Financial Crisis? - Get Out Now

If your business is treading close to the line it may be time to seek help from an accountant or another professional.

Strategies need to be followed that explore ways of recovering the financial health of the business and avoiding liquidation or bankruptcy.

Here are a few strategies that may be considered:

  • Keep your costs low – especially your overheads because they can easily run away. It is easy to allow costs run away when times are good, but then it becomes difficult to cut back when times are hard. You should have a budget to work to and it should be followed closely whether the times are good or bad.

    It is important to bring your costs into check as soon as possible. It is often surprising which expenses can be trimmed back, simply by going through each one and deciding whether it is necessary, or whether it can be reduced or deleted.

  • Make sure that you are diversified – that is, ensure that your business does not depend on one particular customer who may be profitable because of their size, but can put your business at risk should they take t...

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