The post What Is Inventory Management Process? (& How To Implement It) appeared first on Tallyfy.

Inventory management is at the core of each business’ trading activity, a key component of supply chain management. It is a vital process of monitoring, managing, and controlling the stock items of your company. It won’t be an exaggeration if we claim that it is the center of all trading activities within a company – […]

The post What Is Inventory Management Process? (& How To Implement It) appeared first on Tallyfy.

The post How to Make a Slack Bot using Slack API (8 Simple Steps) appeared first on Tallyfy.

Over the last few years, Slack has skyrocketed to become one of the most widely-used business platforms around. The company’s commitment to creating minimalist, yet useful software has won over business people worldwide. Slack has offered a number of ways to get more out of their platform beyond just vanilla Slack. Slack allows for endless […]

The post How to Make a Slack Bot using Slack API (8 Simple Steps) appeared first on Tallyfy.

The post The Ultimate Employee Offboarding Guide [w/ Process Flow Chart and Checklists] appeared first on Tallyfy.

You spend many many hours, energy, and money trying to find the right person to hire. And then you also spend a ton of resources on that employee’s onboarding. When it comes employee offboarding however, you don’t really worry as much. The employee offboarding process isn’t just about leaving your outgoing employee feeling good – […]

The post The Ultimate Employee Offboarding Guide [w/ Process Flow Chart and Checklists] appeared first on Tallyfy.

The post What is Lean Management & How To Make Processes Leaner appeared first on Tallyfy.

In the contemporary business world, more and more companies are entering the market and striving for the same target group. As a result, competition grows more vicious with each passing day and businesses ought to find ways to reduce customer churn and to gain a competitive advantage over others. One way to gain such is […]

The post What is Lean Management & How To Make Processes Leaner appeared first on Tallyfy.

The post PaynPark uses Tallyfy to optimize their customer experience appeared first on Tallyfy.

What was happening in your business that caused you to start using Tallyfy? PaynPark is an independent parking system focused on optimizing positive customer experience. In order to make our customers processes as quick and as easy as possible, we must simplify our own first. As a team, PaynPark required a system with steps viewable […]

The post PaynPark uses Tallyfy to optimize their customer experience appeared first on Tallyfy.

The post A Complete Guide to Calculating MRR/ARR for Your Business appeared first on Tallyfy.

Let me guess, you’re either starting a company or you’re looking to scale your SaaS for your already existing business and you’re not really sure where to start. I feel you. It’s a bit scary at first having to deal with finance, but don’t worry, it’s simpler than it looks. In this quite comprehensive guide, […]

The post A Complete Guide to Calculating MRR/ARR for Your Business appeared first on Tallyfy.

The post Step by Step Guide to Agile Project Management appeared first on Tallyfy.

Agile project management is a project planning and business process management approach that involves iteration. It is heavily concentrated on improving continuously and increasing the value of the project. In agile project management, the main target or goal is to improve the project, which is the developmental process of a product or a service. This […]

The post Step by Step Guide to Agile Project Management appeared first on Tallyfy.

The post McKinsey’s 7S Framework – What, How and Why? appeared first on Tallyfy.

An organization as a whole can be re-imagined as a living being, with its departments acting as the organs. Likewise, when applying Darwin’s ‘Survival of the fittest’ principle, it is evident how companies strive to be the best, or else they will soon meet bankruptcy (extinction). One notable example which suits this comparison is how […]

The post McKinsey’s 7S Framework – What, How and Why? appeared first on Tallyfy.

The post What is a Workflow Model and How to Create One appeared first on Tallyfy.

It is of extreme importance for companies nowadays to strive for process efficiency and added value for customers. Since the barriers to entry are diminishing, there is a rapid growth of firms storming the market gates and clinching their teeth on market share.  This is forcing everyone else to spend more time on thinking of […]

The post What is a Workflow Model and How to Create One appeared first on Tallyfy.

What are the benefits to hiring an organizational effectiveness consultant? Learn the pros and cons of hiring a consultant in this article.

Operational Management Coach

Sourcing Journal’s Optimizing Productivity Report advises on the best ways for apparel and footwear companies to weed out inefficiencies.

