The Secrets of Small Business Survival During COVID-19

The Secrets of Small Business Survival During COVID-19

Christopher Ernst
Small Business, Leadership

When I was in college, it was Black Monday. When I was in law school, it was the Savings & Loan Crisis. When I was just becoming a partner in my old law firm, it was the Dot Com Crash. When I was a father with three young children and a stay at home wife, it was the Great Recession.

And through it all, we survived. And after surviving these events, we thrived. And we will survive this pandemic and likely thrive again.

But how to put your business in the best position possible? Here are some pointers:

  • Manage your cash flow, remembering that today’s Accounts Payable are being paid with invoices that were issued 30 to 90 days ago.

  • Plan for delayed payments on your Accounts Receivable.

  • Treat your employees wisely, with honest transparency and sensitivity.

  • Negotiate your expenses down (or deferred) as much as is practical.

  • Eliminate non-essential expenses.

For more on this, be sure to check out David Rabinovitz’s article where he addresses these points in great detail.

Leaders Lead -- Even in a Pandemic

Leaders Lead -- Even in a Pandemic
Employer Requirements under the Families First Coronavirus Response Act (FFCRA)

Employer Requirements under the Families First Coronavirus Response Act (FFCRA)