The economy is in a downward spiral since March. You need to look no further than such signs as the stock market hitting record lows, record numbers of workers filing for unemployment benefits, and everyone wondering if their job is safe. The good news is that it will end, and we will move on to the rebuilding phase in this narrative.
In the short term, however, business owners and managers are trying to determine the best approach for surviving this unprecedented situation. The circumstances of each company and its employees are different, but billion-dollar entrepreneur and Dallas Mavericks’ owner Mark Cuban offered some advice on surviving this extraordinary situation.
Cuban went on LinkedIn to answer a sliver of the thousands of questions people had about what to do during the pandemic. A vocal advocate of small businesses, Cuban focused his answers on issues faced by small business owners and managers. Some tips included:
- It is time to experiment: Because of the lower than average amount of production at most companies, it enables managers and employees to experiment and think outside the box in regards to the current model and how to offer new services and products.
- Sit down with employees: Find out what employees are most concerned about (fewer hours or layoffs?). This can help drive decisions about how to move forward and with whom.
- Get your house in order: Some things are out of the owner or CEO’s control, but clean up real and figurative messes, such as an outdated bookkeeping system, unorganized inventory, training for new products or services, update security protocols, and other essential but easy to put off actions.
Businesses need to be ready
No one knows when you can return to regular business practices, but preparation is the key. Those businesses who are ready will be able to hit the ground running while others are still trying to figure out what happened. Company-wide changes and updates often need to be reviewed by an attorney with a background in business and employment law. These legal professionals can help ensure that these changes are compliant with all applicable laws and make sound business sense.