Business Operational Management

The business benefits of Cloud have already been felt by forward-thinking organizations that have long been in the game.Especially in the financial sector,…

One key challenge in Process Improvement Leadership can be the initiation of projects.  As a CPI Leader you may or may not be privy to the challenges occurring in other departments (or, on a larger scale, other facilities).  In a large (multi-site) organization it makes sense to coordinate…

There is a common denominator for achieving the intended outcomes of your initiative: people. Your initiatives impact how individual people do their work: their processes, job roles, workflows, reporting structures, behaviors and even their identity within the organization.

For the purpose of understanding the value of Configuration Management, we have to trace how value is added to transactions. The value transaction is important to the supplier because that is where value the customer is measured.

In this article, we’ll look at the pros and cons of organizational culture transformation, when to transform, and a few best practices for changing culture.

Todd Lohr says businesses should prepare for structural changes and ethical workplace transformation by helping employees adjust to the role of machines in their jobs….

Starting With Your New Remote Chief Operating Officer So you have decided to hire an interim or part-time Chief Operations Officer. What are the next steps for

Chief Operating Officer’s insight:

https://kamyarshah.com/misconceptions-about-coo-duties-and-how-a-fractional-coo-can-maximize-your-operations/

Laying The Foundation For Your New CMO So you have decided to hire an interim or part-time CMO. What are the next steps for your business and how will your

Chief Operating Officer’s insight:

https://kamyarshah.com/misconceptions-about-cmo-duties-and-how-a-fractional-cmo-can-help-maximize-results/

The post What are SAFE and Crowd SAFE notes? appeared first on Tallyfy.

What is a SAFE note? A story about dreams, dollars and … funding! Marisa and Kyle were both business majors at University of Iowa when they conceived of their small business idea: an app which provided ratings for various meetups at their college. They later realized the idea could apply to meetups everywhere as well! […]

The post What are SAFE and Crowd SAFE notes? appeared first on Tallyfy.

Climate change has posed a serious threat to our future with the rising temperatures and unpredictable natural catastrophes causing massive devastation to communities around the globe. This is also impacted by our mass meat industry and sourcing for common food consumer purchases. One entrepreneur has founded a new company that uses science to create a healthy meat alternative that helps the environment and can solve hunger for thousands of people who are considered food insecure.

Dr. Lisa Dyson is the founder and CEO of Air Protein, a technology company focused on feeding the world’s population with food made from the most sustainable protein made from elements found in the air using a proprietary probiotic production process. She is one of the few African American women entrepreneurs in the sustainable food and technology sectors. The scientist and entrepreneur holds a Ph.D. in physics from Massachusetts Institute of Technology (MIT) and is the fourth black woman to achieve a Ph.D. in theoretical high energy physics.

“Our mission is to create the most sustainable type of meat in order to feed the growing population with minimal resources,” Dr. Dyson tells Forbes. “By 2050 we are expected to reach 10 billion people, resulting in a 70% increase in the demand for food production.”

Dr. Dyson breaks down the technology behind the protein and its potential impact on world hunger in a 2016 TED Talk. She credits her business sense from her father who was also a businessman. “My dad was an entrepreneur… he ultimately was the president of a chain of 55 hair salons, so entrepreneurship is kind of in my blood,” she explains. “Growing up in his shadow, I got to see firsthand the joy of having ideas turn into business realities. I also got to see the myriad of other aspects of entrepreneurial life, including carrying the weight of many on one’s shoulders and how to deal with setbacks, which are guaranteed to come.”

Lawmakers have made it free to receive a coronavirus test, but if you need treatment to beat the virus, it could cost you thousands of dollars, even if you have insurance.

According to the independent nonprofit FAIR Health, those hospitalized with coronavirus can expect to pay anywhere from $42,486 to $74,310 if they are uninsured or if they receive care that’s deemed out-of-network by their insurance company.

Those with health insurance who are using in-network providers will pay significantly less. Out-of-pocket costs will be a portion of $21,936 to $38,755, depending on the cost-sharing provisions of their health plan.

