Tag: COVID!(

As the Economy Warms Up, Will You Be Ready?

Post author By DTMag Intern
Post date May 18, 2021

Preparing for a surge in demand for your business’s products and services doesn’t mean you have to go out on a financial limb.

But some contingency planning may be in order. The Federal Reserve Bank of Richmond is a helpful source for data and analysis on where the national economy is heading. It provides a peek at how corporate CFOs see the near future.

Of course, your analysis won’t be complete without considering regional trends and variations specific to your business sector. Depending on your industry, local weather may weigh heavily into your plans, especially if the weather you’re experiencing is unreasonable. And then there’s the new universal elephant-in-the-room, COVID-19, and how it affects your employees’ readiness to return to their jobs and the attitudes of your former and future customers.

Key Indicators

The Richmond Federal Reserve is cautiously optimistic about the economic outlook. Here are several encouraging data points that form the basis of their optimism:

Rapid monthly growth in manufacturing. In March, the Institute for Supply Management Manufacturing Index rose 6.4% over March 2020, the fastest monthly growth for manufacturing since 1983.

Rising consumer confidence. The Richmond Fed singled out that rate in Michigan (a 10.5% increase over February) “indicating a larger increase in sentiment for lower-income households” — thanks in part to distribution of federal fiscal stimulus checks.

Increased hiring. Nationwide, nonfarm payrolls grew by 916,000 in March, across multiple industry sectors.

Slightly lower unemployment. The national unemployment rate in March, at 6%, fell modestly from 6.2% in February.

Return of lost jobs. Nearly two-thirds of the 22 million jobs lost during the COVID-19 pandemic have been regained, leaving another 8 million to go to reach pre-pandemic levels. “If March’s pace of payroll gains is sustained, payroll employment would recover close to pre-pandemic levels by the end of the year,” the Richmond Fed observes.

Another source of information examined by the Richmond Fed was the “Non-Employment Index.” A version of that statistic incorporates people who had been working on a part-time basis for financial reasons. In January, the number was 10.5%. By March, it had fallen to 9.8%. That’s still higher, however than the 9.2% rate in March of 2020.

CFOs’ Optimism

The Richmond Fed also uses the opinions of corporate CFOs in its overall analysis of the economy’s future. While CFOs may be no more prescient than economists, their optimism, or pessimism, plays an important role in companies’ decisions about hiring and investing.

CFOs became much more hopeful about the economy’s direction in the Fed’s first-quarter 2021 survey than its fourth-quarter 2020 poll. Specifically, the weighted average of their expectations for the economy’s growth over the next four quarters rose to 4.2% from 2.8%.

Additional predictions by those CFOs pertinent to the business and economic outlook include:

The expected annualized growth rate for the stock market over the next decade is 8.4%.
One-third plan to buy, build or renovate buildings or land over the next six months, and 63% plan to invest in capital equipment over that period.
While the most common reason for those planned investments is to repair or replace outdated equipment, a large percentage — 43.6% — intend to increase their capacity. (That’s up from 40.5% three months ago.)

As the Economy Warms Up, Will You Be Ready? — Karolina Grabowska Pexels

Local Matters Matter

After you’ve looked at the national data that affects your industry, add in what you’ve observed about economic and non-economic conditions specific to your market and customers. For example, how sensitive are your sales to the weather? If you’re in the swimwear business but unseasonably cold weather is causing beaches to be deserted, you’ll have to decide if it’s time to beef up your staff or “wait and see.”

Then there’s the ever-present question these days about COVID-19. Is your area rebounding from the pandemic? If the rate of vaccinations is strong and new cases are diminishing, you may see an easing of business restrictions from your governmental authorities, and an eagerness of the public to return to the marketplace.

Looking Back and Ahead

One way to look back but keep your eyes on the road is to use a rearview-mirror approach, assuming your business has declined somewhat since the pandemic hit. If you had to let some good employees go and now you’re hoping to bring them back, it might be a good time to find out if they’re interested in returning. And, if so, have their salary expectations changed? Knowing these answers could make it easier for you to ramp up your staff capacity when business picks up.

You can’t drive far while looking in the rearview mirror without a head-on collision. So consider whether your customers still want what you offer. Have their spending habits changed? Once you have a feel for the answers and are ready to roll, it might be a good idea to plan a marketing campaign. Let former and new customers know you’re ready and eager to serve them.

