distancing. While it is not a big adjustment for remote work converts such as myself, it can be somewhat challenging for those trying this arrangement for the first time. 

Even before the current situation around COVID-19, remote work has been on the rise. A recent study released prior to the coronavirus pandemic found that 50% of employees globally worked remotely for at least half of the week. This has been matched by a similarly positive trend in employee preference when it comes to remote work. The same study found that when faced with similar job offers, 80% of employees would refuse the offer that didn't offer a flexible work option.

All of this means that whether you're ready or not, remote work is here to stay. The logical question now becomes how can you not only survive in this new reality, but thrive. Luckily, there's an abundance of collective knowledge on remote work gained by early adopters. Read on to find some practical tips and tools that will help you make the most of this situation.

Establish a routine

Perhaps the biggest challenge to adapting to a new work arrangement is finding your routine. Humans find comfort in the familiar, so until you become used to working from home you'll likely feel out of place. 

We all have our office routine, usually revolving around peak productive times, meetings and down time for things like lunch and coffee. Just because you're working from home doesn't mean that you can't recreate something similar. 

My team has had a flexible work setup for years, so I've gained some experience in this regard. Here's an example of the type of routine I encourage my team members to create for themselves when working from home:

Morning exercise—It's important to take into account the reduction in your own mobility while working from home. Previously you may have walked to work, climbed some stairs, left the office to get lunch, etc. Compensating for this is important for your physical and mental health.

Get dressed for work—There's a general principle that just because you can do something doesn't mean you should. In the context of working from home, just because you can spend all day in your pajamas doesn't mean you should. In order to set the right tone for yourself, take the time to prepare yourself for the day just as you would if you were going to the office.

Breakfast and personal time—Maintaining healthy eating habits is always important, but never more so than when working from home and practicing social distancing. Breakfast is also the perfect opportunity to do something for yourself: catch up on the news, read a book, just look out the window, or anything else that brings you joy. 

Create a plan for your workday—Taking time in the morning to outline your tasks and goals for the day is a great way to maintain focus. This is also something you can share with your colleagues to keep them up to date and informed. 

Work smart—Hunching over your laptop for eight straight hours will not lead to your most productive work. When you feel that you need a break, take one. In the office you would find ways to clear your mind and stretch your legs, so do the same here (more on this below).

Finish work at a set time—Working hours are working hours, and this shouldn't change just because you're now living at “the office.” Set a clear end time for your work every day. Of course this can be adjusted in certain cases, as in the office. However, sticking to strict working times can create an important separation of your work and your personal life.

Don't forget to take time for yourself

One of the biggest challenges of working from home is the feeling you're always connected. Too often people get up, turn on the computer, begin working, and don't stop until late in the evening, putting in much more than an eight-hour day. Partly this comes from a drive to “prove” you're working, a mindset that you should try to overcome as you become more comfortable with remote work. 

Just because your home has now become your office you shouldn't feel obliged to be available during all waking hours. In fact, now more than ever, it's important to take time for yourself in order to maintain your physical and mental health. 

Set clear working hours, with the appropriate amount of breaks, and stick to them! You'll be doing no one any favors if working from home leaves you drained and unmotivated. Not to mention that your productivity will certainly suffer if you don't set aside time for yourself. 

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Find ways to interact in person

One of the biggest challenges of working from home is the loss of human-to-human connection that you find in the office. You'll quickly come to value, and miss, those in-person interactions. Humans are social beings, and we need to feel connected. In fact, research shows that 19% of remote workers report loneliness as their biggest challenge. That's why when working from home it's crucial to find ways to interact in person. 

My team carves out time at least once a week to hold in-person team meetings using video team communication software. During these meetings we have a rule that everyone has to use their camera, and we take time at the beginning to share updates about ourselves. These meetings help us reconnect and reduce our feeling of isolation at home. 

Find the right tools

I've purposefully put the discussion of tools last, as the previous points are the most important. Too often people hope for a technological solution to a human challenge. Using the right tools can certainly help you feel more connected and increase your ability to collaborate. However, tools are a means rather than an end, and it's much more important to nail down the points above before considering technology. 

With that said, there are some broad categories of tools that can help you and your team stay in touch and maintain productivity. Your choice will depend on many factors, including your current setup, your team's specific needs, the size of your team, the size of your budget, etc. 

Keep in mind that many businesses are offering extended trial periods or deep discounts in order to support those affected by the COVID-19 pandemic. This is something to look into when doing your research.  

Team communication solutions

Moving to a remote work setup means that your team will need to consider how to stay in touch. There are plenty of options on the market, from instant messaging platforms to video conferencing software. Your choice will ultimately need to reflect your team's specific needs, for example, whether you need to keep in constant touch and be able to collaborate in groups, or you do most of your work individually. 

