- Entertainment, travel, and hospitality industries, among others, took a hit as businesses and cities shut down across the nation.
- Finance experts and business owners shared tips with Business Insider on diversifying sources of revenue to make it through a tough economic downturn.
- Start by evaluating how your customers are reacting to the crisis, they said. From there, determine which costs are worth keeping or cutting as needs change.
- Stay close to what you’re familiar with. If you try to add too many new revenue streams, you’ll end up “not doing any one thing particularly well.”
- Leverage technology and a diverse workforce to stay agile, adaptable, and scalable even when needs and preferences evolve.
- This article is part of a series called Resources for Resilience, focused on providing tips and inspiration for small businesses who are learning how to survive and thrive in today’s economy.
In early March, CAD Management, a