To determine the figure, FAIR Health used its database of more than 30 billion private healthcare claim records and estimates of Medicare and Medicaid costs to project U.S. costs for coronavirus patients requiring an inpatient stay using diagnosis-related groups that suffered from pneumonia.

Using this method and another cost analysis, FAIR determined uninsured Americans with coronavirus could pay an estimated average of $73,300 for a 6-day hospital stay. Insured patients could expect to pay a portion of the $38,221 average cost billed to insurers.

FAIR Health acknowledged most people who contract the virus will be able to beat it at home. Another way to cut healthcare costs, according to the company is to use 24-hour nurse hotline programs offered by an employer or health insurance company.

“These may save you a trip to the doctor’s office entirely, and at the very least will cost less than a trip to the ER,” said Kim Buckey of DirectPath, an organization that guides employees to make better healthcare decisions.

According to FAIR Health, the average charge for telehealth services was about $43 for those without insurance. Insurers were charged $34 for a 5- to 10-minute telehealth visit.

For those who need to be hospitalized, Buckley recommends that someone you know keep track of what tests you are given, what medication and treatment you receive, which doctors you see and how often you see them.

“That information may be helpful when you receive your bill,” she said adding that some of these costs might be covered or waived.

African Americans and other minorities are especially vulnerable to the coronavirus. Many low-wage workers have been fired or seen their hours cut in recent weeks. Additionally, minorities are less likely to telecommute, meaning they are more likely to abandon social distancing guidelines to work.

Black Mamba lives! Vanessa Bryant, the widow of former Los Angeles Lakers’ player Kobe Bryant, has announced the release of his latest book, The Wizenard Series: Season One, according to CNN.

“Welcome back to Dren! We hope you are all ready to catch up with the West Bottom Badgers for another magical basketball season.” And with that sentence, the legend of Kobe Bryant lives! Vanessa made the announcement via her Instagram account.

 

View this post on Instagram

 

Welcome back to Dren! We hope you are all ready to catch up with the West Bottom Badgers for another magical basketball season. The #Wizenard Series: Season One is OUT NOW.#KobeBryant #GranityStudios #Kobeinc

A post shared by Vanessa Bryant (@vanessabryant) on Mar 31, 2020 at 8:57am PDT

The book, which is co-authored by Wesley King, was released on March 31 and is the second book that the two collaborated on. Bryant’s first book featured a story on the West Bottom Badgers, a struggling basketball team in a poverty-struck neighborhood, turning around under the direction and magic of their coach, Professor Wizenard. This book brings the focus on one of the Badgers’ players, Reggie, and his path from benchwarmer to contributor.

The Wizenard Series: Season One is a followup to Kobe’s  No. 1 New York Times best-seller, The Wizenard Series: Training Camp.

Official release day. Bittersweet without my collaborator, but grateful to see the words live on. This a book about chasing your dreams. @Granity #KobeBryant #basketball #youvsyou pic.twitter.com/LbWtXwREE6

— Wesley King (@WesleyTKing) March 31, 2020

The popular retired basketball player was killed in a helicopter crash on Jan. 26 along with his 13-year-old daughter, Gianna and seven other passengers: John Altobelli, Keri Altobelli, Alyssa Altobelli, Christina Mauser, Ara Zobayan, Sarah Chester, and Payton Chester.

Bryant was a five-time NBA champion, a two-time Finals MVP, and the 2008 Most Valuable Player. During Bryant’s career, he made the All-Star team 18 times. He was the youngest player to ever reach 30,000 points. Bryant retired from the NBA in 2016 and scored an NBA-season high 60 points in his final game.

Black Americans will be among the millions in the country expected to get a stimulus check tied to the novel coronavirus relief package.

The U.S. government will provide individual American adults with $1,200 and married couples with $2,400. Parents will get an extra $500 for each child they have under 17. Those making over $75,000 will pocket lower amounts. Singles making $99,000 or more and married couples with children making $198,000 will get zero.

Many observers are asking when will we see the money? A Treasury Department proposal called for the checks to be issued beginning April 6, and another wave in mid-May. The checks are part of the $2 trillion coronavirus economic stimulus package that became law in late March. Yet some financial experts claim the money might not arrive until May.

