Tag: American Quilt Retailer

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Managing through the Coronavirus

Managing

The nation is in varying stages of managing the coronavirus. Check out these five steps to make sure your business is ready for whatever comes its way.

Adapt to the needs

Has your business ever considered a pop up shop? With a second wave of the pandemic likely, consider taking your store on the road with a portable mobile equipped with shop supplies.

Speaking of inventory, we all know masks aren’t going anywhere the remainder of 2020. Make sure you have all the supplies available to keep your community equipped with the proper PPE.

Focus on customer service

Everyone is in differing circumstances right now. It’s more important now more than ever to go the extra mile for the customer. Did someone call requesting a car delivery for their order? Getting questions about why some supplies seem more expensive than others?

Make sure you keep all your customer service requests organized and handled with care. Effectively managing these requests will ensure you keep new customers for life.

Refocus staff

Like many small businesses, keeping your staff employed remains a top priority, which means thinking outside the box. Consider shift work (even if you’ve never done it before) so employees can get orders ready at different times of demand. Also consider getting a work cell phone so staff can text pictures of what fabrics look like.

Communication is key

Simply informing your customer base that you’re open for business isn’t enough. Also inform customers what steps your business has taken to ensure it’s safe to shop. Reach out beyond your typical customer base too; are there restaurants open that need PPE for their employees? Call around and let other small businesses know how you can help.

Managing social content

Some quilt shops have hired a permanent IT person as they don’t see their online presence changing any after the pandemic is through. Facebook live and Instagram may be great for quick sales, but online retail is the best long term option.

The pandemic remains unpredictable, but some things don’t change, and that includes people having time for their craft. By managing effectively, your business can help to fill the need.

Inspiration for this post came from “Managing Through the Coronavirus Pandemic,” by Erin Byrne featured in the June 2020 issue of American Quilt Retailer.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.

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Make Change Last

Change

Everybody experiences a major change at least once in their life. The change can take form in a natural disaster, a change in health, or relationships. The difference right now is everyone is experiencing a significant change at the same time.

Foundational change

Like many businesses, the pandemic highlighted foundational problems in your business. If cash flow became a major issue within week one or two of the quarantine, it was likely always a problem. Same goes for difficult vendors or having too much inventory.

Some solutions to these mean not just increasing sales, but looking at what you have more control of (expenses, inventory, investments, purchasing, savings, etc). Fixing the cash flow problem for your business is the best long-term solution your business can have.

If vendors have been difficult, now is the time to make new relationships. Easier said than done, we know, but everyone needs a helping hand when times are tough.

And last but not least, fix your overstock problem. A rule of thumb is your average wholesale inventory level should be between one-half and one-quarter of your annual gross retail product sales. The closer your inventory is to a quarter of your annual sales, the better you are at managing your inventory stock than most other creative retail businesses.

Review procedures

As with any drastic change, it becomes easier to try new things. If you made a sudden change to better adapt your business to operate during a pandemic, review that policy or procedure. A simple cost-benefit analysis should help you determine whether or not to keep that change, or leave it back in Q2.

For changes that make sense to keep around, determine a plan to ensure they remain moving forward. How can you keep providing online resources? Should you convert a classroom into a warehouse? These questions and more I’m sure are things your business has already considered.

For more information on how to make change last, check out “The Problem Spotlight” by Gwen Bortner published in the June issue of American Quilt Retailer.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.

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End of Year Checklist

Checklist

If July 1 marks the end of your fiscal year, make sure you’ve completed this end-of-the-year checklist.

Financial report checklist

Start by reviewing last year’s revenue goals. Most businesses set a financial goal then check in every quarter to see if they’re on track to meet those goals. With coronavirus making life a little less predictable, review each quarter in the previous year to better plan for your upcoming fiscal year.

Also run financial reports, including a Profit & Loss Statement, Balance Sheet, and Cash Flow Report. This is always a good idea, and can help save time down the road. If you have any questions, schedule a meeting with your accountant now.

Update files

Update your employee information, including contact and payroll information. Also update vendor contact and payment information as well.

While you’re at it, look into your inventory. Compare both this year and last; what products did you sell during the thick of the quarantine? This will also help when it comes to planning for the volatile future a pandemic can bring.

Also consider staffing needs as well. Did your employees work more, or less this year? Did it average to about the same? Knowing this information can help manage employee expectations.

Back up and reflect

When we say back up, we mean back up the important information you have on both your computer, and phone. Once that is complete, take some time to both reflect and log your business’s accomplishments. We all know it’s been one heck of a year, but by completing this checklist, you can set yourself up for another year of success.

Inspiration for this post came from ondeck.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.

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Small Business Resources

With the coronavirus here to stay, the U.S. Chamber of Commerce published a communication toolkit that could be a big help in the messaging your business puts out. Check out everything they have to offer in the information below.

Digital Toolkit

The communication toolkit not only includes sample copy for online posts, such as: “Here’s what you can do to help prevent the spread of COVID-19 at home, work, or school,” but graphics as well.

