Unforeseen Obstacles- and How to Recover
Wednesday, August 14, 2019
Your business can be going along fine, and then an external event happens and it impacts your business. Recent examples are last summer’s drought, tornadoes, and this spring’s flooding. If your business property is actually damaged, it is called physical damage. In many cases, insurance will cover these costs.
However, economic injury can happen when... your customers are impacted and don’t, or can't, make their normal purchases from your business, which impacts your bottom line. The latest external impact for small business is the trade war. At times there is assistance for these events, but other times you are on your own. Doing some pre-planning is always advisable. The Small Business Development Center, located within the Indian Hills Community College structure, can help with this process at no cost. One thing to be reviewed together is a financing structure that has the capacity to handle a problem that might arise.
Category: Business/Finance/Economy, Economic Development, Economy