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How to survive the credit crunch |
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The best way of business surviving the credit crunch is by going back to BASICS. The viability of your business is determined by Sales volume, profit margin and operating costs.
The first thing to do is to look at possible issues that might affect viability such as:
- Is your business model what you want it to be? Is it time for change?
- When did you last revisit and or revise your business plan?
- Is your sales volume going up or down?
- How are your customers doing?
- Is your product range right?
- Have you revised your marketing strategy?
- How vulnerable is your business? Are all your
- eggs in one basket?
- Are you buying smart? Do you negotiate? Do you feel confident about doing so?
- Are you pushing the higher margin items?
- Are your operating costs fixed overheads?
- Are you getting the best deals?
- Is your stock level/mix right?
- Staffing (could you sack your best friend?)
Answering these questions truthfully provides you with the right solutions to helping your business weather the storm of a recession, setting you and your business on the right path to survival.
Remember, you are not alone and that there is help out there. Brent has a number of business support agencies that can help answer your questions and provide
business support and advice. They are:
ABi, 020 8438 4550; Brent Business Venture: 020 3110 2380; Business Link London ,
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, 0845 6000 787; Harrow in Business, 020 8427 6188; British Library - Business & IT Centre, 020 7412 7457.
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