For your employees, they have a standard employee screening questionnaire, to stay on top of preventing the spread.

Communication toolkit

And for your customers, they have a customizable flier (that even allows you to insert your company logo) so you can inform your patrons the steps you’ve taken to ensure they can shop at ease. In addition to posting updates online, be sure to use the hashtags #COVID_19 and #COVID19 to keep your posts organized.

Policy Tracker

MultiState, a company referenced by the Chamber of Commerce, created a dashboard of state and local coronavirus activity. The dashboard, set up in Excel spreadsheet form, is updated daily and provides information in easy-to-consume form.

Similarly, the site also includes data graphics on a variety of topics, including: how open each state is for business,

what each state considers essential business,

and travel restrictions by state.

Toolkit

For more information, including state legislative sessions, check out their website.

Other Resources

Let us know what resources you’ve been using to stay up to date. As we have discovered, coronavirus information changes daily. Staying on top of these updates, therefore, are essential for preparing our businesses for the next wave.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.

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COVID-19 Small Business Tax Changes

COVID-19 Tax Changes

Every business owner know the CARES Act provides financial relief for small business. Less talked about however, are the tax credits available for this upcoming tax season. Check out the nine tax changes below so you can start your record keeping today.

Employee Retention Tax Credit

Businesses are eligible for the Employee Retention Tax Credit if operations were fully or partially suspended due to COVID-19, or if gross receipts declined by more than 50% compared to the same quarter last year.

Eligible business can get a 50% tax credit on wages up to $10,000 per employee for wages paid from March 13, 2020 to December 31, 2020. To claim the credit, employers should report wages and health insurance costs on their quarterly tax returns starting the second quarter of 2020.

For more information, visit here.

Sick and Family Leave

The Families First Coronavirus Response Act (FFCRA) made big changes to the family leave policy for businesses with less than 500 employees. To reimburse employers for expenses incurred while providing paid sick leave, the CARES Act provides a refundable tax credit of up to 100% of the amount paid, paid quarterly.

Check out this article from the Small Business Administration for more information. This article includes information from the Treasury on how they can help with cash flow.

Delayed Payroll Tax Payments

Any business that didn’t participate in the Payment Protection Program can delay payroll tax credits owed for 2020 over the next two years. You must pay half by the end of 2021, and the other half by the end of 2022.

Charitable Gift Deduction Expansion

Before the CARES Act, corporate charitable contributions could not exceed 10%. This has been expanded to 25%. Note the change is not automatic and must be elected.

Net Operating Loss Changes

Any business that had a net operating loss (NOL) for the years 2018-2020 can carry those for up to five years. You can also carry these NOLs for up to 20 years, but they will be subject to the 80% limitation. This is in hopes to improve cash flow and liquidity.

Business Loss Deduction Changes

The CARES Act halted the cap on deductions for business losses on individual returns for the years 2018-2020. Business owners who had losses during 2018 and 2019 can file amended returns to receive refunds.

Corporate AMT Credits

To improve cash flow, businesses supposed to receive an AMT tax credit at the end of 2021 can claim their refund now.

Changes in Interest Deductibles

The CARES Act allows businesses to increase their business interest expense deductions for 2019 and 2020. The increase went from up to 30% to up to 50% of adjustable taxable income.

Facility Improvement Write-Off

Thanks to a provision in the CARES Act, businesses who made improvements to a facility can immediately write off costs associated with improving the interior of a non-resident building. This basically expands the tax deduction for up to 100% of improvement costs, and the deductions can be made immediately.

To read more about this tax change, check out this article.

Information for this post came from the Small Business Administration.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.

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Small Business Financial Relief

Small Business Relief

If you’re like us, it feels great to be back to work. But even as more money begins flowing in, know financial options are available if your budget still feels tight.

Paycheck Protection Program

The most widely known option available, the Paycheck Protection Program was designed to keep workers on payroll. If employees are kept on payroll for eight weeks, SBA will forgive loans when the money is used for payroll, rent, mortgage interest, or utilities. Consult with your lender if they are participants of this program. Note, the PPP is tax exempt.

For more information, visit here.

EIDL Loan Advance

This loan advance provides up to $10,000 to small businesses in need of temporary relief, and is the newest form of economic relief passed by Congress. Enacted on June 15, note the loan does not have to be repaid. Businesses who have already received money from the PPP are eligible.

For more information, visit here.

SBA Express Bridge Loans

Small businesses are eligible for SBA Express Bridge Loans if they already have a relationship with an SBA Express Lender. This loan is good for up to $25,000 and can be accessed quickly. Use this loan to bridge the gap while waiting for funds from the EIDL loan.

For more information, visit here.

SBA Debt Relief

For businesses who didn’t received funding from the above options, the SBA will automatically provide SBA Debt Relief. This includes six months of paying the principal, interest, and fees for current and new borrowers (through September 27, 2020). For more information, visit here.

Also note, the CARES Act includes funding for the SBA to forgive six months of payments for current and new loans provided through the SBA. For more information, visit here.

