| You are tired, your business is not doing so well | | | | Debtors |
| and you are close to throwing in the towel but | | | | Now is the time to chase your debtors with a |
| there are a few things you can do first. | | | | vengeance - after all it is your money! If they can |
| Your Market, Products and Prices | | | | only offer some money then take that and work |
| In a recession people's buying habits change. They | | | | out arrangements for the rest to be paid - soon. |
| start to look for cheaper deals, they cut back on | | | | Consider bartering in exchange for the debt. If |
| luxuries and are constantly looking for bargains. It | | | | they can offer a service that will save you |
| is very probable that the market you were | | | | money - then seems a good idea. |
| serving last week has completely changed. Take | | | | Manufacturers or Suppliers and Stock |
| out your Business Plan and Marketing Strategy | | | | Now is the time to review your manufacturing or |
| and completely review both your market and | | | | supplier's agreements. You are probably ordering |
| your products, including your prices and decide | | | | smaller runs so can you step your manufacturing |
| where your new recessionary market is and how | | | | down a notch? Can you consolidate your supplies |
| you will be servicing it with your new products | | | | or suppliers? Make sure that you keep your |
| and particularly new prices. Think about offering a | | | | orders up to a level that does not kick in a price |
| "budget line" or grouping your products into a | | | | increase. Now is the time to review your stock |
| bargain. Follow the big companies like the | | | | levels and clear out as much as possible at a |
| supermarkets who are offering "week end | | | | profit. |
| specials" which are a meal sold at a discount. | | | | Staffing |
| Banking and Financing Costs | | | | Sadly, you will also have to review your staffing |
| In these times of banking problems and | | | | costs, can you cut them back in any way? Get |
| plummeting interest rates check around | | | | your staff to take their holidays/vacations now or |
| DISCRETELY to see if you can find cheaper | | | | close early or for one day. Be inventive and try |
| financing. I say discretely so that you don't upset | | | | and keep your skilled staff - you will need them |
| the financing that you do have! | | | | when matters pick up again - as they will. |