Here are a few examples of tools to help orient you in your search:

Zoom: A remote conferencing service that's gaining a lot of attention during the current crisis for its work, educational, and social uses. Zoom offers a range of tools for online meetings, chat and collaboration. 

Slack: A communication channels-based IM platform, Slack allows you to structure your communication by teams and topics. There's also the ability to integrate an unlimited number of apps, which can help streamline your remote communication. 

Microsoft Teams: An integrated collaboration platform that provides meetings, chat, and storage features. Microsoft Teams is a good choice if you're looking for a more comprehensive collaboration solution for your remote work. 

Organization and productivity apps

Staying focused and on task is difficult in the best of circumstances. Without the structure that an office environment provides, it can become even more difficult. There are a range of apps developed to help teams stay organized and productive. From time tracking and scheduling software, to project planning and workflow organization, there's an app for pretty much every need. 

Here are some different apps that you can check out:

Calendly: An appointment scheduling app that helps to streamline your appointment making and calendar management. Calendly is a good choice if you're managing multiple meetings and engagements while working remotely. 

Trello: A project management software that allows you to break down and visualize larger workflows into individual tasks with assigned owners. Trello is a good option if you need help structuring larger projects.

Toggl: A time tracking app that allows you to keep track of your time and analyze where it's going. Toggle is one of the many tools that will help you better manage how you're spending your time when working remotely. 

Dealing with change

Change can be scary, but oftentimes we develop the most in situations when we're pushed outside of our comfort zones. Suddenly being forced to switch to a home office setup due to external factors is just such a situation. By approaching this change with an open heart, open mind, and of course, a good plan, you can turn a challenge into an opportunity for growth! 

RELATED: 13 Ways to Stay Focused When Working From Home

About the Author

Post by: Nikola Baldikov

Nikola Baldikov is a Digital Marketing Manager at Brosix, a secure instant messaging software for business communication. Besides his passion for digital marketing, Nikola is an avid fan of football and loves to dance.

Company: Brosix
Website: www.brosix.com
Connect with me on Facebook, Twitter, and LinkedIn.

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How to Turn Every Customer Service Call Into a Valuable Customer-Retention Conversation

Posted: 25 Apr 2020 10:56 AM PDT

People often assume that customer service performs a "support" function in a business, not a "sales" function. But every time customers are on the phone with your customer service people, this is an opportunity to either keep or lose a customer. Your customer service team is on the front lines of building relationships with customers—not just taking routine calls or fielding mundane questions.

Lots of companies miss out on opportunities to maximize the potential of their customer service team. With some additional training and a shift in focus, you can help your customer service team add more value for the company by enhancing customer relationships, improving customer retention, and building momentum for more sales. 

Here are a few simple strategies to improve your customer retention with your everyday customer service interactions: 

1. Ask good questions and go deeper

Instead of asking customers simple yes-no questions, train your customer service people to ask open-ended questions. Ask your customers things like:

  • "How can I help you today? What made you decide to give us a call?" 
  • "How do you feel about your experience with our company?" 
  • "What is the biggest problem we can help you with today?" 
  • "Have you tried our new product/service? How did it go?" 
  • "Have you heard from any of our competitors recently?" 

Be inquisitive. Be prepared for customers to say more than you expected. And, most important, listen! Talking with customers can be an excellent source of competitive intelligence. For example, you might learn from a routine customer service call that your biggest competitor is doing new product testing, or that a new competitor is entering your market, or that the competitor you barely beat for a big contract is going after one of your favorite accounts. 

Hearing the same complaints and issues from multiple customers might give you the insight to identify high-priority opportunities for making changes in your company's processes, or even get ideas for new products and services. Customer service is not just about solving mundane problems, it can be a vehicle for learning more about your customers' attitudes, doing market research, conducting customer satisfaction surveys, and keeping your finger on the pulse of what's happening in your industry. 

2. Empower your customer service people to make things right or make accurate promises

A common cause of frustration for customers is calling customer service and feeling like there is no one who can actually help them resolve their issue. Sometimes people need a higher level of help. Not every frontline customer service rep needs to have authority to issue refunds or offer complex solutions, but they should at least know how to take down the customer's name and number and promise them a call back by a manager by the end of the day.

If one of your customers calls for help and gets nowhere, that could very well be the last time you will hear from them. To prevent this from happening, invest in your customer service team by developing robust training programs, incentivizing great performance, and always stressing the importance of the work that gets done in your customer service department. Encourage your customer service team to think critically and find creative ways to go above and beyond.

Also, flag big accounts and important clients so they can be easily identified when they contact your company. Sometimes long-term clients just like to be recognized and acknowledged with a little extra consideration and special treatment. If the size of the account warrants it, have a dedicated customer service contact available for them. 

Obviously, all of your customers are valuable, but sometimes it's worth giving the "big spenders" and repeat customers a little extra care and attention when they come to you with an issue. A polite and professional demeanor is imperative when speaking directly with customers, but it's even more important to actually deliver results and help resolve your customers' issues. 

