Recession Busting Tips No5 - Financial Status

Always be fully aware of the current financial status of your business and how the next few weeks will impact on it, know the current outgoings and expected income.

Always communicate with your business bank manager. Try to keep in regular contact (this will vary depending on your business and its requirements), keep them informed of your circumstances and if you think you may have difficulties get their help, sooner rather than later.

Always keep to your commitments and do exactly what you say you will do, the bank will look more favourable on you and your situation.

Whatever you do “DO NOT BURY YOUR HEAD IN THE SAND!” This can be fatal.

Recession Busting Tips No4 - Negotiating With Suppliers

Don’t shy away from asking for a better cost price from your suppliers, even if you have been working with them for many years, don’t just assume, you already get the best deal you can, because you may not!

To strengthen your bargaining power try to establish your competitors selling and cost prices if possible, if you cannot get costs at least get the sales price, it will allow you to make some judgements about margin etc ready for your negotiations with your supplier.

Use all your market information to its maximum potential to assist you in reducing your buying price. If you cannot manage to get price reductions across the board on all your products, at least target your most popular selling items and get a reduction on those.

Recession Busting Tips No2 - Show Me The Money

Your customers are vital to your business, without them you have no business, but so is the money.

Money is critical to your survival, and a steady flow at that, so it is absolutely vital that you get your invoices out on time and that you get paid for the work /products you have supplied.

Good cash flow is critical to your continued survival in this difficult climate and is what will set you apart from the rest.

Very few of us like to chase our customers for payment, but a little time spent now will reap the rewards in the New Year.