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As we all await news of what is to come over the next few months, we can take steps to protect our small businesses through this situation. I came across a very informative video detailing some of those steps and wanted to share. We have no affiliation with this gentleman, but he made some excellent suggestions. I have briefly noted them below, but I suggest you watch his video at https://youtu.be/msCxAQ1NQn0.
clients during this time.)
2) Reach out to three sets of people:
a) Employees – They are concerned about their livelihood and caring for their families. How will your work fit into their lives during this time?
b) Vendors – How will their business be affected and how will that affect your business needs? What arrangements can you make to keep your business afloat?
c) Clients – Cash will be very interesting over the next few months – cash flow will not be the same. Get an understanding from your major customers how/when they will be able to pay you. Remember that they will also be stressed, reach out in a way that is meaningful to your relationship so they will continue to value your business. Remember to keep the discussion about their needs and not your own.
4) Check with your insurance agent – business interruption insurance?
Speaking of helping others, David Chaumette is also a small businessman in Houston. He is a business coach. Let's help him out by liking his YouTube video and helping to spread the word about ways to protect small businesses during this crisis.
If you have additional information that may be helpful to our membership, please contact Kathy Kinser or Tess Campbell. We will post on your behalf. Stay healthy.