Checklist to weather the Hard Times

  1. Don’t panic. Don’t make quick decisions that could result in serious problems later on. Think things through before you make a move.

  2. Slow your growth. Many businesses fail because they grow too fast and their growth is not matched by their ability to cope with the administration, funding and other areas.

  3. Cash in. Look at all areas where you can push for collection of money owing to you. This may also include the Tax Department who may have a tax refund due to your business. It involves chasing your debtors and asking them for payment of their overdue accounts and on the other hand slowing down the payments you have to make to your suppliers.

  4. Talk to the experts. It may be time for you to sit down and talk to your bankers or financial advisers. Together you should be able to put together a plan that will generate more cash and allow the firm to weather the storm.

  5. Reduce costs. Slash costs in every area. Determine what costs you have compared to your competition and then get to work, slashing the unnecessary costs and reducing the costs you need to a manageable level.

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