While this article is relevant for many small businesses, it is being written substantially for the disaster restoration industry. The good news for restoration professionals is that the fires and floods that occurred last month, and last year at this time will likely continue. The challenge is that many of the underlying issues, all over the world, have changed in the blink of any eye. In this article, I want to address issues that you should consider taking in your business as a response to these changes. In an effort to shorten this article and to make it more actionable, I will present my recommendations in abbreviated format so let the bullet points begin!
Challenge #1: Cash management. As in any crisis, cash is king. There are many unknowns that will impact your cash position which include: