5 Lessons Learned from the Global Pandemic
Posted Oct 21, 2020 in Management
Maintain ample cash reserve
By Rob Waters, President, Watersedge Dental Laboratory, Ottawa, ON, 43 employees
Our growth has been astounding since we opened seven years ago and I’ve reinvested in the company, mostly using the laboratory’s own resources in order to avoid accumulating ongoing debt. While my personal feelings about debt load led me to this approach, I’ve come to realize it’s not necessarily the best business practice.
When we shut down for the pandemic, the few lenders we were using were excellent partners in helping us through the difficult period, approaching us with quick offers of payment deferrals without penalty. As a result, I’ve come to view our leasing partners and lenders as a sort of pressure release valve. The fact is, during the shutdown we still needed cash for many of our ongoing commitments and more on hand would have meant more peace of mind.
Based on the length of the recent...
