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.