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3. Escalate effectively

We've all been there—getting stuck in an unending hold trying to get through to a real person who can actually solve your problem. Regardless of what type of business you're in, your customers' time is valuable. Develop an efficient system and process for connecting customers to the appropriate party quickly when they call your business looking for help. Build systems and processes into your customer service function to help people actually get directed to the right help faster. If there is something in your system that is slowing down the process, you're wasting your own time as well as the customer's. 

Cultivate a sense of urgency in the ranks of your customer service team. It's important they pass along any and all useful information they've learned from a client to the next customer service representative the client will be speaking to. Nothing is worse than identifying yourself and explaining your problem to one person over the phone just to be transferred to a different person and having to repeat the process all over again. If there is any part of the customer service experience that is awkward or needlessly time-consuming, find a way to streamline or eliminate it altogether.  

4. Choose the right metrics for customer service "success"

So many companies are constantly trying to get their customers off the phone as fast as possible. Many companies evaluate their customer service reps' performance based on how quickly they can get phone calls resolved. But what if you changed the metrics to more of a results-oriented, outcome-based approach?

How do you know if your customer service team is really "worth it?" Look for ways to evaluate customer service based on a fuller picture of the value it provides, whether that's customer surveys, number of new business leads generated, costly problems identified and solved, or early warnings of larger risks detected.  

Customer service is the front line of your business

Instead of treating customer service as a "cost," treat it as an opportunity to learn more about your customers, to find out what's going on in your industry, and to get inspired for a new level of success. Customer service reps aren't just there to answer the phone—they are the front lines of your business and the first line of defense against customer turnover. 

RELATED: 6 Customer Service Blind Spots Your Company May Be Missing

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Can Procrastination Actually Be Good for Your Productivity?

Posted: 25 Apr 2020 10:34 AM PDT

Everybody procrastinates from time to time, and most of us are always trying to find ways to procrastinate less. Procrastination is, for the most part, an inherently unproductive action. The basic idea is to avoid or delay a task, usually an unpleasant one, which hurts you in two main ways:

  1. You compromise your ability to complete the task. In some cases, the task gets harder to complete when you procrastinate; for example, you may have fewer options if you wait longer to complete the task, or you may have less time and fewer resources to work with.
  2. You waste time. The time you spend waiting, agonizing, or simply staring at a blank screen is essentially wasted.

It makes sense. And the statistics imply that procrastination is a serious problem; 95% of people are at least occasional procrastinators, with 20% of us chronically procrastinating. And 40% of us have experienced significant financial loss due to procrastination.

But even understanding all that, can procrastination actually be good for productivity?

You might be surprised to learn that procrastination is a more complex phenomenon than most people realize.

Active procrastination vs. passive procrastination

First, we need to clarify the difference between what I'll call "active" procrastination and "passive" procrastination. In passive, or traditional procrastination, you'll avoid or delay a task in favor of something unproductive; you may twiddle your thumbs, browse social media, or have a conversation with someone you know. But in active procrastination, you'll avoid or delay a task by working on a different task.

In this way, you'll simply be rearranging your schedule, never reducing what you can get done in a given day or a given week. If you're filling the void with productive work, you can consider your procrastination to be at least "productivity neutral."

Delaying a task for productivity value

It's also possible to delay a task, not because you're lazy or because you're wasting time, but because you'll be able to complete the task more efficiently if you delay it.

Consider these situations:

  • You're a night owl. Research shows that some people are naturally more productive at different peak hours throughout the day, due to genetic factors. If you're a night owl, who reaches peak focus and energy in the evening, it may make sense to avoid a task until those hours arrive.
  • You don't have enough information. You may also delay a task if you don't yet have all the information necessary to complete it. Otherwise, you may make a mistake and be forced to backtrack when more information comes in.
  • Your full team isn't here. If the task is collaborative and your best team members are out or busy with other projects, it may make sense to wait until the entire team is together.

In any of these scenarios, procrastination can help you get the task done in fewer hours, with higher overall quality.

Procrastination and prioritization

Procrastination can also help you reveal what your real priorities are. For this, you'll need a bit of introspection. You're procrastinating something actively—ask yourself why.

Is it because this is something outside your normal area of expertise? If so, is there a way to delegate it in favor of something within your skill set? Is it because you don't think it's very important? If so, is there a way to avoid it entirely?

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Additionally, procrastination can help you identify tasks that didn't really need to be done. For example, if your boss asks you to complete a report, but a day or two later, it stops getting mentioned in conversation, it could be that the report never really "needed" to be completed.

Obviously, you'll need to be careful with this angle, but after a few days—or even a few hours—you could have an entirely different perspective on how important the task truly is.

Procrastination as an emotional delay

The passage of time has a way of evening out our strongest emotions. If you feel angry, chances are you'll feel less angry in a few hours, and even less angry in a day or two. If you're afraid of something, you'll be less afraid after you've had some time to process it.

