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I managed a $2 billion business in a long career on Wall Street before launching my own venture. Here are my 5 most important tips on how to navigate your business through a crisis.

   

cate

Tough times don't last forever, and tough people are resilient. Small businesses are signifcantly impacted by COVID-19, and it's important for business owners and entrepreneurs to know that they aren't in this alone.

You should lean on external resources, networks, coaches and mentors, and you can't be afraid to ask for help.

I'm an entrepreneur and former bank executive: I was an executive vice president at HSBC, where I managed $2 billion in revenue, and a managing director at J.P. Morgan. I enjoy leveraging my corporate experience and business insights to help other small businesses plan, pivot, and grow, so here are my 5 most important tips on how to navigate your business through a crisis.

1. Check out all options when looking for cash

Many small businesses will have a cash flow issue especially those in consumer products, hospitality,travel and other industries. It's important to create new revenue streams related to your business including virtual offerings, gift cards and crowdfunding. With the newly approved CARES (Coronavirus, Aid, Relief and Economic Security) ACT, you need to understand which part of the package might apply to you as a business owner including Economic Injury Disaster Loans (EIDL), Paycheck Protection Program (PPP), and more. Make sure to check with the SBA as you move forward.

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