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Small Business Plans

Preparing Your Small Business for a Crisis

July 7, 2020
Guide to small business retirement plans

Managing a crisis

You’ll have prepared for a crisis, so you won’t be blindsided if and when it occurs. But nonetheless, it’s jarring and emotional to realize the ship is taking on water and may sink. Here’s what to do in the moment:

Realize and admit you have a problem

It’s very easy to do when a tornado blew part of your roof away or your office flooded. Intentional employee theft, cyber crime or blatant accounting errors are more difficult to get your mind around. It’s critical to see the situation for what it is in order to act on it quickly.

Activate your plan

This is not a drill. It’s the time for your crisis management team to spring into action. Ideally, you will have trained your people (and yourself) on the necessary steps to take so when the time comes, they know what to do. Most critical: the health and safety of your employees. After that, it’s about securing your financials.

Take corrective action

Depending on what has befallen your business, this might mean cutting expenses, putting new projects on hold, or at worst, laying off staff. Here is where your line of credit can come into play to get you through the crisis and beyond.

At Equity Trust, we’re your small business partner in good and bad times.

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