Because emotional decisions and emotional replies can work against us, procrastination can also be a tool for our benefit if it's used for emotional management. Go ahead and delay that angry email or that reckless decision; it can only be good for you in the long run.

The bottom line

Procrastination can be a productivity killer, but it doesn't have to be—and it's certainly not a bad thing in all situations. The more aware you are of your habits, the more you can turn procrastination to your advantage. Use it wisely, and it can ultimately make you more productive.

RELATED: How Entrepreneurs Can Stay Productive on Sluggish Days

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Free Money From the Government for Small Businesses and Independent Contractors: FAQs on the Newly Expanded SBA Grant Program

Posted: 25 Apr 2020 09:51 AM PDT

Under the CARES Act passed on March 27, 2020, independent contractors, small businesses, gig workers, and freelancers are eligible to receive a government grant of up to $10,000. The SBA sometimes refers to these grants as "advances," but you are not required to repay this money to the government.

The application process involves filling out an SBA form requesting an Economic Injury Disaster Recovery Loan (EIDL), which provides for the advance even if the loan is not granted.

Initially, $10 billion was allocated by the government for these grants, but due to the overwhelming amount of applications, the SBA suspended accepting new applications in mid-April 2020 due to lapse in appropriations for the grants.

The SBA is now lifting the suspension because legislation passed on April 23, 2020, allocating another $60 billion for EIDL and grants thereunder.

Who Is Eligible for the Grants?

In addition to the entities that are already eligible for SBA disaster loans and grants, eligibility was expanded to include:

  • Sole proprietorships, with or without employees
  • Independent contractors
  • Business entities with 500 or fewer employees
  • Cooperatives and employee-owned businesses
  • Private non-profits or 501(c)(19) veterans organizations
  • Tribal small businesses

You must have been in business as of January 31, 2020. Expanded eligibility criteria and the grants are only available until December 31, 2020.

How Much Can I Get from the Grants?

As a result of the very high demand for these grants, the SBA implemented a $1,000 cap per employee on the advance, up to a maximum of $10,000. If you are a freelancer, this apparently effectively limits the advance to $1,000. If you are a business with five employees, then the advance would be limited to $5,000. If you are a business with 10 or more employees, the advance is limited to $10,000.

Where Do I Apply Online for the SBA Grant?

The application should be found at covid19relief.sba.gov/#/ (if for some reason it isn't there, do a Google search on "SBA disaster loan application."). (As of this writing, the SBA still needs to update the page to reflect that new appropriations for the grant program have been made by Congress on April 23, 2020.) Background information from the SBA can be found at www.sba.gov/disaster-assistance/coronavirus-covid-19.

I Applied for the SBA Grant Already, But I Have Not Heard Anything. Should I Apply Again?

That depends. If you applied before March 29, 2020, you will need to resubmit your application. Otherwise, the SBA is asking for patience.

What Advice Is There for Completing the SBA Application as an Independent Contractor or Freelancer?

If you are an independent contractor, freelancer, or gig worker, here are some tips on filling out the application:

  • On the first question, check the second box as you are applying as an independent contractor or sole proprietorship.
  • You must add your social security number if you are applying as an individual independent contractor.
  • The form will ask you for the gross revenues for the last 12 months for your independent contractor business and the "cost of goods sold." You can estimate this based on what happened in 2019. Cost of goods sold means the expenses incurred in the process of providing your service or product as a freelancer or independent contractor.
  • Where it asks for "Owner" put your name and "100" percent owner.
  • It will ask for the date the business was established. This is the date you started doing freelance or independent contractor work. Just estimate if you don't have the exact date, but make sure it was before January 31, 2020.
  • The form will ask for the bank account to which you want the grant money direct deposited. You need the name of your bank, the account number (the middle number at the bottom of your checks), and the routing number (the number at the bottom left of your checks). See the question below on direct depositing.
  • For your business phone number, it's OK to give your cell number.
  • On the question "Is your business owned by a business entity?", the answer is no since you are an individual owner.
  • When the form asks for your business name, just enter your individual name if you don't have a business name.
  • You can ignore the question "If anyone assisted you in completing this application …" unless you have in fact gotten help.
  • Make sure to check the box that says you want to apply for the $10,000 grant (although it will only be $1,000 for independent contractors).

The form should take about 15 minutes to fill out. After it is completed and submitted, the SBA will give you a confirmation number, so keep a copy of that for any follow-up.

How Can I Make Sure I Provide My Correct Direct Deposit Information to the SBA?

The direct deposit information is as follows:

  • The name of your bank
  • Your bank account number, which can be up to 17 characters. On the sample check below, the account number is 2020202086.
  • The "routing number" for your bank, which must contain 9 digits. On the sample check below, the routing number is 250250025.
  • Don't include the check number (1234 on the image below).
  • Double check that you have provided the correct numbers.

sample check

How Long Will It Take to Actually Get the Grant Money from the SBA?

