SURVIVAL TIPS
FOR SMALL BUSINESSES
W
ith life looking very different these days, businesses need to adapt to a new normal in the coming months. The sudden changes can feel overwhelming, so let’s look at some survival tips to help businesses stay afloat through these challenging times.
UPDATE FINANCIAL DOCUMENTS In order to make informed business decisions in these difficult times, it’s important that you have a full picture of your business’s state. One of the most effective ways to do this by looking at your latest financial statements.
Your cash on hand is especially important in times like these because cashflow is likely to be interrupted by the crisis. It’s important, to re-do your budgets with new assumptions.
FACE REALITY You will need to identify your key employees who are essential to keeping the business going and set them up with the tools they may need to keep your business productive working from home. This could mean arranging for them to have laptops, software, and the necessary cybersecurity they need.
THE BOTTOM LINE
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