The $2 trillion measure is the largest economic package in U.S. history. It’s aimed to help people who have lost jobs from the coronavirus’ colossal blow to the economy pay essential bills, including mortgages, rent and utilities. For those working and still getting a stimulus check, one question looms: will they use the money to pay debts, save, invest, or help the economy and small businesses where they live?

While there are all kinds of ways people could use the dough, here are some tips from experts on how to consider spending the money wisely and to enhance your personal finances.

1. Establish an emergency savings fund

Experts often suggest having enough cash to cover living expenses for three to six months. Be sure to keep the money in an interest-bearing savings account. One big plus is It could help you pay for unexpected expenses. Consider opening a interest-bearing savings account at a different bank or credit union, making it harder to take money out of the fund.

2. Pay down credit card debt—if you can

If you do that, be certain to pay off higher interest rate cards first. But before making that move, examine if you can pay necessary bills. Experts say many major credit card issuers, utility companies, and mortgage lenders are offering special hardship programs and will work with people given the coronavirus crisis. Check to see what relief programs debtors may have available now.

3. Erase recurring household bills

That may mean paying your next mortgage payment, allowing you to build equity in your home and cutting the interest amount of over the life of the loan. Or pay other costs that pop up monthly, including rent, student loans, childcare, or prescriptions.

4. Get rid of pesky medical bills

Those costs can cause major financial difficulties for many Americans and their families. According to a CreditCards.com poll, 62% of Americans say they could face financial hardship of faced with a serious illness.

5. Build a college fund

If your financial situation is solid in the near term, open or contribute to a 529 Plan for your child. Experts report the plans will allow your $1,200 to grow on a tax-deferred basis. Plus, the distributions for qualifying college-related costs are entirely tax-free.

6. Invest in stocks and employer retirement plans

Believe it or not, now might be a good time to look at investing in stocks. That’s particularly true if you’re good with covering upcoming necessary expenses and have an emergency savings fund. While the coronavirus has battered Wall Street, that pounding also has made many stocks more affordable.

Further, consider maxing out your employer’s retirement account matching program. Multiple employers will match a percentage of your annual retirement contributions up to a certain limit.

7. Make home improvements

Consider spending some of –or all–the money to make home upgrades, allowing you to perhaps get a good return on your investment. HGTV reports small improvements like replacing old faucets, lighting, doors, and electrical outlets may improve your home’s value.

8. Support your local economy and small businesses

Purchase a gift card at a local restaurant or another small business that has been forced to shut down or cut back due to the coronavirus. That will provide the business with a much-needed cash infusion during the closure. It also allows you to use the gift card to do something nice for yourself, like getting a nice meal out or a massage, when social distancing or stay-at-home practices end.

F-bombs are flying everywhere as more companies announce they are firing and furloughing workers every day. The number of unemployment claims soared past last week’s record to 6.6 million applications this week, with no end in sight.

The past two weeks have erased nearly all the jobs created in the past five years, according to The Washington Post. In the final days of March, major retailers such as Kohls, the Gap, Macy’s and Bloomingdales furloughed hundreds of thousands of employees. Other companies, including Disney, Marriott, and Endeavor, announced broad pay cuts. It has become clear that almost everyone in almost every business realm has either delivered bad news, received bad news, or gotten both.

It’s easy for the human toll to get lost in the staggering statistics. We can become desensitized by the constancy of the news cycle.

But for those on the front lines of having to actually tell someone that their job and income are going away (or being reduced), there’s no escaping the heaviness, guilt, and sheer difficulty of having to deliver such devastating news.

Certain best practices around firings—informing people in person, in private, and not on Fridays or just before major holidays, for example—have long been standard. But the suddenness and comprehensive sweep of COVID-19 and our nation’s jumbled 11th-hour response to it, has rendered most companies unable to employ many of their traditional firing procedures.

At a time when the importance of measures designed to cushion the blow for already stressed employees should be heightened, much of the tough news companies are delivering to their employees is being done virtually—which is a far cry from ideal.