The CARES Act originally required the SBA to grant the money within 3 days of application. But due to the overwhelming response, it has not been able to do so. Some people report having received grant money, but many are still waiting. You should anticipate that any new applications could result in a wait of weeks or longer.

Apparently, the SBA just directly deposits the grant money into your bank account, without notifying you that it is on the way or that it has been sent. Check your bank account regularly. If you see that the SBA has checked your credit, then your application is being processed.

Do I Need to Accept an Economic Injury Loan in Order to Get the Grant?

No. You can decide just to accept the grant you receive and do not have to accept an Economic Injury Disaster Loan.

But such a loan may be very helpful. Here are the key features of these loans:

  • Loans up to $2 million
  • Fixed interest of 3.75% (2.75% for non-profits)
  • Repayment term of up to 30 years
  • Your business had to be operational on January 31, 2020
  • Loans may be used only to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the pandemic not occurred; however, if you plan to couple an EIDL with a PPP, you can't include payroll. The programs are intended to complement one another and therefore not result in duplicate resources.

Do I Have to Pay Back the Grant?

No. It's clear under the CARES Act that this is a grant that does not need to be repaid. No interest payment is required either.

What Other Financial Assistance Is Available to Small Businesses and Independent Contractors?

The CARES Act provided for the following benefits:

  • Paycheck Protection Program (PPP) loans to help small businesses continue paying employees. Congress on April 23, 2020, added another $310 billion to the PPP, on top of the $350 billion when it was created in March. (See Where's the Money: The Top 10 Frequently Asked Questions About CARES Act Loans.) The terms of these loans are extremely favorable and potentially forgivable.
  • SBA Disaster Loans up to $2 million if your business is physically affected by a disaster (such as an earthquake or hurricane). The COVID-19 pandemic qualifies as a disaster.
  • Unemployment benefits if you are a freelancer, independent contractor, or gig worker adversely affected by the pandemic. Previously, unemployment benefits were only available to terminated employees. Unemployment benefits are available through your state's unemployment office and not the SBA.

How Can You Contact the SBA to Follow Up on Your Grant Application?

It has been difficult to get the SBA to respond to inquiries. The SBA website sets forth these means of contact:

If you can't get through to the SBA, try contacting the Small Business Development Center (SBDC) in your area. For example, the Northern California SBDC has been extremely helpful, and you can actually talk to a person live. See www.asksbdc.com or call 833-ASK-SBDC. Advisors can help you with both the PPP loan process and the EIDL loans/grants as well as special programs available in your state.

Regardless of what state you are in, it's useful to subscribe to the NorCal SBDC Finance Center's recorded webinars on YouTube.

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Copyright © by Richard D. Harroch. All Rights Reserved.

The post Free Money From the Government for Small Businesses and Independent Contractors: FAQs on the Newly Expanded SBA Grant Program appeared first on AllBusiness.com. Click for more information about Richard Harroch. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

6-Step Coronavirus Action Plan for Realtors

Posted: 25 Apr 2020 09:33 AM PDT

Our home staging company works with very talented and dedicated realtors each day, helping them sell their real estate listings faster and for the best asking price possible.

But things are different now. Some condominiums have restricted access for contractors (except in case of emergency) while others have shut down altogether, refusing home showings and even move-ins. Every day, both industry professionals and the public expect further amendments to existing emergency orders. And everyone says that we have yet to see the worst.

This new "normal" will undoubtedly stay with us for a while, and requires us to adapt and develop new ways of interacting with colleagues and clients to conduct business. 

The following "6-Step Coronavirus Action Plan for Realtors" is a list of suggestions to help you continue to conduct business safely and efficiently in these trying times. It is meant to be an independent guide for those who continue to serve their communities in their real estate advisor capacity—evaluate it and implement it as you see fit. In addition, you'll find a downloadable PDF version of the plan at the end of this article that you can print out or save on your phone for reference.

IMPORTANT NOTE: In the state of Florida where my company operates, real estate services still fall into the "essential" category and are therefore permissible during this period. You should be sure to follow all your state and local emergency orders and abide by the best practices we keep hearing about: keep six feet apart from other people, wash your hands regularly, avoid touching your face, and stop going out of the house unless absolutely necessary. 

Step 1: Take Extra Steps to Reassure Your Clients

It has never been more essential to stay in the loop with updates from your local realtor association. If you haven't been sent any recent information, pick up the phone and call them for current status updates. Don't wait for your clients to reach out to you—make it a habit to be proactive and find answers before questions arise. Over the course of the next few months, there will be constant updates and you must stay on top of them all. This is the time to become a true real estate advisor, the trusted resource your current (and future) clients can rely on. 