Final Thoughts

Assuming the national economic outlook stays strong, if the weather is spring-like and people seem confident that it’s safe to go out, you could be looking at an explosion of business. If that describes your situation, don’t wait until you’re flush with cash. You should at least be making plans on paper for how your company will respond to a return to normalcy, whatever that is. Failing to think ahead could leave you flatfooted if the economy rebounds.

Ariel Joudai, CPA
433 Broadway
New York, NY 10013
646-585-2175

Tags 22 million jobs lost, COVID!(, CPA, planning, pre-pandemic, taxes, Unemployment

Health NYC

The Challenges of Working on Large Outdoor Construction and Excavation Site

Post author By DTMag Intern
Post date February 3, 2021

As if overseeing largescale construction and excavation projects wasn’t difficult enough, along came COVID-19 to throw another spanner in the works.

By now, building firms have gotten to grips with the safety measures that are necessary to keep workers and the public safe, and while social distancing and the like make completing construction works particularly difficult in some areas, the show must go on – the demand for new-build homes and commercial properties remains as feverish as ever.

So, parking the pandemic to one side for the moment, what other challenges do large outdoor construction or excavation projects face? And what do you need to be aware of to ensure that the project goes smoothly and that everyone is kept safe on the job?

Precise Project Management

Fail to prepare, prepare to fail – so said Benjamin Franklin, anyway. And he had a point.

If you fail to prepare your excavation project correctly, by not planning each step of the process with precise timelines and costing, or by failing to build in contingencies for delays and supply chain failure (more on that later), then the chances are that your build/dig will go horribly wrong.

Goal setting from the outset is vital. Construction projects can fall behind the deadline or run over budget – sometimes, that is simply unavoidable – but effective project management from the get-go can limit the risk of either. It’s useful for accountability, too.

What many firms find helpful is to break a large-scale project down into smaller sections, delegating the management of each where necessary and setting goals within each sub-set. Don’t forget, one error or delay can compound the overall build/dig, so keeping these to a minimum is paramount.

Another difference between success and failure on an excavation project? Effective communication. There are likely to be different teams within your overall dig. Keeping in constant contact with each of these will prove vital in outlining any potential pitfalls that may overcome the project. Disseminating information is essential to stop any breakdowns from occurring. Whether that is face-to-face communication or via Zoom or Microsoft Teams in this COVID age, be sure to take the time to talk with all contractors of your job.

Adequate Risk Management

It goes without saying that excavation projects – with major plant equipment and deep holes – are dangerous!

Safeguarding and putting processes in place that minimize the risks are vital because even with insurance in place, it is imperative that accidents and damage to property are avoided at all costs.

The complexities of that are increased by the presence of sub-contractors on-site, who may be certified and experienced, but that does not necessarily guarantee that accidents and incidents won’t occur. Refreshing your staff and contractors’ memories about the need for safe working practices will improve the efficacy of your dig exponentially.

This is as good a time as any to talk about excavation business insurance. It is essential that you have adequate cover in place before any work gets underway. At least then you have the peace of mind of knowing that should the worst happen, you will be protected legally and financially.

Most excavation business insurance policies will contain medical payment protection, so should a contractor or a member of the public suffer an injury on your site, then you will be covered for their medical treatment costs. You should be protected in the case of property damage too, so if your excavation team hits an underground pipe that causes a water or gas leak, then you will be covered.

Supply Chain Failure

Anyone that has been in the construction trade long enough knows that the supply chain in the sector is as fragile as it gets.

Getting equipment and materials onto your site in a timely fashion is ultimately key to ensuring you remain on course to meet your deadlines. Unfortunately, the reality is that that can be out of your hands if there are issues further up the chain.

All you can do is build contingencies into your project that allow for delays while effectively communicating with your staff and contractors to ensure that everyone is in the loop.

Planning your excavation using effective project management will ensure that orders for supplies are placed in ample time. Even if there are delayed deliveries, you then remain in a good position.

There will forever be challenges to large construction and excavation projects, which have been exacerbated by COVID-19. But with appropriate management, you can minimize the damage these have on your build or dig.

Tags construction, COVID!(, excavation, health, medical, sub contractors, Supply Chain

Featured Health News NYC Wellness

What Are Your Options if You Need a COVID-19 Test in NYC?

