Be Prepared for Disaster
Dr. Cornwall reminds small business owners to update disaster plans, stating:
"The storm forecast is out for this summer, and it is not a good one. In addition to sending oil prices up, it should be a warning for small business owners to start planning.
I have written often about the need to plan ahead for disasters, be it floods, terrorist attacks, hurricanes, ice storms, and so on. While small businesses are quite vulnerable to the impact of such events, there are steps that an entrepreneur can take to prepare.
Here are some suggestions on how entrepreneurs can prepare for disasters:
1. "Cash is King". There is no better tool to weather a disaster than cash...
2. Manage overhead carefully...
3. Avoid fixed, long-term commitments...
4. Build in flexibility...
5. Watch and manage your inventories carefully...
6. Create contingency plans...
7. Look ahead...Be strong, be brave and be confident and others will follow..."
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