Seven ways small businesses can avoid bankruptcy amid the coronavirus outbreak investinyou (In partnership with acorns.)
2. Renegotiate contracts
On the flip side, reach out to those who owe you money and collect. If you were holding an invoice until work was finished, don't — instead, bill for the portion that was completed."The whole strategy is to stay liquid, so you could offer a discount on next year's activity if people pay up front," she suggested.As painful as it is, you have to reduce your staff as much as possible, either through layoffs or furloughs, Prosen said.That's something Karas had to do.
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