A last resort option can give you the breathing room you need to get a fresh start. Bankruptcy is intended to give an honest debtor a fresh start, and, if a small business that files for bankruptcy can successfully meet …
Getting Professional Assistance
Learn the types of advisers that can help you, and why you should retain them. While, as a small business owner, you are hesitant to spend money on hiring attorneys, financial advisors or other restructuring professionals, talking to and engaging …
Staying Positive and Persevering
Don’t panic. Learn how to stay calm during times of crisis. A small business owner puts his or her life on the line to transition from a traditional nine to five job with a guaranteed cash flow to a becoming …
Keeping Your Employees Involved
Learn how to maintain a motivated workforce. The Coronavirus has created an emphasis on supporting local businesses, which means that consumers may demonstrate a preference for businesses where personal relationships have been cultivated. More importantly, with the increase in emphasis …
Negotiating With Your Landlord
Learn how to keep your space, and pay for it too. It is critical to maintain a working relationship with your landlord, so that your landlord is comfortable with your ability to pay rent and maintain the property that you …
Negotiating With Lenders
Discuss your coronavirus challenges and build trust. The following steps can help you as a small business owner to establish a collaborative relationship with your lender: It is important to prepare projections that demonstrate how you anticipate your business will …
Locate Key Documents
Stay informed about your contractual rights by locating key documents and critical language within them. Throughout the course of your business’ operations, most small business owners execute a wide variety of documents including leases, distribution and supply agreements, employment agreements, …
Be Proactive
The Coronavirus crisis has created a unique landscape with respect to distressed companies. Historically, companies that are experiencing significant difficulties are advised to keep the company’s financial circumstances secretive because openly discussing your company’s struggles with creditors, like landlords and …
Securing Your Supply Chain
Make sure that your business can properly function once it’s open again. Most businesses, including your suppliers, have endured significant hardship and continue to suffer. As a result it is important to make sure that you, as a small business …
Preserving Revenue in Time of Crisis
While there is no way of knowing when your business will be able to reopen, there are ways to take control of your fate. As a result, you should find ways to maintain liquidity, or in other words, maximize the …
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