It was widely reported that Rent the Runway laid off retail employees on a Zoom call last week, as did the dockless scooter company, Bird, which cut 30% of its workforce, according to Tech Crunch.

While operating during a pandemic may not allow companies to engage in traditional best practices in this area, this sensitive work still demands that the same courage, compassion, and integrity guide new approaches, says Dorria Ball, founder and president of the Global Ballance Group.

Forced quarantine and social distancing may require that bad news gets delivered virtually, and technology affords efficiencies that are useful when large numbers of people are simultaneously being let go. But the use of technology does not excuse leaders from the need to approach a firing or other such uncomfortable moments with integrity, attention to detail, and, above all, humanity.

“When you are going to change the course of someone’s life at the worst time imaginable, you have to get it right,” says Ball, a former human resources executive who now counts Danone, Nationwide, Denny’s, and A+E among her clients.

Here the leadership coach and organizational consultant shares a few critical best practices for furloughing or firing anyone, even when it must be done virtually:

Get the data right. A good leader should have zero tolerance for any ineptness in the mechanics and paperwork around layoffs. What are people going to get? When are they going to get it? How long is it going to last? Everything in writing must be impeccably thorough and clear. “If you’re off by a zero or a decimal point, if you’re off on the dates for their severance or the details around their benefits, these are not small things,” Ball insists. “Nothing at these moments is a small thing.”

Don’t be a coward. People deserve a face-to-face, even if it’s via live video. “The goal is to make an impossibly hard moment as easy as you can for them,” says Ball. “That’s not going the extra mile, that’s just basic respect.” So, to the extent that you can look them in the eye, even in a virtual context, do it. “Is it harder on you? Maybe, but it’s not about you. You’ll still have a job and they won’t. Does it take more time? Yes,” says Ball. “And it should.”

Lead with humanity, and humility. It’s not possible to overestimate the impact of kindness, thoughtfulness, and patience at at time like this. “People like to say they treat people the way they want to be treated. I say no to that, it’s flawed thinking, because everybody’s different,” says Ball. Taking a moment to learn about the individuals you’ll be talking to should inform how you show up for them.

Brace for the impact. Some people are criers, some are yellers, some will storm out, some will be frozen and in shock. There is no limit to the potential reactions, and most will be tough to take. Too bad, says Ball: “In that moment, you are the company, and whatever people want to hurl at you—within reason—just take it. Allow them that. What does it cost you, when they are losing so much?”

The effort to slow down the rising coronavirus pandemic has spurred many celebrities to contribute money to ensure we all get through this deadly crisis. In a collective effort to help those in need, various leaders from throughout the sports industry have partnered with the Center for Disaster Philanthropy to launch AthletesRelief.org. The initiative is a global fundraising tool created to help generate financial support for the many people who have been greatly impacted by the COVID-19 virus.

“I’m very pleased to join many athletes, including friends and fellow golfers like Rory McIlroy and Nick Faldo, as well as other athletes, like Steph Curry and Michael Phelps, to raise funds for COVID-19 relief,” said Jack Nicklaus in a written statement. “We’re all in this together, and together we will get through this. But we need to raise money, and I am honored and proud to be part of a unified effort such as this.”

Various exclusive items are being auctioned online. All fans who donate a minimum of $25 for any item will have their names entered into a raffle at the end of the campaign. All of the proceeds will go to Center for Disaster Philanthropy’s COVID-19 Response Fund, which is supporting front-line healthcare workers and clinics, food security, and distribution of needed products, focusing on assistance to vulnerable communities.

Items up for auction include:

• Stephen Curry signed jersey
• Jack Nicklaus signed Golden Bear hat and glove
• Simone Biles signed leotard
• Tony Hawk signed skateboard
• Rose Lavelle signed Team USA jersey
• Mike Eruzione signed Team USA jersey
• Mark Cuban signed $1 Bill

“Athletes from around the world asked for a way to do something together in addition to their personal donations in their local communities,” said David Schwab, executive vice president of Octagon. “This affects all of us. The more participation, the more money, the more relief.”

Athletes for Relief is being supported by athletes and leaders throughout the global sports community.

