Image by Rich Tu, used by NYT
“Small businesses simply have far fewer cash resources and liquid assets on hand compared to large corporations,” says Michael Chow, lead data analyst and economist at the N.F.I.B. “While every recession is different, as in 2008, small businesses today must focus on adaptability and prepare for timid consumers.”
Yes, small businesses have fewer resources and reserves than large corporations; but, small businesses have the ability to pivot and adapt much faster. Think: turning a speed boat versus turning a battleship.