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Recession-Proof your Business – Top 10 tips

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Help to Recession-Proof your Business – Top 10 tips

As the effects of the recession become more apparent, business owners in the UK become more concerned but very few have put strategies and plans in place to deal with these tough times.

Here, Activ Warwick outlines its top 10 tips to help business owners better deal with the economic downturn and recssion proof your business.

 

1.                    No matter how well you think things are going, always have a Plan B in place in case things take a turn for the worse

2.                    Be proactive and don’t wait for things to go bad before putting a plan into action

3.                    Take a good look at your cash flow and general cash management. Remember – Cash is King in a recession.

4.                    Make sure all financial systems and records are organised and up-to-date so you can easily access information when required.

5.                    Make sure you are on good terms with your bank manager. Be transparent with them. It’s very important that they know the full extent of your businesses financial situation.

6.                    Consult a tax advisor to try and look at new ways to help tax cash flow and get relief on payments where possible.

7.                    Make sure you know which of your costs are variable and can therefore be adjusted to take into account low demand periods.

8.                    Practice the conversations that you may need to have with suppliers, clients, customers, employees and financiers if the worst happens.

9.                    Be aware of the terms of employment of your staff and identify the key employees without whom the business would be in jeopardy.

10.                 Ensure your pricing policy is sensible. Know how price sensitive your product or service is before rushing into hefty price cuts. You may end up giving profits away unnecessarily


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