|
Helping Your Business Survive the Credit Crunch – Information Provided by the Ulster Bank
Reviewing Costs
This is an essential process, especially during difficult economic conditions. Here are some areas to consider.
- Plan your finances and prepare projections
- Monitor Cash Flow forecasts
- Examine your marketing budget
- Examine your Order Book
- Get to know your customers
- Evaluate all projected investments or capital expenditure
- Examine stock values
- Examine your staffing requirements
- Examine your drawings and spending
Cash Flow Management
The old adage of “cash is king” has never been truer. In this current climate the sound management of cash flow could mean the difference between survival and failure.
There are a number of steps to consider.
- Implement an effective credit management system
- Make your credit terms clear to customers and staff
- Incentivise your debtors with discounts
- Maximise your use of supplier credit
- Speed up your time to market
- Shift old stock
- Consider Invoice Finance
Retaining Customers and Checking New Ones
Maintaining customer loyalty and assessing potential new customers could make or break your business.
- Focus on retaining customers
- Provide outstanding customer service.
- Credit check new customers
|
