Top Tips on How to Manage a Downturn

The following list shows questions which might aid you to survive and thrive in the current recession.

 

 

1. Have you identified the key risks facing your business?

 

1. Do you have sufficient bank facilities or other funding sources in place to meet your cash needs?

 

1. Are you actively managing your cash?

 

1. Do you have adequate management information about recent trading and likely future performance to manage the business effectively?

 

1. Are you sharing it with key stakeholders such as bankers/ funders?

 

1. Are you using the full range of expertise and advice available to the company?

 

1. Does your business model still work in the current economic circumstances?

 

1. Can you react swiftly and appropriately when events do not go according to plan?

 

1. Are current trading conditions impacting on your ability to comply with your company’s policies for ethics and business conduct?

 

1. What would you do if your business were to get into serious financial difficulties?

 

 

The results of these questions may identify the issues that you may not be aware of. Tackle any issues you face in your company head on and seek professional advice at your earliest opportunity.