To donate to the Athletes for Relief campaign, click here.

The 2020 presidential race is still going. While some political commentators already have predicted their pick for a candidate, some are considering running for office this year. Conservative activist and commentator Candace Owens is one of them.

Owens told Fox News Thursday that she had decided to look at opportunities for running for public office. She provided no details on when she would be running or who it would be against. Owens is best known for her work in the #BLEXIT movement, a push to get African-Americans to leave the Democratic Party. Her career has been embroiled in controversy thanks to her outspoken commentary on issues within the black community ranging from downplaying the current coronavirus epidemic to openly sympathizing with Nazi leader Adolf Hitler.

Owens, the former communications director at Turning Point USA, added that while she has been approached to launch a political campaign in the past, she decided to go a step further after talking with her husband, George Farmer.

“We’ve come to a junction where it’s not enough just to comment on politics but to get involved in it,” Owens said. Two positions have caught her eye: U.S. Senator or governor. But she will only run against an incumbent Democrat.

“They’re all vulnerable,” she said of Democrats. “And right now is a perfect storm to see how people are leading.”

I’m now honestly considering running for office. Never had any desire to previously, but something changed in me last night.

Had a conversation with my husband and I think it’s a plan.

— Candace Owens (@RealCandaceO) April 2, 2020

The criminal justice reform organization founded by Meek Mill and Jay-Z is sending aid to U.S. correctional facilities, which have been especially impacted by the global shortage of protective gear in wake of the coronavirus pandemic.

On Friday, the REFORM Alliance announced that it partnered with advocate Shaka Senghor to send about 100,000 surgical masks to several correctional facilities across the country: 40,000 masks to the Tennessee Department of Corrections; 5,000 masks to the Mississippi State Penitentiary at Parchman; and 50,000 to the Rikers Island jail complex in New York City.  Another 2,500 will also be sent to a Rikers medical facility.

“During these moments of uncertainty, the one thing I am certain of, is that we can share resources with the less fortunate,” said Senghor, a New York Times best-selling author, in a statement sent to BLACK ENTERPRISE. “These are mothers, fathers, sons, and daughters behind bars. They are as much a part of the human family as we are.”

Masks being delivered to the NYC Department of Corrections Central Warehouse at Rikers Island [Photo courtesy of Berk Communications]

“We are on the verge of a humanitarian crisis,” said Jessica Jackson, chief advocacy officer at REFORM Alliance. “There are heartbreaking accounts coming from people in jails and prisons across the country. Also, let’s not forget: tens of thousands of sick people flooding out of our prisons could overwhelm our hospitals — making things worse for everyone.”

In addition to the protective gear, last month the REFORM Alliance revealed the SAFER Plan, a proposal urging governors across the country to release elderly and nonviolent criminals to home confinement. They’ve also asked for suspended jail sentences for technical violations and better sanitary conditions in prisons to reduce the spread of the outbreak.

“Governors and people who run jails and prisons in this country need to take the pandemic in Rikers as a warning,” said Van Jones, CEO of REFORM Alliance. “We’re in danger of seeing prisons coast-to-coast turn into morgues. It is important to get medical supplies in, and it is equally important to get more human beings out.”

According to The Legal Aid Society, 231 inmates have tested positive for COVID-19 at New York City jails as of Thursday. To lower its jail populations, New York City Mayor Bill De Blasio said over the weekend that at least 650 inmates have been released from Rikers Island, reports CBS News.

The Cook County jail in Chicago, which has the largest outbreak in the country behind New York City, has 167 detainees and 46 sheriff’s office staffers infected.

President Donald Trump suggested Wednesday he would consider opening up Medicare and Medicaid to nearly 30 million uninsured Americans due to the coronavirus outbreak.

The suggestion was a surprise to many considering that Trump has been fighting to terminate the Affordable Care Act since he was sworn in as president.

According to Business Insider, Vice President Mike Pence was questioned by Fox News White House correspondent John Roberts on the administration’s decision this week not to temporarily reopen the Affordable Care Act’s marketplace to allow uninsured Americans to purchase coverage during the pandemic.

