We're worried too. Tips for preparing your small business for a crisis.
We're worried too. Tips for preparing your small business for a crisis.

We're worried too. Tips for preparing your small business for a crisis.

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6 min
Arts & Philosophy
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<div class="_2cuy _3dgx _2vxa">Hi Friends — I know that things in the world feel heavy and uncertain right now, so I wanted to share some important reminders and tips:<br /> <br /> <strong><span class="_4yxo">This won’t last forever.</span></strong><br /> Stay calm and remember that this won’t last forever. I know the uncertainty is unnerving, and we all have different circumstances that we’re dealing with — but this will end at some point.</div> <div class="_2cuy _3dgx _2vxa"><span class= "text_exposed_show"> </span></div> <div class="text_exposed_show"> <div class="_2cuy _3dgx _2vxa"><strong><span class= "_4yxo">Understand your finances.</span></strong></div> <div class="_2cuy _3dgx _2vxa">Take a look at what you have in your business and personal reserves.</div> <div class="_2cuy _3dgx _2vxa">Look at your monthly expenses and see what you can curb temporarily (tech, supplies, reduce or postpone your next new release, etc). We don’t know how long this will last, so be conservative in your spending.</div> <div class="_2cuy _3dgx _2vxa"> </div> <div class="_2cuy _3dgx _2vxa">Assess your income streams and anticipated revenue for the next 3-6 months. What orders or projects may be postponed? How can you incentivize your current customers?</div> <div class="_2cuy _3dgx _2vxa"> </div> <div class="_2cuy _3dgx _2vxa">Do you have savings to lean on?</div> <div class="_2cuy _3dgx _2vxa"> </div> <div class="_2cuy _3dgx _2vxa"><strong><span class="_4yxo">Identify supplemental income options</span></strong></div> <div class="_2cuy _3dgx _2vxa">If product sales are down, think about picking up design work or other freelance gigs on Upwork, Fiver or through your local communities.</div> <div class="_2cuy _3dgx _2vxa">Consider small business loans - SBA loans, Fundbox, Kabbage, even PayPal offers small business loans if you need some extra cash temporarily.</div> <div class="_2cuy _3dgx _2vxa">As a last resort, you can also pull money out of a retirement account or 401k. There are large fees associated with early withdrawal a

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We're worried too. Tips for preparing your small business for a crisis. - Listen Free | WowFM