Survival Tips for Good Times and Bad

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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.