in the UK
Prepare Your Business For The Upcoming
COVID-19, BREXIT AND HIGH DEBT LEVELS HAVE AFFECTED NEARLY
HOW CAN YOU PREPARE YOUR BUSINESS?
LEARN PROM PAST EXPERIENCES
History is known to repeat itself, learn from the survivors of the last recession
AVOID DEBT AND CUT EXPENSES
Think twice before taking out any loans. You should also reduce the operating costs of your business. You may be able to save on:
- Rent and facility costs - Production costs - Transportation costs - Personnel costs
LOOK AT THE CASH FLOW
Try have more cash reserves a available. Collect receivables and offer credit carefully, making sure to check a client creditworthiness before offering credit.
HANG ON TO YOUR CUSTOMERS
Customers are the most important asset for your business. Without them there would be no business. Remind your customers that you are there even during the hard times.