While Mark Cuban, owner of the Dallas Mavericks and an investor on ABC’s Shark Tank, understands the kind of uncertainty and hardship small and midsize business owners are currently facing, but believes agile founders can survive the coronavirus crisis and even come out stronger than before, writes Emily Canal for the Inc.
During a wide-ranging “Ask Me Anything” with Inc., Cuban offered a four-point crisis guide on how to survive and thrive in a time of unrivaled uncertainty.
First, he emphasized the importance of being transparent with the people who know the company the best. So if a business is on the verge of closing, it should reach out to employees.
“They’re the experts in your business,” said Cuban. “If there’s an idea for how to pivot or restructure the company, it’ll come from them.”
It is also important to be open to major change because any company’s best chance of survival may actually come from a completely different business model or product line.
Coming up with something new is also a good idea, as is investing in a downturn.
Read the entire crisis survival guide at the Inc. by clicking here.