From the Center for Financial, Legal, and Tax Planning

The Coronavirus Aid, Relief, and Economic Security Act (CARES ACT) was passed by President Trump to combat the economic impact of COVID-19. While the CARES Act provides a number of advantageous tax provisions, one in particular may be helpful to those affected by COVID-19 with a retirement savings plan. Under the CARES Act certain participants can take a coronavirus-related distribution up to $100,000 from their retirement plan.

From the Center for Financial, Legal, and Tax Planning

On Friday March 27, 2020, Donald Trump signed into law the largest lifeline (the CARES Act) in United States history to combat the most trying economic times for the
United States. As markets react, supply chains strain, and lockdowns ensue havoc, it’s no secret that small business, the self-employed, independent contractors, and sole proprietors are the most vulnerable during these uncertain times. To help the most vulnerable, the Cares Act provides a small business-focused Paycheck Protection
Program (PPP) allowing the federal government to guarantee SBA 7(a) loans up to 100% through December 31, 2020. The SBA 7(a) loans are available to companies with 500 or less employees who are below a gross annual receipts threshold in certain industries. This article will lay out the latest developments regarding the PPP, more specifically, requirements to obtain the loan, the requirements as to how the loan can be used, and the underlying premise of the loan’s “forgiveness.”

From the NAW Blog

The defining characteristic of a crisis is uncertainty. First-line managers are a powerful force for surviving a crisis, but only if leaders help them embrace a new role. Every employee wonders how long the crisis will last, which work is most important and if their job is secure. Leaders don’t have all the answers, and employees know it. The role of first-line managers shifts from directing activities that drive performance to gathering ideas that may help the company survive.

By Roman Basi, president of the Center for Financial, Legal & Tax Planning Inc.  

There is a popular misconception among many small and closely-held business owners regarding their business name. State law demands that any corporation formed within that state must “have a name unique from others” within the state.  Therefore, many business owners mistakenly assume that their name registration confers unlimited rights to that name.  Unfortunately this is not true and can lead to expensive legal issues.

From the NAW Blog

Are you ready to participate in a digital value chain driven by customer demands for the virtual ordering of products and services, which provides for instant transparency and ever-increasing benefits while at the same time lowering costs?

From the NAW Blog

As distributors rush to put up e-commerce platforms that can sell anywhere and anytime without human interaction, they are reinventing their business as one that is digital, virtual and data-driven. But, like a retail mall decimated by online shopping, distributors have failed to reposition their most crucial core offering. Distributors are inherently local businesses staffed by humans. Distributors can’t win by being what they once were, but they will lose if they do not redefine the value of being local in our disrupted and increasingly digital world.

From the NAW Blog

With modern organizations moving away from the traditional hierarchical structure to embracing more project-based operations, working in teams is no longer an alternative choice for employees, but an essential consideration to ensure successful business outcomes. In this article, we’ll look at the five key components that affect team effectiveness, and what types of people you need to bring on board your team.

From the NAW Blog

Our research for Innovate to Dominate: The 12th Edition in the Facing the Forces of Change® Series revealed a massive new opportunity for distributors: the future of business is up for grabs! Every customer of every distributor in every line of trade is working to understand how their business can survive and thrive in the digital age. Customer change is about harnessing the power of technology- and human-driven forces and reinventing how work is done and how individuals and organizations learn. The opportunity for distributors is to help customers transform for the future of business. In doing so, distributors can carve out a spot as a valued source and essential partner.

EFC International is pleased to announce the addition of air filter clips and specialty air filter fasteners, manufactured by Springfield Spring & Stamping, to their product line.

Springfield Spring & Stamping is a manufacturer of standard and custom air filter holding frame clips in the United States. The product line is complementary to EFC’s current HVACR product offerings including wire routing components, caps, plugs, clamps, rivet-nuts, panel fasteners, specialty nuts, bolts and screws.

