Recession Response Issue | Page 31

Profit and the Business ierarchy of Needs HOW YOUR PROFIT WORKS IN A CRISIS BY: MIKE MICHALOWICZ Let’s talk about profit. Really Mike, now? Is this the time to discuss profit? Definitely. Why should we talk about profit? Because in light of the coronavirus pandemic, some business owners are burning through cash to run “business as usual”. As Covid-19 cases increase, you worry whether or not your business can sustain a recession that will be triggered by this pandemic. You want to have profit during the coronavirus crisis because you want to have a solid foundation in your business now. It’s also necessary to have a solid foundation when the pandemic is over so your business will be better positioned for success.