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If you are a business owner, recession will come as a blow. So, as a business owner, how do you cope with recession, how do you manage to remain afloat during recession?
Yes you can still survive a recession as a business owner..the thing is that In a recession, cash flow is survival. Even profitable businesses can fail without enough cash to cover expenses. What one needs to do is to Monitor funds weekly, tighten accounts receivable with stricter payment terms, andRead more
Yes you can still survive a recession as a business owner..the thing is that In a recession, cash flow is survival. Even profitable businesses can fail without enough cash to cover expenses. What one needs to do is to Monitor funds weekly, tighten accounts receivable with stricter payment terms, and follow up on late invoices. One need to negotiate extended payment terms with suppliers to keep more cash on hand.
Other strategies for business survival during a recession include Cutting or reducing unnecessary costs.Protecting cash flow and also Nurturing an existing customer base.
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