Recession Survival Guide
While we’re aware that the recession is officially over, its aftermath is still making the current trading environment somewhat challenging. We know that it is been especially tough on recently formed companies and small businesses – so we want to help.
Over the past four months our business banking partner Barclays has surveyed over 5,000 companies in their 'Have Your Say' survey, to find out what’s going on from those on the front line of the recession – small business owners. The findings of the report were interesting if not exactly surprising; most felt that having limited or no access to finance was the main challenge most companies are currently facing.
So, encouraged by Barclay’s efforts, we thought that we would provide our customers with a guide on how to tackle what we think are the main challenges currently facing small businesses.
Why not take a look and let us know if we’ve missed anything or if there is a topic you would like advice on to ensure your company is well placed to grow as the economy continues on its road to recovery;
How Healthy is Your Company?
You have to know where you are to figure out where you’re going and how you are going to get there. In this section we look at the importance of regularly reviewing your company’s performance not only to help you find aspects of your business which could be improved, but also to help you identify areas of potential growth
Become more Cost Effective and Improve Efficiency
A recent report conducted by T-Mobile revealed that 31 per cent of small business owners in the UK avoid negotiating with their suppliers. However, ensuring your business is getting the best possible deal is crucial to staying competitive in an economic downturn. We look at how your company can reduce costs and become more cost effective.
Manage your Cash Flow
Managing the flow of money leaving and entering your company effectively is crucial to ensuring your company remains buoyant during tough economic times. We give you our tips on maintaining a healthy cashflow.
Reduce the Risks your Company Faces
The fact is, all businesses face a certain amount of risk; the key to managing a successful company is recognising and reducing the number of factors which pose a serious threat to your company’s commercial future.
Get a Survival Strategy
When market conditions are tough it more important than ever to re-visit your initial business plan. Re-asses your business objectives and goal, plan for every eventuality and set out a clear plan on how your business will deal with situations as and when they come up.
