Running a business is hard enough, but keeping your business afloat amidst the ongoing economic uncertainty is a huge challenge.
In this post I have written ten valuable business survival tips for you to implement to protect your business against potential pitfalls.
10-Step Business Survival Guide:
1. Don’t be reactive be proactive – recognise problems before they occur and act. Don’t wait.
2. However bullet proof you think your business model is, always have a Plan B.
3. Maintain a positive relationship with your bank and investors; they need to know as much about your financial situation as you do.
4. Keep all your records in tight order; you need to know exactly where you are at any given moment.
5. Cash is always King: maintain the best cash management approach possible, this might one day save your business from collapse.
6. Don’t take your stress and frustration out on employees, they are vital in carrying you through the storm. The last thing you want is your most valuable people jumping ship when the waves get choppy.
7. Price correctly: don’t over or under react to market conditions. Don’t throw profits away and understand whether demand is price sensitive.
8. Even when demand slows down you still have the ability to control your costs. Tighten down and loosen up accordingly.
9. If you need to free up some cash then think about a new tax strategy. What can you do to improve your tax cash flow or ease payments?
10. Assess your team in terms of productivity, skill set and loyalty. Recognise the most essential members. In the event you need to lose people quickly you will already know who you can’t afford to lose.
If you know a business owner who could benefit with these tips then feel free to share: