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Top 10 tips to recession-proof your business |   |
UK entrepreneurs are concerned for the future of their businesses but few have plans in place to deal with potential risks as 2008 approaches.
As the credit crunch takes further hold, new research from entrepreneur think tank, the Tenon Forum, reveals that four in 10 (38%) small companies do not have any plans in place to address business risks.
The biggest threats to SME success, according to the survey, are competition (20%), time and money dealing with red tape (19%) and the inability to hire the right people (19%).
Difficulties generating new business and potential problems with securing finance are also likely to keep entrepreneurs awake at night, with 13% citing these as the biggest risk for their business in 2008.
Tenon’s Top 10 Tips on how to recession-proof business are:
- However positive things are, have a “Plan B” – in case the business is hit by something unexpected;
- Act, don’t wait for things to get bad before putting plans in place;
- Cash is king: have the best cash management approach - it’s simple and is the most important part of the business;
- Know where things are: make sure financial records are robust and up to date;
- Have the best possible relationship with the bank – it’s essential they are fully aware of the business’ financial situation;
- Take a new approach to tax – question what can be done to improve tax cash flow and ease payments and consult an adviser;
- Even if demand is slow, always be in control of costs: know which are variable, can be acted on and how;
- Rehearse the most difficult conversations that may need to be had with suppliers, clients, customers, employees and financiers should the worst happen;
- Check employment terms and recognise who are the essential members of the team;
- Price properly - don’t over-react to market conditions, understand whether demand is price-sensitive and don’t give profits away.
Further Resources
- Top tips to manage your cashflow during a recession
- How to survive a recession
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