Don't be wedded to the plan and recognise when conditions change
pilot in the American air force, Joe Shamess was used to handling some tricky situations. But the sudden arrival of the coronavirus pandemic this year meant he faced an unexpected challenge. Together with another pilot, Brian Steorts, Mr Shamess had founded Flags of Valor, a company that focused on employing veterans to make products such as flags and gifts for employee-recognition programmes. When the pandemic hit, the company quickly lost two-thirds of its revenue.
Government support for American small businesses has been in the form of loans under the Paycheck Protection Programme . Mr Sullivan says 72% of small firms have received aloan. But, Mr Shamess reports, “even though we were one of the very first applicants, we did not receive funds in the first round.” He feels his bank failed to give the application the attention it deserved.loans. But it still took almost a month from the initial application to receipt of the money.
So the firm had to innovate. The showroom is now closed for good and most business is online; one of the firm’s biggest sellers is a newly launched crafts kit for kids, to keep little ones occupied during the long break from school. All of the craftsmen are now back working full time. Still, Mr Shamess says that “we are a different company from four months ago.”
Part of the firm’s work involved dealing with the mould spores associated with damp conditions. The same processes could be used to disinfect buildings to eliminate the coronavirus; the company already had the right chemicals, air scrubbers and personal-protection equipment. This has proved a popular service with restaurants in the area.
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