Post author By Downtown Magazine
Post date November 23, 2020

If you have a sore throat, a cough, or other possible symptoms of COVID-19, getting tested as soon as possible means you’ll know if you need to self-isolate to protect other people. It also means that you can get the right kind of help quickly if your symptoms get out of control. Fortunately, there are several ways you can get tested in New York City.

Go to a testing center

There are COVID-19 testing centers throughout the city, including drive-through centers, which enable you to minimize contact with other people. Due to high demand, you should make an appointment before you go. People in high-risk groups are prioritized. There is no charge for this service.

Get a COVID-19 test at home

If you’re feeling really ill or if you don’t want to travel for safety reasons, there’s always the option of getting a COVID test at home. Simply call 917-274-7734 to arrange a visit and an EMT or paramedic will normally be with you within just a few hours. You’ll be invited to discuss your symptoms and the test will be administered. Two to three days later you will be contacted with the results. Most major insurers cover this.

ReliefSeeker.com president, Andrew McDermott said that Ready’s new COVID Test offering is already seeing “incredible demand” and that “people are finding it much more convenient to have a test administered right at home or work and eliminate an extra trip to an urgent care center or another testing facility where they could be at risk for infection.”

Get a same-day test at home

If your circumstances mean that you’re at high risk, if you look after somebody in a high-risk group, or if you simply can’t afford to take more than one day off work, it is possible to arrange to get your results on the same day that you’re tested. Just call the number above and explain your situation. This is also possible if you’re simply feeling too worried to wait longer.

What happens next?

While you wait for the results of your test, it’s important to behave as if you’re infected. Keep your distance from other people as much as possible. Unless you live alone, bathroom sanitation is especially important. Remember that products containing soap or alcohol can prevent COVID-19 from spreading.

If you get a positive test result, you should continue to isolate for two weeks from the day when your symptoms first developed. If at the end of that time, you feel healthy again, you can go back to normal. If your temperature remains high even after you’ve taken acetaminophen, or if you have serious difficulty breathing, call 911 for assistance.

Tags at home testing, COVID!(, health, pandemic, risk, testing, Virus, work

ANSWERING THE CALL EMT

Post author By Mike Hammer
Post date November 17, 2020

In the battle against COVID-19, the EMT is the true front line.

The 95 men and women who work for the FDNY’s Emergency Medical Services Division 1 at Pier 36 and South Street, are committed to the community and each other. Throughout the unprecedented challenge of the coronavirus pandemic, each and every one of them have put their lives on the line daily to serve their neighbors without wavering and they have saved countless lives because of it.

“The station has been here so long and some of our members actually live in the community,” said Deputy Chief Patrick Flynn. “When you go through something like this, you tend to see the capacity of the human spirit. You see the best of people, and that’s come through clearly both in our department and in the community.”

Flynn has been on the job for 17 years but has never seen anything like this. And he’s also never seen anyone in his command retreat in the face of the challenge of COVID-19, no matter how deadly it may be. By the end of July, New York City had more than 419,000 confirmed cases and a staggering 32,000 deaths from the dreaded virus.

Flynn, 45, has a wife and three young boys at home to worry about but he takes every precaution possible to ensure that they are safe and that he and the men and women in his command are ready to protect the people of Lower Manhattan.

Members of Flynn’s team—which he says come from “as far away as you can drive to get to work”—are overcoming their own fears every day to do battle with this invisible foe. “Everybody has their own family and we take every precaution possible to not bring the dangers of our jobs home with us,” Flynn said, explaining that he changes at the end of his shift at the station then showers and changes again before he comes in contact with his wife and three kids.

Before the virus, EMS reported an average of 4,000 calls a day throughout the city. Contrast that to a whopping 6,500 calls that were made daily at the pandemic’s peak, and you realize the level of exposure the EMTs are facing along with the toll it takes on them.

It’s a mental, physical and emotional grind,” he said. “You’re facing so much serious illness. We had to think about helping all those people and at the same time protecting our members.”

We talk to each other, share our experiences

“The station is a close-knit place,” he said. “We have therapy programs in place, but the real support comes from our peers. We talk to each other, share our experiences, and help each other through every step of the way—just as we do for the people we serve.”

Several of his own people were infected with the virus, according to Flynn. But despite the fear that came with seeing their fellow members becoming ill, those who remained took on extra hours and shifts to make sure that the community around them was covered.

