Contact UsBay Area Attorney Offers Advice on Making Intelligent Business Decisions During Bad Economic Times
If you’re a business owner in today’s economy, you’re probably struggling to keep your doors open. During my years of practice, I have seen many down markets. While this one is pretty bad, the reaction to it is no different than the ones in the past. No one thinks they are going to survive, but amazingly, many do.
One thing I have noticed time and time again is that those who make intelligent decisions during the bad times come out ahead in the long run — not only do they survive, they thrive! Don’t let things happen to you; plan how things happen to you.
- Employees. Recognize the need to cut back on your workforce and do it in a legal manner. Develop a workforce reduction plan that clearly specifies what type of workforce you need and who can fill the requirements.
- Space. If you can’t afford your rent, don’t just stop paying. Talk to your landlord. They don’t want a vacant building. Try to modify the lease.
- Pricing. Don’t get too desperate for work; it will cost you more in the long run. While you might need to lower your prices in this market, don’t work for free.
- Your Savings. Do not, do not, do not take money out of your savings to keep your business running. You will end up with no savings and no business.
If you plan ahead, you can come out smelling like a rose. If you need help developing a plan, call our office for an appointment. 650-422-3313.
