This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/08/13/how-to-keep-your-business-running-after-an-unexpected-crisis/
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by Aditya Narula, head of customer success at Kabbage
Many small business owners spend their time and energy tackling the day-to-day challenges and opportunities that keep their business running. Immediate needs like selling a product, providing a service, keeping customers and employees happy, or managing payroll and expenses are top of mind. This leaves little headspace to worry about what might happen down the road. Unforeseen crises like flooding or broken equipment can leave small businesses scrambling to stay afloat, cover unexpected costs and maintain steady cash flow. In fact, small business owners report spending an average of 28% of their cash flow on unexpected expenses.
Dr. Dickson Chen, an optometrist in Los Angeles, had been running Davich Optical with his wife for fewer than two years when a fire at the supermarket next door damaged his office. Until then, Dickson was focused on seeing his patients, maintaining payroll for seven employees and paying rent. All of that changed when smoke and water damage from the fire forced him to close the office for three days, leaving him with a cash flow deficit and expensive construction needs.
Fortunately, he was able to reopen quickly and recover from the crisis. Here’s his advice on how to weather the storm and what other small businesses can do in similar circumstances.
Assess the full damage by looking for hidden business impact.
A fire obviously leads to physical damage that must be fixed for the business to recover, but Dr. Chen had an unforeseen and less obvious business impact to consider. On top of the remodeling costs, he also discovered the hidden impact of the supermarket being shut down — the popular store brought a lot of foot traffic to the area, which helped bring in new pat… Read More
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