There are many ways to share updates with your clients, and you should opt for the communication method they prefer. (Never asked your clients how they wish to communicate with you? Now is the time!) In addition, make it your mission to share this information with those who do not currently work with you: record videos and post them on YouTube, send email updates, and share updates on social media. People need leaders they can turn to in times like these—now is your chance to play this role.

When it comes to working with clients (both sellers and buyers), you must employ utmost diligence when scheduling showings, and you should stock up on the following basics:

  • Face masks and eye protection 
  • Gloves in different sizes
  • Booties for shoes
  • Disinfectant wipes or spray, hand sanitizer

Both your sellers as well as buyers will appreciate your care and attentiveness to protect everyone involved. Set up a "protection station" at the entrance to your listings (more on that later), and keep some extra stock in your car. When working with buyers, make it a standard protocol to call the listing agents of the properties you will be showing ahead of time and ask what measures they have put in place to conduct showings safely. In fact, take it a step further and add a note on your listing, letting other agents know what you're doing to keep them and their clients safe.

Step 2: Make Your Listings as Visually Appealing as Possible

Do you remember when younger real estate agents started talking about virtual showings and all sorts of technology-based real estate tools? What seemed far-fetched a short time ago has become something we need to consider adopting quickly. We had better get used to technology being our daily companion in selling real estate. Virtual showings may overtake in-person walk-throughs because the current restrictions in place may make it impossible to visit a property until further notice. 

Therefore, making a listing visually appealing online is more important than ever. You must do whatever you can to maximize presentability. Put yourself in the buyer's shoes and ask yourself, What would I most want to see in photographs or videos of the property?

Start by revisiting all existing photos and videos. Do they show the spaces accurately? Do you get a good feeling of size, shape, depth, and height of the space? It is a good exercise to ask a friend who has never seen the properties to review the listings for you, and get honest feedback about what their impressions are.

There will always be a way to make your listing look better, and it's now more important than ever to make that first impression count. Home stagers help to create living spaces that are welcoming and tailored to buyer expectations. Schedule a virtual consultation with your trusted home staging company and let them guide you in making modifications to your existing furnishings, or develop a strategy to stage your vacant property. Home staging remains the single most effective way to visually differentiate your property. 

  • Staging turns an empty space into a home by furnishing it with tasteful, buyer-centric furnishings and accessories.
  • It helps buyers create an emotional connection with the home and helps them envision themselves living there.
  • It helps buyers better understand room layouts and dimension in photos and videos as well as during in-person walk-throughs.
  • It creates excitement and prompts would-be buyers to make an offer so they don't lose the opportunity.

If you choose to stage the property virtually (which is possible these days), you must be careful. While you may allow virtual furnishings to be added to your room photos, you cannot alter interior or exterior features of a property. Such changes may be considered misrepresentation and can get you in big trouble; it is imperative that you represent a property accurately and realistically. (Keep in mind: virtual staging is a great back-up option but if you are selling in the luxury market, buyers will expect a fully decorated, nicely presented home.)

If you haven't yet done so, procure a floorplan of the property (either from the developer, the construction company that worked on the last remodel, or city records) and make sure it is as accurate as possible. Keep one version as you received it, and make a copy on which you mark the names of the rooms. Then add both the original and your amended copy to the listing's picture gallery. For further clarification, add descriptive text to all the images in the photo gallery and connect them to the rooms in the floorplan. This should help potential buyers better understand layouts and views.

Next, record several detailed video walk-throughs of the home—preferably one per room as well as one overview video of the entire property. Note in the listing that videos are available on demand, or add the overview video to the listing directly.

You may also consider recording a 3D walk-through of the home (based on the type of buyer you are targeting, this option may or may not make sense).

In short, do everything you can to bring the property closer to buyers.

Step 3: Harness the Power of Social Media

One of the biggest challenges right now is simply connecting with prospects and clients in these times of "social distancing." One option is to offer virtual showings on demand. If your state or county still deems real estate as essential, visit your listing and broadcast a live "showing"—either for a single client or for all your followers to watch (Instagram and Facebook are the key social media channels we use to interact with our clients and prospects). 

Instagram Highlights are a great way to prominently feature specific content under a customized title on your Instagram profile (the circles in the example below). Create one highlight for each of your listings and name them for the property address.

curated instagram

Just as you can use Facebook and Instagram to conduct a virtual property showing, another innovative idea is to use these channels to conduct a "virtual open house." It's as simple as announcing an open house as usual, and being onsite at the set time. Start a live video and provide a walk-through of the home as you would during a showing. Encourage anyone watching to submit questions in the comments, which you can answer in real time. 

Once you become more comfortable in front of the camera, offering Q&A sessions via social media would be another way to connect with your audience, clients, and prospects. Whether it's about a specific property, your market situation, or another interesting real estate topic, this is the time when you can create value by offering your advice and insights to those who will appreciate it. 