“There will be people who don’t have insurance who get sick before any of these mitigation efforts are put into place,” Roberts said. “And without opening the healthcare exchanges, where can they find insurance? People who aren’t insured by these companies that are covering the cost of the copays, where can people go, now, to get health insurance if they get — before they get sick?”

Pence bypassed the question, instead stating that Medicaid and some American health insurance companies were making “inspiring” decisions to waive copays on coronavirus testing and treatment.

Trump then stepped in and acknowledged the question was fair and Pence skillfully dodged it.

“John, I think it’s a very fair question though, and it’s something we’re really going to look at, because it doesn’t seem fair,” Trump said. “If you have it, you have a big advantage. And at a certain income level you do.”

Trump said he believed he would “get to” addressing the problem and accused “the other group,” presumably Democrats, of ignoring it.

“I think we’re going to get to it,” Trump said. “I don’t think the other group will get to it. They haven’t even spoken about it.”

However, almost immediately Trump backtracked on his comments saying he’s not “committing” to doing anything.

“I can’t commit,” he said. “I have to get approval from it. I have thing called ‘Congress.’ But it’s something we’re going to look at, and we have been looking at it.”

Democrats and health insurance companies have been pushing Trump to reopen the Affordable Care Act marketplace. Presidential candidate Joe Biden took to Twitter saying keeping it closed “will cost lives.”

The exchanges will still be open to those who recently lost their jobs, including the millions of Americans who have recently become unemployed as a result of the pandemic.

The coronavirus outbreak has infected more than 200,000 people in the U.S. and has crippled the job market and the healthcare industry.

Goldman Sachs Group Inc. seeks to identify a group of innovative black and Latinx founders to help them position their ventures to become the next generation of game-changing businesses. The firm recently announced the extension of its Launch With GS initiative with the inaugural Black and Latinx Entrepreneurs Cohort, offering diverse founders unprecedented access to resources and relationship-building opportunities with investors and experts to accelerate the growth of their companies.

Started in 2018 based on the philosophy that diverse teams produce strong returns, Launch With GS represents the firm’s $500 million investment strategy to provide capital and connections for black, Latinx, women, and other diverse entrepreneurs. Such initiatives are necessary given the fact that black and Latinx founders receive less than 1% of venture financing, according to Goldman Sachs.

“There is a misallocation of capital going to businesses with diverse starting teams and for us, not only do we want to narrow those investment gaps but they also present an investment opportunity,” says Jemma Wolfe, head of Launch With GS, which has already invested $230 million since the initiative’s inception. “Another thing we’re doing is building out an ecosystem to support these businesses.”

So what will make the Black and Latinx Cohort so impactful? Founders of high-growth companies will participate in one-on-one business coaching sessions and sector-specific workshops with the firm’s leaders across investment banking, research, and investing teams. Moreover, program participants will be able to gain valuable legal, marketing, and branding advice from industry experts as well as be able to connect with the vast Goldman Sachs network.

”One of the things we have been excited about has been the response,” says Margaret Anadu, a partner and managing director and head of the Goldman Sachs Urban Investment Group. “The amount of feedback that we have received from other investors in the field, really strong entrepreneurs, and, more specifically, the applicants has been overwhelming. The initial step is having entrepreneurs in the Cohort make a connection with our firm so we can get to know them, understand their businesses, learn about the challenges, and then go from there and figure out how we can help them achieve the desired outcome.”

Anadu says the value of the program is the fact that it is customized to meet the specific needs of program participants. So if a cohort member needs capital, he or she can be directed to investors. Or if another company needs to expand its customer base, the founder can gain connections to one of Goldman Sach’s Fortune 500 clients.

Launch With GS has established the following criteria:

— Black or Latinx founders of a U.S.-based firms

—- The company must have $1 million or more in annual revenues

— The applicants must operate companies that are a part of the enterprise technology, financial technology, consumer, and healthcare sectors

—- Founders must offer a “big idea”

The culmination of the eight-week virtual program will be a Investor-only showcase in which cohort members can attract financiers to their companies.

Another asset to entrepreneurs participating in the program is gaining access to members of Launch With GS’ blue-chip Advisory Council.