Restore RI – Who, What, When, How?

July 21, 2020

The GrowthLab Weekly Jump is an information session hosted every Monday that tackles relevant issues in today’s trying times. Jumpstart your week with practical advice in times of uncertainty.

In case you missed this week’s Jump session, you can find the slide deck & recording below:

Action Items for This Week:

  1. Look for State-level Financial Assistance
  2. Dive into Rhode Island Program: Restore RI

Plan. Apply. Execute. Track.

Restore RI – Funds Available from Rhode Island

  1. What
    • Grant programs to support re-opening
  2. Who?
    • 1-20 Employees
    • No non-profits
    • No social services or health care
  3. How much?
    • $50MM in total; up to $15,000 per business
  4. When?
    • Application will go live late July/early August
  5. How do I complete the application?
    • TBD, but know you will need an execution plan

How to Think about the Framework:

States want to help businesses:

  • Adapt
  • Pivot
  • Transition

What does it mean to ADAPT?

  1. Reopening with Social Distancing & PPE
    • What do I need & how much does it cost?
  2. New Technology
    • From hardware to SEO: business to adapt to this new paradigm
  3. Business Systems or Processes
    • From accounting to HR to improve clarity into decision making 
  4. Financial Planning & Management
    • Leverage government & public funding programs
    • Understand cash flow management and analysis
    • Conduct scenario planning

What does it mean to PIVOT?

  1. Expansion of product/service offerings
    • Adding to what you do
  2. Change in delivery of product/service
    • Adjusting how you deliver
  3. Shift in target market
    • Identify a new “customer” that you can serve
  4. Expand geographically
    • Do we need to enter new markets?
  5. New pricing strategies
    • Rethinking how customers perceive your value

What does it mean to TRANSITION?

  1. Exit Strategy Planning
    • The who, how, and why 
  2. Growth through Acquisitions
    • Bolt-on of new services/products or propelling your current growth through the acquisition of competitors
  3. Navigating Restructuring
    • How to leverage bankruptcy to come out the other side

Additional Resources from our Blog:

GrowthLab’s Financial Survival Guide

15 Questions About The PPP Loan Forgiveness Application Process

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