How to Beat the Recession

1. Do whatever it takes to retain every customer…ensure you provide a good service and throw in a few extras.

2. Offer incentives to staff for new business and encourage them, and existing customers, to gain prospects for you.

3. Keep cash flow moving by staying in control of your customer balances. Make certain you have agreed terms and conditions, take care with the timing of your invoicing , ensure all your documentation is clear and concise and keep communicating with debtors.

4. Always try and secure funding before you need it. Cash flow problems weaken any negotiation position.

5. Keep a strong but focused marketing campaign going. Concentrate on results orientated campaigns and remember networking costs only time.

6. Take a long look at expenses and cut out unnecessary overheads. For example look at how much IT support and maintenance is costing you.

7. Use the current business environment as an excuse to shake down and streamline your existing procedures

8. Remove dead wood from your payroll and let any employee go who is not up to the task. Look to achieve a leaner but fitter staff for your business.

9. Considered and careful tax planning can often result in paying HM Customs and Revenue a lower amount of tax.

10. Keep moral up and don’t get brainwashed by bad news on TV and radio. Don’t listen to negative people.

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