Recession buster to keep your business booming19th March 2009
There is no denying that the “Global Economic Slowdown” is here to stay for some time and every business, however big or small, is beginning to panic. However, there isn’t an easy method of bailing yourself out of this grim scenario and the best policy could be to be patient and try keeping your business operational, no matter how difficult that seems. Following are some simple recession busters that shouldn’t be too difficult to implement.
Cash Flow Control
Most businesses have or are in the process of realising that credit and liquidity are drying up rather rapidly. Thus, it becomes all the more vital to manage your cash flow more diligently. For starters, try conducting a thorough analysis of your financial situation as honestly you can. There could be some under-utilized cash reserves that haven’t been tapped. Make sure to make every effort to recover every penny of outstanding money owed to you. The bottom-line? think like a banker now. Make sure that the cash held as liquidity isn’t what is due to paid in the very near future.
Cheaper Strategic Assets
Agreed, this isn’t the time to be thinking about making big business-related purchases but then consider this – now is the time when real estate propositions that were previously out of your reach are being listed at cheaper rates. If it translates into cutting corners at your workplace and spending a portion of your savings on buying that reclusive piece of property that now seems viable, go for it. This will ensure a safe investment in the longer run.
So, you are one of those self-made millionaires who never had to seek any help from anyone on the street ? Well, this is not the time to hold your pride so high. Adapting is the name of the game and you could salvage your business numbers by seeking advice from even your competitors. Remember, they too are feeling the heat just like you. Try and get involved with a financial networking group to get a bigger perspective on things and you may realize that a solution that seemed possible to execute can actually be implemented.
Stick To Dedicated Clientele
When things were looking positive, everyone expanded their customer list by inviting newer and even lesser profitable clients. However, during slower times, it is essential to stick to your regular clients, as they provide you one major advantage – a certain level of expected business that will keep you afloat, no matter how difficult things get.