3 Things School Owners Should Do Right Now To Mitigate Financial Losses
Our CEO Master Ali Ghafour had a live seminar with Master Tony Kook on March 20th to discuss strategies for mitigating financial loss for Martial Arts School Owners. One of the most important things to come out of that conversation was three steps all school owners should be taking right now to mitigate financial loss. We highly recommend watching the whole video but understand that you might not have the time so we have provided bullet points just below:
3 Tips for School Owners To Take Right Now
Step 1: Talk to Your Banker About How They Can Help
Call your banker or small business banker. Find out what they are doing in your area for small businesses. If you own your own unit or building there is talk of six month deferral program. Banks are offering 10 to 20% increase in credit to help small business keep going. You can relieve major financial pressure with just this one step.
Step 2: Talk to Your Landlord About Deferrals
f you don’t own your own building then write a letter to your landlord. Say listen we maybe closed for a while. It’s difficult for us to manage our budget. What can you do for help us out with a plan? Many landlords are getting a six month mortgage deferral. See if they can pass that savings onto you.
Step 3: Talk to Your Staff About Their Future
Depending on your reality right now you may have part time staff, you might only have contractors or full time. You need to communicate to your staff what your plan is going forward for their employment. You may not be in a situation to pay your all of your staff right now. If you can’t pay them, you need to provide them with resources for employment insurance benefits. You need to look after your staff and show them you care in these difficult times. This will also help when things go back to normal and you can hire them back.
Important Note: In Canada, your staff can be eligible up to 65% of what your income is for this time period.
Apologies for Master Tony being unable to be seen during the stream. We experienced minor technical difficulties.
Step 3: TALK TO YOUR STAFF ABOUT THEIR FUTURE