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Small business lessons for right now, resurrected from Great Recession

By James Barrood
New Jersey | Mar 30, 2020 at 2:25 pm


 

Businesses are getting hammered by the economic side of the COVID-19 pandemic. Small and midsized businesses are especially vulnerable, since they don’t possess the cash cushion or political pull of their enterprise cousins. A decade ago, after the financial collapse that led to the Great Recession, I edited a collection of ideas for small businesses struggling to survive in brutal economic times. Now’s a good time to revisit and update some of the ideas from “Lessons from the Great Recession” and complement them with some newer ideas from other sources.

Cash is inevitably king in a time like this, and many of our “Great Recession” contributors focused on understanding, managing and hanging on to the precious cash you have. Serial entrepreneur and author Camille Rose focused on the importance of planning — especially getting a crystal-clear understanding of current and impending expenses. I like Entrepreneur’s recent advice about building or updating your cash flow budget with lists of both fixed costs that must be paid to “keep the doors open” and variable costs that might be reduced — especially those that aren’t generating cash.

James Barrood is the former head of the New Jersey Tech Council.

James Barood
Advisor – Speaker – Author – Growing companies and building/strengthening entrepreneurial/innovation ecosystems


 

You can read the original article here:

Small business lessons for right now, resurrected from Great Recession – ROI-NJ

Businesses are getting hammered by the economic side of the COVID-19 pandemic. Small and midsized businesses are especially vulnerable, since they don’t possess the cash cushion or political pull of their enterprise cousins. A decade ago, after the financial collapse that led to the Great Recession, I edited a collection of ideas for small businesses …

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