On Tuesday evening White offered advice on how CEOs, business owners, and teams can move from response mode to retool mode after a crisis. “The world as we knew it in January will never be the same again.” White began his presentation on Tuesday evening.
Before Dr. White began his weekly lecture, he took a moment to address the misuse of funds directed towards small businesses provided by the CARES Act. White pointed out that more than 200 publicly traded companies applied for more than 270 million dollars in PPP money. Noting that over 50% of the US economy is made up of small businesses, White criticized large publicly traded companies for applying for the grants intended for businesses with 500 employees or less. Although some large corporations have agreed to return the money they’ve received from the CARES Act, White questioned their intentions in applying for the grant in the first place.
“More than 200 publicly traded companies applied for more than 270 million dollars in PPP money.”
“When we have a crisis, you have to respond to it and throw everything you have at the problem. ”
White, a veteran who served during two tours in Vietnam, took a moment to recognize the over 58,000 Americans who have lost their lives to COVID-19. Acknowledging the thousands of lives that have been lost to war, White explained that we have resources now that have not been available before. “When we have a crisis, you have to respond to it and throw everything you have at the problem,” White told his listeners Tuesday, adding that the Federal Government could be handling the crisis in a more productive manner.
As White’s presentation moved toward how businesses should move from response to retool, Jim shared his suggestions based on the experience he’s gathered in his 45 + year career.
“For every hour of productive planning you spend you save 4 when you go to implement,” White told his subscribers before detailing valuable questions that can help CEOs and business owners during the pandemic.
White offered Ten Questions to guide business owners:
1. What’s the big idea that could shape your industry and your firm for the next decade?
2. What’s the big idea that could shape your career for the next decade?
3. What multi year trends have been pulled forward that are both positive and negative?
4. What are the new trends we need to confront?
5. How will customer behavior shift?
6. What will the next generation of customers that fuel your growth be different from your core customers prior to the pandemic?
7. How can my business boundaries be redrawn?
8. How do we build adaptability?
9. Which ways of working that we have discovered during the crisis should we preserve and build upon?
10. How do we increase the intensity and speed or our learning as we navigate the uncertainty ahead?
Dr. White also encouraged his listeners to keep a close eye on House Bill HR6529, which has been introduced as a result of the pandemic. Though White did not go into depth regarding these changes, he hinted that they may be the topic of a future webinar.
“This too will pass. We are a resilient nation,” White told his listeners, ending his lecture with a nod to the Blue Angels and Thunderbirds who did a fly-over of New York and Philadelphia in tribute to first-responders. As a retired aerobatic pilot, White has a special place in his heart for the men and women that facilitate these events.
Dr. White is hosting his regular Webinar Series intended to educate and provide a roadmap to Qualified Opportunity Zones and Qualified Opportunity Funds. His next webinar goes live on May 5th at 6:30 PM EST. The topic of the webinar is “Wheeling, Dealing, and Funding During COVID-19.” Register now to join the conversation.