Social media is also a great way to share those Covid-19 general updates you have been collecting and staying on top of. Record simple, 1-minute updates on the current situation and the latest emergency orders in your neighborhood. With a lot of noise out there, people value a single reassuring voice. As the responsible and dedicated real estate agent you are, you can bring true value to your audience and become the go-to resource for all their needs and questions. 

Step 4: Establish a "Showing Protocol"

If you are still allowed to conduct business, you should establish a showing protocol, both for showings of your listings and showings you conduct with buyers of other agents' listings. Some of these ideas were first shared  by Compass, a popular online real estate company, with their real estate agents. Here are some ideas that might come in handy, and while wearing gloves and masks seems to be the standard procedure, we encourage you to go above and beyond for your clients and community. 

  • Remember that even if you are an essential business, you must abide by the rules set by your local and state authorities. Better yet, go with the recommendations of the CDC.
  • Maintain a stock of gloves in different sizes, face masks, plastic eyeglasses, booties for shoes, and disinfectant spray and wipes.
  • At your listings, set up a "protection station" where you store this protective gear, making it easy for buyers to put everything on before entry and dispose of everything properly and safely when leaving.
  • Collect all information digitally, and save the business cards for better days.
  • Reconfirm showings and arrival times; you want to ensure that you don't have groups coming in at the same time, and you want to accompany all groups so no one is left alone in the home at any time.
  • Turn on all lights and open all doors beforehand to ensure nothing needs to be touched by buyers walking through.
  • Once a showing is complete, disinfect everything that was touched during the walk-through.
  • Consider maintaining a log of showings and timings. Should anyone become ill, it would be valuable to have the names of those who may have been exposed.

We all hope that this new "normal" doesn't last forever, but the likely scenario is that it will last for months to come, so be proactive by amending your yard signs and letting the public know that you are Covid-19 prepared if they would like to visit the property. 

Step 5: Master Virtual Meetings and Paperwork

During the past few weeks I have been conducting most calls, both personal and business, via video. I'll be honest: I was not a big fan of video calls before all this started, but the more of them I've had, the more I've come to appreciate the experience. There isn't anything wrong with a normal phone call, but there is a certain depth that's added when you can see the other person you're talking to, just like in real life. There are many video conferencing solutions out there, and right now it's the best way we can interact with each other.

Covid-19 has also changed some of the more behind-the-scenes aspects of real estate: contracts and paperwork. Before this, most residents here in Miami only thought about hurricanes when it came to the "force majeure" clause in a real estate contract. Now, thousands of real estate contracts nationwide have been canceled or postponed and listings have been taken offline. Get ahead of the changing legal landscape and inform yourself of any and all Coronavirus-related addenda and regulation changes that apply to your market. Your buyers and sellers will be looking to you for this kind of information.

If you've been a strong advocate for the "paper" in paperwork, take this as an opportunity to switch to an e-signature solution. Allow buyers and sellers to execute documents without having to leave the safety of their home. 

You should also establish contact with the title companies (and escrow if applicable) to learn about the measures they are taking, and how they are transitioning to completing transactions entirely without physical contact. 

Much of your value as a real estate agent has to do with your market knowledge, situational knowledge, and thorough understanding of the entire real estate transaction process. Make it a goal to become an expert in how the pandemic is affecting this aspect of real estate. 

Step 6: See the Current Situation as an Opportunity

There's no doubt—the world will change as a result of this horrendous pandemic. There are already millions of people suffering, and we have yet to see the worst of it. Our communities need us more than ever. 

It's also a time to reflect, revisit, and reshape our beliefs and values. Practicing true self-care usually falls short in our busy lives; maybe this can be a time for us to reconnect with ourselves through mindfulness and gratitude. 

Show your clients that you care about them beyond your professional relationship. Check in, say hello, and ask how they are doing. Do the same with family, friends, and old clients.This can also be a time to build new relationships and partnerships. Reach out to vendors and discuss ways you will be able to do business together when this is over. 

Invest time in education and self-development. There's an enormous amount of interesting online courses, informative YouTube channels, and educational books out there. And for those high achievers who can't stop, use this time to craft new workflows and processes. You know, all that stuff that's on your "must get to but don't know when" to-do list. This is the best time to dedicate to new strategies that will improve your business in the long run.

There's definitely more that you can do beyond these six steps, but it's a solid place to start. This list is meant as a starting point, and hopefully there will be more ideas and initiatives in the weeks to come. To get a free PDF outline of this action plan, go to www.thecurated.group/covid and click on the download button. 

Please stay updated. Stay home. Stay safe.

RELATED: 5 Lessons Small Business Owners Should Learn From the Pandemic

The post 6-Step Coronavirus Action Plan for Realtors appeared first on AllBusiness.com. Click for more information about Melanie Haselmayr. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

Paycheck Protection Program, Round 2: Can Your Business Receive Any of This Money?

