Survival Tips for Good Times and Bad
Gregory L. Reid, Esq., co-founder and managing partner of Reid, Rodriguez & Rouse L.L.P., a New York City law firm serving small businesses in employee issues, gave the following tips at a smallbusiness summit in June titled “Bridging Troubled Economic Waters: Strategies for Survival and Growth.” The summit was convened by the National Minority Business Council Inc. and the New York District Office of the U.S. Small Business Administration.
• Know your customer: Conduct due diligence; check out all recommendations.
• Know yourself: Take stock of your strengths and weaknesses.
• Stick to your knitting: Do what you do best.
• Don’t try to do too much: Learn how to say “No.”
• Know when to cut your losses and turn the page.
• Avoid the easy way out.
• Maintain your integrity by doing the right thing.
• Be aggressive, not hostile, in dealing with problems — be they legal, financial or operational.
• Be impeccable with your spoken and written word.
• Don’t shortcut essential matters, such as contracts and legal filings.
• Maintain sufficient documentation to protect yourself.
• Be wary of easy credit: Easy come, easy go.
• Avoid reckless risks, but keep your eyes open for opportunities that may require calculated — business not legal — risks.
• Maintain faith: Be confident, positive and persistent always.