The economic shutdowns initiated by the coronavirus pandemic wrought severe damage to our economy.
With Democratic presidential nominee Joe Biden proclaiming he would shut down the country again if experts told him to, it’s clear we’re not out of the woods yet. Still, there are proactive measures America’s small business owners can take today that will mitigate the risks associated with the Covid economy. (CNBC)
In order to survive and avoid bankruptcy, there are several things small businesses can do.
1. Take advantage of government programs
2. Renegotiate contracts
Take a look at your accounts payable. Gather all your vendor contracts, prioritize them, and then start negotiating things like reduced payments or extended terms, Prosen suggested.
While some may not agree, chances are, others will.