Posted: 25 Apr 2020 08:21 AM PDT

On Friday, April 24, President Trump signed into law a new bill providing a much needed additional $310 billion into the Paycheck Protection Program (PPP), created under the CARES Act (Coronavirus Aid, Relief and Economic Security Act) to help small businesses keep employees on the payroll, and Economic Injury Disaster Loans (EIDL).

Out of the $310 billion, $60 billion is to replenish the EIDL program and $250 billion for the PPP loans, with $60 billion set aside for community banks and community development financial institutions (CDFIs). The initial round of funding under the CARES Act of $349 billion lasted about a week before it dried up and this round is projected to only last four to six days.

Can your business apply for and receive any of this money?

The reality is most American businesses will not receive any of these relief funds. In the first round, 1.6 million businesses received approval with most still awaiting the funds. The process remains the same for PPP and you can access frequently asked questions in Newly Available CARES Act Loans: 10 Things Small Businesses Need to Know.

Here are the top three things you need to look at to determine if you will receive funds and increase your odds of success:

  1. If you received an SBA certification number in Round 1, you will receive funds. Your bank is going through the underwriting process and you should receive funds within 10 to 14 working days.
  2. If you didn't receive an SBA certification number, but your application was accepted by your bank, you remain in the queue to receive funds. The program remains on a first-come, first-served basis. You should reach out to your bank and see if they can push your certification through the SBA.
  3. If you didn't apply in Round 1, you should apply as soon as possible for both the PPP and EIDL loans. Unfortunately, many banks are not taking new applications because they already have so many in the pipeline. You can research participating lenders on the SBA website, or try fintech companies like PayPal, Intuit, Square, and OnDeck.

Smaller community banks seem to have better luck with faster processing than the large national banks so you may want to start there. You can still apply for the EIDL loans at www.sba.gov/disaster once the application is back up and running as it was shut down due to overwhelming demand.

What is different in this new relief bill?

The most significant change in this new round came in updated Treasury guidelines, requiring borrowers to certify in "good faith" that they have no access to additional sources of capital and that, as the law provides, "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."

This clarification, while still somewhat blurry to truly define, was due to the public backlash caused by large chains and publicly traded companies like Shake Shack, Ruth's Chris Steak House, and Sweetgreen obtaining major funding in PPP Round 1. These companies and others have pledged to return these funds.

The new guidelines state that any borrower who returns funds by May 7, 2020, will be deemed by the SBA to have made their certification in good faith and avoid any future scrutiny or penalties. The SBA reserves the right to audit loan applications, and the penalties for making false statements on SBA lending forms can be harsh, including material fines and criminal charges.

It should be noted that the CARES Act specifically waived the traditional requirement for SBA loans that the applicant show they do not have access to additional forms of credit. Congress believed, rightfully so, this would cause major delays in distributing funds to businesses. However, under the law of unintended consequences it let many large companies with access to capital apply for these loans.

Other than publicly traded companies, it would be hard to imagine the SBA finding bad faith on behalf of a business that was forced by the government to shut down due to COVID-19 and kept employees on the payroll, even with other sources of credit.

In addition to this change, the new law also attempts to address claims that the distribution of Round 1 was inequitable and disproportionately rewarded larger companies to the detriment of businesses owned by women, minorities, veterans, and Native Americans. As the PPP loans were and remain based on a first-come, first-served basis, they inherently favor companies with more resources, such as internal CFOs and bookkeepers, CPAs, and lawyers, and have a strong personal relationship with a bank. These companies were able to understand the process, quickly compile the necessary documentation, and submit applications for approval much faster and get to the front of the line.

To address this issue, the new law provides $60 billion for smaller lenders, including community banks and CDFIs, which serve lower income and disadvantaged communities. The $60 billion will be split evenly between institutions with less than $10 billion in assets and those with between $10 billion and $50 billion. To be clear, it does not set aside any funds for underserved or disadvantaged businesses; it only sets aside funds for the lending institutions that serve these markets. These businesses must still apply and get in line.

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The additional $60 billion for the EIDL program provides $10 billion for grants and $50 billion for loans. The program initially offered a $10,000 grant and up to $2 million in loans to fund business expenses during a disaster (the entire country has been certified as a disaster zone due to COVID-19).

For now, the rules on loan forgiveness remain the same, although more regulations are sure to come. The hope is to provide bright-line tests for lenders to evaluate what portion of the loan should be forgiven, so fastidious record keeping for the eight weeks after the funds arrive is critical. Again, the forgivable part of the loan includes payroll, rent and mortgage payments, and utilities. Anything not included and approved by the lender will have to be repaid over two years at 1% interest with the first payment deferred for six months.

If your business is shut out again in Round 2, there could be a Round 3, despite Treasury Secretary Steve Mnuchin claiming this is it, so apply no matter what to get in the queue. One thing for sure is the coronavirus and its economic impact are uncertain.

RELATED: 5 Lessons Small Business Owners Should Learn From the Pandemic

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