BAJAN SUN MAGAZINE
NOV 2014
How to Survive in Business During a
W
ading through the political rhetoric gets a bit
much at times, whether you are
comfortable with the prettied-up language of the
term 'economic downturn' or are happier to call a
recession a recession; the truth of the matter is that
it hurts businesses, especially the small ones.
Even if you are confident that your business can
weather the storm and endure, the simple facts are
that you will probably not prosper during; it will at the
very least slow things right down, if not bring them to
a
grinding
halt.
So how best to ensure that you can survive? What
measures should be taken to make sure that you
are still around when things start to pick-up again?
Obviously spending money at a time when you may
need every scrap of profit, just to subsist, is a no-no.
Reducing costs and increasing sales are the only
two things that any business should be thinking
about when the financial climate is dire, so the first
step to take in your recession survival plan is to put
a hold on all developmental plans; you may want to
be the next Mr. Branson, but expanding when there
is no guarantee of turnover let alone profit is a bad
idea. Although in a recession you will have your pick
of staff, with unemployment soaring, taking on new
employees will simply have to wait, as will
absolutely
all
non-essential
expenditure.
Now is the time when every thrifty idea you have
ever had should be re-examined; look