Mark Cuban: How to avoid layoffs and other advice for small business owners during the COVID-19 pandemic

Mark Cuban during 2016 Advertising Week New York on September 28, 2016 in New York City.
Slaven Vlasic | Getty Image

This weekend, billionaire entrepreneur Mark Cuban took to LinkedIn to answer questions from small business owners about what to do during the escalating coronavirus outbreak.

Cuban, who has been vocal about the importance of supporting small businesses during this time, prioritized questions about how to avoid layoffs and hourly reductions. His post had over 6,000 comments by Monday, with many of his followers popping in with their own advice.

Experiment with new ideas

"If you can find other services to offer, do it," Cuban wrote in response to a question specifically about avoiding layoffs in the event industry, as trade shows, sporting events and concerts are being canceled. "Since you have holes in your schedule, it's a great time to experiment with new lines of business and see what sticks."

He also recommended brainstorming not only with your peers, but also with your competitors: "They are all in the same boat. Try to figure out the best way to reignite the industry. 

"Cities will want to recapture the business as well. I'm guessing that the cities who are not hit hard may be more aggressive and have more funds to try to attract shows and events. And of course work with the promoters and stay in touch with them." 

Really get to know your employees 

Cuban recommends CEOs and managers take the time to understand the individual circumstances of their employees, especially if they'll be cutting hours or initiating layoffs.

That way, "if you do have to change circumstances you can make decisions based on the circumstances of each employee," he wrote.

Clean up parts of the business you've been neglecting or haven't had time for

Control what you can control. "Rather than focusing on how bad it is, focus on how you can use this time to connect with your future customers," Cuban wrote. "This is also a good time to clean up all the little messes every small business has. Everyone has things they wish they could re-do."

"Now is the time to make those changes."

Don't miss: The most important things to do with your money during the coronavirus outbreak, according to 5 financial advisors

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