TOP TIPS for small businesses in the current economic climate.
- Be positive but always have a plan B.
- Act now don't wait.
- Cash is king - develop the best cash management approach, its simple and it can be the most important thing in your business.
- Know where you are, have you got up to date financial information to act on?
- Have the best bank relationship - it needs to know as much about your finances as you do.
- Take a new approach to tax - what can you do to improve your tax cashflow or ease payments.
- Even if demand is slow, you can always be in control of your costs; know which of your costs are variable and can be acted on and how.
- Rehearse the most difficult conversations you could have with your suppliers, clients, customers, employees and financiers.
- Check your employment terms and recognise who are the key members of the team.
- Price properly - don't overreact, understand whether demand is price sensitive and don't give profits away.
If you would like the discuss any of the issues raised contact Alsitair (alistair@haywardwright.co.uk). At Hayward Wright we understand that it is a time to be cautious but we believe there are opportunities a plenty.