From the NAW Blog:

Many distributors think they need to look like Amazon to compete in today’s market. After all, more than 197 million people visit Amazon every month to shop the more than 12 million products available, according to BigCommerce. But just because Amazon is a household name doesn’t mean that distributors need to emulate its every move to be competitive in the digital distribution game.

From the NAW Blog

AI has automated the fundamental challenge of sales: “knowing your customer.” B2B and B2C sellers are increasing revenue by analyzing data and accurately predicting what customers will buy with AI. However, AI is only as good as the data that feeds it. In this article, I’ll explain how distributors can use intent data to supercharge sales and win the data race.

From the NAW Blog:

In 2015, researchers at Forrester estimated that B2B e-commerce would reach $1 trillion by 2020. They were wrong: B2B e-commerce topped $1 trillion two years ahead of schedule. The industry is changing quickly, and distributors rarely get the chance to step back and plan for the future. In this first post of 2020, I’ll review the biggest development of the last few years and offer a cutting-edge strategy that distributors can use to dominate in the next decade.

From the NAW Blog:

Our research for NAW’s just-released Innovate to Dominate, The 12 Edition in The Facing the Forces of Change® Series revealed a powerful new opportunity for distributors — the future of business is up for grabs! There is a race to leverage technology and human-centric forces of change to help business customers reinvent how work is done and how individuals and organizations learn.

From the NAW Blog:

It’s 2019 and more than 197 million people visit Amazon each month to browse more than 12 million products, according to BigCommerce. The numbers go up every day. But distributors don’t need to be afraid of Amazon. They need to innovate and sell to customers the way today’s customers want to buy. It’s that simple.

From the NAW Blog:

This blog post is for the sons and daughters of distributors; it is food for thought for your Thanksgiving gatherings! Please help this go viral by sharing it on social media or any way you can! Use our hashtags #b2binnovation #innovatetodominate #distributorsrock

EFC International is pleased to announce the addition of a new product line, Normont Motion Technology. Normont products include gas springs, dampers, and custom motion control solutions. The product line is complementary to EFC’s current motion control product offerings including components from ITW Motion such as rotary dampers, linear dampers, air dampers, hinge dampers and latches.

Normont is a leading manufacturer of industrial, automotive, and aerospace gas spring & hydraulic dampening solutions. These products can be found in numerous applications for automotive, truck, bus, heavy machinery, ATM machines, riding mowers, emergency vehicles, recreational vehicles and many other industries.  

NAW’s archive of past webinars provides you with the best content from distribution's leading business and supply chain experts! 

Discover these two on-demand webinars that feature first looks at NAW's brand-new study:
Innovate to Dominate: The 12th Edition in the Facing the Forces of Change® Series

Welcome to the Age of B2B Innovation

From the NAW Blog:

AI knows us better than we know ourselves. Have you ever wondered how different services accurately predict what tv shows, or books, or songs you like? How retail sites find clothes or items that you want to buy even before you know they exist? It’s not magic. It’s just well-executed data analysis. Consumer data reveal preferences and predict likely future outcomes, and when it comes to making sales, there is nothing better than knowing what customers want to buy and putting it in front of them.

From the NAW Blog:

Over the last many years, distributors have faced down one challenge after another including the emergence of big-box retailers, disintermediation by manufacturers, the financial crisis of 2008 and more. Distribution survived because of the strength of their customer relationships and an ongoing commitment to gain efficiencies by investing in business systems and information technology. Faced with new disruptive threats, this trend is continuing as distributors invest in e-commerce platforms and a wide range of digital tools.

From Elm Sustainability Partners:

There have been no changes to the US conflict minerals law status or requirements for the SEC filing.  Rumors that the law has been repealed are false and the non-enforcement statement is limited in its applicability.  Companies subject to the disclosure should proceed as in previous years. Country of origin information is still not freely available (as far as we know).  Stakeholders (including media and regulators) are carefully reviewing Form SD filings to see if US sanctioned entities are in company supply chains.  Disclosing companies should expand their smelter/refiner due diligence to include this.  The EU conflict minerals directive is not yet in effect.