As part of a virtual Small Business Survival Forum hosted by CEG, the Small Business Development Center at UAlbany, and Assemblymembers John McDonald and Patricia Fahy ---- The UAlbany SBDC shared these thoughts on seven questions you should be asking, or actions you should be taking, to work on your business when you can’t be working in your business:
Have I contacted my creditors for deferments/payment modifications?
Can my business survive on reduced revenues? How?
Have I updated my forecasted financials?
Have I collected my accounts receivable? Who am I offering credit to? Should I?
Are there new product lines/services that I can offer to maximize my current client base?
Are there new market segments that I can pursue to generate new clients?
How can I streamline my operations to improve profitability?