| If you are worried about the future of the | | | | slow you have more time on your hands to look |
| economy and want to consider a recession-proof | | | | at ways of cutting costs. Cut down on wastage |
| type of business you should seriously examine the | | | | and examine all your outgoings to remove or |
| following: | | | | reduce all unnecessary expenses. |
| Healthcare Business - People face more stress in | | | | Speak to Your Lenders - this is the right time to |
| a recession. We all know that stress can make | | | | keep communication lines open with the banks. |
| you ill... right? | | | | The credit crunch is hitting them hard so it might |
| Undertakers Business - this business actually does | | | | also be a good idea to open talks with another |
| pretty well in a recession. Getting sacked, going | | | | lender just in case your bank pulls the plug. |
| bankrupt and struggling in business all lead to | | | | Examine your Loans - in a recession interest rates |
| stress. Stress is a major killer... | | | | tend to fall as the government tries harder to |
| Debt Collection - pretty self explanatory as when | | | | stimulate the economy. This is the ideal time to |
| the economy is suffering more people are likely | | | | collate all your loans and possibly switch to longer |
| to get into debt and therefore there will be a | | | | payment terms and / or fixed rate loans. |
| greater demand for your services. | | | | Negotiate Harder with your Suppliers - ask for |
| Car Repairs - in a recession, sales of new cars fall | | | | longer payment terms and demand quicker |
| as people tend to keep their cars for longer. Older | | | | delivery times so that you do not need to have |
| vehicles in the market need more maintenance to | | | | so much money tied up in stock. |
| keep them on the road. | | | | Improve your Credit Control - cash flow is king in |
| Make your business more recession proof | | | | a recession so meet all your customers especially |
| If you are already in business then there are | | | | the ones that tend to pay late. Send regular |
| some simple strategies you can use to make | | | | reminders and statements followed by a phone |
| your business more recession-proof: | | | | call the minute an invoice is overdue. |
| Cash is King - liquidate some assets and get rid of | | | | Insure your Debt - in a recession more of your |
| dead of stock. Start keeping some money aside | | | | customers are likely to fail. |
| in case the economy does indeed get worse. | | | | Increase your Marketing - you heard me right - |
| Invest in defensive stocks that have been known | | | | this is the worst time to reduce your marketing |
| to hold their value in a recession. | | | | budget! The aim is to keep and hopefully increase |
| Good Records - keep your business records up to | | | | your market share and the best time to do this is |
| date so that you always now how you are faring. | | | | in a recession. |
| The more robust your records are the easier it | | | | The best way to survive a recession is through |
| will be to move faster in the case of a slump. | | | | better record keeping, more planning and reacting |
| Batten Down the Hatches - When business is | | | | faster to bad news. |