Other options

There is a long list of corporations also looking to support small businesses. Start with Forbes for a more organized version, then check out the University of Chicago for a more inclusive list. 

Information for this blog came from the Small Business Administration. Local relief may be available; we suggest beginning your research with a Google search. 

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.

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Virtual Blue Bag Finale

Virtual

This week we’re closing our Virtual Blue Bag series… for the time being. The event will be back in July! For a full list of products, head to our website.

Collections

Videos

Other

  • Perkins Dry Goods Pattern: This pattern is just one of the many offered in the Virtual Blue Bag. Plus, Perkins Dry Goods has 15% off orders; check out their website to cash in on this deal.
  • Q’nique 21 Pro Sewing Machine: Head over to The Grace Company to get an overview of this product (and their sweet sale).
  • Quilter Select Products: Including the popular Select Quilting Rulers designed by Alex Anderson and RNK Distributing, check out their new sizes.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.

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Virtual Blue Bag Continued!

Virtual Blue Bag

No need to miss Spring Quilt Market when we’ve made Virtual Blue Bags. Check out the continued list of products from last week below, or check out a full list at our website.

In addition to Virtual Blue Bags, we have a special offer for subscriptions going right now. Plus you can receive a free digital copy of the April 2020 issue by using code April2020 at checkout.

Now, check out what’s new this season.

Collections

P&B Textiles has released 13 Collections this Spring. For bright colors and designs, check out Butterfly Dreams by Robin Mead. For the cutest collection—perfect for baby quilts and clothes—(expected to release this Fall) check out Little Creatures by Robin Roderick.

Windham Fabrics has the perfect collection for any spring-themed project you may working on with the Posy line by Annabel Wrigley. Also Spring-related is the Jane Austin at Home line by Riley Blake Designs.

Videos

C&T Publishing has an entire page dedicated to Quilt Market. Check out their Trunk show, Schoolhouse videos, and more content from your favorite authors. JoAnn Hoffman Designs also released a video of their 2020 designs.

Products

Stay tuned—the next Virtual Blue Bag event will be held in July.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.

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Re-Opening: What have we learned?

Appreciation

To wrap up our re-opening series, we thought we’d conclude with some reflection. And upon reflecting, we kept coming back to one word: appreciation.

The impact of COVID-19 is far from over, and as we re-integrate back into society we will be learning a new normal. We appreciate the lives we had. We appreciate and understand community in a new light. And, we have a new appreciation for our work.

How community has changed

Community has taken on a new meaning. During this time, community means staying away. Community means learning new technology to stay in touch with those you loved.

One thing we’ve noticed through staying in touch digitally are the new routines. At the end of virtual classes or quilt-alongs, do you leave time for sharing? Time for friendly faces to take the screen wearing their familiar smiles? That sort of community seems to make things feel normal again.

A new appreciation for work

All of us have had the confirmation during this pandemic of what we already knew; quilters are essential workers. How many masks have you made? What (or who) are you thinking of while you’re making those masks? How many frontline workers are made safer because of the skills you have and the effort you put in?

As you think about those “when this is all over I’m going to…” ideas, also try to think about what sort of lessons you’re going to take with you. There’s no feeling quite like lending a hand during a time of need.

American Quilt Retailer sees the work that you’ve done and feels the stress of what you’re going through. We will continue to be as much of a resource to you every step of the way.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.

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Re-Opening Your Business

Open

Each state is responding to the coronavirus differently, and that includes when businesses are allowed to re-open.

Within the next week, 20 states are loosening restrictions—with most attention going to Georgia—as they have had the most aggressive re-opening response. Cities and counties within these states can differ on their re-opening to, so pay attention to your local news to get the most accurate information on when restrictions will be lifted in your area.

Deciding whether or not to reopen your business ultimately comes down to you and your employees. Safety should remain the highest priority, and maintaining a feeling of safety for your employees is also critical.

If you do decide to reopen, here are some things to know.

Reopening requirements

Each state is going to be different, and some states have specific requirements. As a rule of thumb, make sure your employees wear masks at all times, and make masks to provide to your customers to wear while shopping too. Cloth masks should be hand washed after each use, and don’t let your store get so full your customers can’t adhere to the 6-foot social distancing rule.

Store cleaning should be increased too. Consider adding wipes, towels, or cleaner by the door so patrons don’t have to touch the surface. Find ways to sanitize your payment options; wipe the pin pad after a card transaction or provide a stylus to be cleaned after each use. Other surfaces and countertops should be frequently cleaned throughout the day as well.

If someone coughs or sneezes on a surface, clean it promptly. According to the CDC, you should wipe the surface first with soap and water, then clean the surface again with a disinfectant. Soft surfaces, such as fabric, will need to be washed. Don’t shake out contaminated soft surfaces, as that can spread the virus as well. Gloves should be worn while cleaning these surfaces, and you should wash your hands after removing your gloves. Lastly, if you allow patrons to use your restroom, clean the room after each use.

These steps will help prepare your location to re-open. Next week we’ll cover how to keep your employees protected, and what policies to change to provide them peace of mind.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.