“We never had to talk about coverage,”

The 60 Emergency Medical Technicians have more than 150 hours of intensive training, and the 25 paramedics—who boast more than 1,800 hours—were all outfitted with N95 masks and gloves for their protection. But the real security and strength come from each other.

“We never had to talk about coverage,” Flynn explained. “People just stepped up without a second thought.” He says, “This group continues to rise to the occasion for their brothers and sisters and the people we pledge to serve. I couldn’t be prouder of all of them.”

Tags COVID!(, ems, front liners, NYC

Entertainment

US Casino Industry Seeks Aid in Recovery

Post author By Downtown Magazine
Post date November 10, 2020

The ongoing pandemic has put massive dents in the revenues of several industries this year, especially in the entertainment segment – and one of the hardest-hit was the gambling industry. Casinos across the country shut down in the spring, then reopened at a reduced capacity, making it harder for them to recover. To do so, the industry will need a helping hand from the government, American Gaming Association President Bill Miller says.

The worst year in ages

The year 2020 started out promising for the US gambling industry, with its revenues showing double-digit growth in the first two months of the year compared to the similar time period of 2019. Then the pandemic hit, shutting down virtually the entire industry, reducing revenues by more than 90%. While the revenues do show some recovery as we speak, with 90% of casinos across the country reopened, they are still way beyond last year’s levels.

The AGA’s August revenue tracker report shows that the industry’s total revenue is still almost 40% below last year’s level, with both slots and table games feeling the pressure of reduced attendance.

Sports and online soar

Sports betting has followed pretty much the same curve – with sports across the world shutting down for the better part of spring and early summer – but recovered as sports returned, growing by more than 30% this year. Sports betting handle has nearly doubled in August due to the month’s busy schedule.

Online casinos, in turn, have seen perhaps their best year in the US yet, with their revenues soaring by a staggering 203.3% year-on-year, to close to $1 billion. Online gaming outlets like the JackpotCity online casino are pandemic-proof as they don’t rely on in-person attendance at all. The JackpotCity offers its users a game variety comparable to those of brick-and-mortar casinos while allowing players to stay safe and virus-free at home.

iGaming has already shown some growth early in the year but with the lockdowns, it truly found its place, serving as a viable alternative for many.

In need of a helping hand

“Gaming has never experienced a disruption like COVID-19,” AGA President Bill Miller said in his State of the Casinos speech at the 2020 G2E conference (held online-only because of the ongoing pandemic). Not only the businesses that have seen their revenues drop significantly this year that have suffered because of this massive disruption but also the 1.8 million-strong workforce supported by the industry, not to mention the small businesses that depend on the industry to survive.

The casino industry has managed to access some pandemic relief funds this year, Miller said, but it’s vital for it to be included in similar schemes in the future. Also, casinos need liability protection and tax relief to help save jobs and a faster switch to digital payments that would help further reduce the risk their visitors are exposed to by reducing their contact with cash – the item hardest to disinfect.

Tags 1 billion, AGA, American gaming association, Casino, COVID!(, financial aid, gambling, government, jackpotcity, pandemic, revenue, sports, tax relief, virus-free

Dining Featured Lifestyle NYC Restaurants

Love for a NYC Chef and Restaurant

Post author By Grace Capobianco
Post date October 29, 2020

One of our long time client’s and restauranteur Chef Jemiko owner of Senza Gluten restaurant and his famous GF bakery experienced something like we have never seen before.

He made the announcement on social media that he would be closing his doors, like many owners he hung on for as long as he could, just after he made the announcement to close, the announcement for the city was announced the opening of indoor dining.

From the time Chef made the first announcement on September 23, 2020, to the very next day September 24th, his second announcement that they will remain open they received letters, email, social media DM’s from all over the US and the World, asking what they as huge fans and loyal patrons could do to help Chef to keep his restaurant open.

Chef and his family were shocked to see the outpouring from patrons, when I heard about his uplifting story, I just had to share this with our readers.

Humanity and Grace are not dead!

We had the pleasure of sitting down with Chef Jemiko, for a little one on one. (oh yes, I did have some of my favorite dishes during this interview)

DTM: How has Covid affected your business?

