How Entrepreneurs Can Prepare for Disasters
"1. I would suggest for any business that the cliche' "Cash is King" has never been more true...Thirty days cash reserves (enough cash to cover essential and fixed expenses) would be my minimum recommendation...
2. Good advice any time is to manage overhead carefully...
3. Whenever possible, avoid fixed, long-term commitments that are part of a static business model...
4. Build in flexibility in all decisions...
5. Watch and manage your inventories carefully...
6. Think through the 'what ifs' and create contingency plans...
7. Look ahead... "
Read more in this post from The Entrepreneurial Mind.