Chef: “Like so many New York City restaurants, we’ve been very affected by the pandemic. We’ve seen diminished capacity numbers, so many more New Yorkers staying home, less out-of-town visitors, sourcing difficulties and delays, and more. To adapt, we installed relaxing and cozy outdoor seating areas at both Senza Gluten Restaurant and Senza Gluten Cafe & Bakery and launched our first-ever online store, which ships nationwide, in order to reach more of our loyal customers across the country. We’re so grateful for the support of our community, who continue to visit us and order online so that we can keep our doors open.”

DTM: Do you feel the city handled the closing and struggles throughout the restaurant industry?

Chef: “This year has been very challenging for restaurants, but we know that the city has been working hard to help small businesses recover. Even more meaningful than the government’s efforts has been the support of our fans. When we announced we may have to close Senza Gluten Restaurant, customers flooded our social media, emails, and phone lines with words of love, their favorite memories from Senza, and offerings to help. We believe that our community deserves all the credit for Senza Gluten being able to stay open and busy during this difficult time.”

DTM: You are one of the most famous GF restaurants and bakeries in NY, how does that feel?

Chef: “It feels very rewarding to bring joy to people through food— that’s what I’ve always loved the most about cooking. I love being able to reimagine comforting Italian classics so that anyone can enjoy them worry-free, no matter their dietary restrictions or allergies. I have several friends with Celiac disease, and I have seen first-hand the difficulties that they experience while dining out at restaurants. Before I opened Senza Gluten, I would cook gluten-free versions of my friends’ favorite dishes, and seeing the spark of joy on their faces was incredibly gratifying. This is what inspired me to open a gluten-free restaurant, in particular; allergy-safe cooking lends itself to a special, welcoming warmth for people who normally don’t get to enjoy a high-quality, zero-stress restaurant meal.”

DTM: You made the announcement to close your doors, how hard was that decision, and what happened after you made this announcement?

Chef: “The decision was incredibly hard. We’ve put so much work into Senza Gluten Restaurant, and know that it is a haven for so many gluten-free diners, neighborhood regulars, and beyond. When we announced we would likely have to close our doors, our community sprang into action. We received thousands of messages, words of support and encouragement, an overwhelming number of reservations were immediately scheduled for our outdoor dining area, and we even saw sales rise for our gluten-free treats online (and in the bakery!) as folks hoped to support us from near and far. Because of this response, we’ll be able to keep the restaurant open, and we’re so grateful for our wonderful community.”

DTM: What do you attribute the overwhelming world’s response to the news of your closing?

Chef: “I think it is the work of our entire team— from our front of house staff and servers to our cooks and dishwashers. Without the Senza Gluten team’s enthusiasm, we would not be able to create a warm and welcoming experience that defines every service. Our staff truly love coming to work every day; they are incredibly knowledgeable and trained about gluten-free cooking, dining, and accommodating allergies, and they tend to stay with us for years. We’re like a family! We know that our guests really appreciate our accommodating hospitality, attention to detail, and friendliness, and that’s part of the reason that Senza Gluten is so special.”

How Has COVID Affected Your Business — Teona and Chef Senza Gluten at Downtown Cover Launch Party

DTM: Do you believe that you as a chef have made a huge difference for people with celiac and GF issues?

Chef: “I’ve had guests tell me that it’s been years since they were able to dine at a restaurant! We accommodate allergies that are very serious, so we abide by incredibly strict regulations and careful processes to ensure that everyone’s experience is safe, which is a capability that very few restaurants have. It makes me very happy to be able to provide a relaxing and safe environment for these guests. Some of our most popular menu items are also the hardest to find gluten-free elsewhere— such as Calamari and Tiramisu at the Restaurant, Bomboloni at the Bakery, and more. We hear from customers that they’ve been looking for these dishes forever, and are so happy to have finally found them at Senza Gluten!”

DTM: Can you understand the impact you have had on thousands of people’s lives?

Chef: “It is very special to realize that in the six years we’ve been in business, we’ve been able to help people create memories with their loved ones, over delicious food!”

DTM: What are your future plans, and will Senza Gluten continue here in NY?

Chef: “We’re so excited for what’s to come. For now, we’re getting used to operating our new online shop— baking and shipping fresh batches of cookies, scones, muffins, bread, and more across the country. We’re very excited to continue growing, and to introduce some new initiatives soon.”

Please consider supporting your local restaurants, bars, and bakeries, they were there when we needed them!

Tags Andre Cuomo, bakery, Chef, COVID!(, Gluten-Free, New York, Owner, Restaurant