What To Do In An Uncertain World
A local insolvency practitioner recently told me ‘the next 18 months are looking good for us.’
To make sure you will not be one of their clients there are a number of simple things you can do. Review your processes and procedures to make sure your business runs smoothly with customer service as its focus.
Cash is king so look at your credit control and also terms of doing business with suppliers. Don’t forget your relationship with your bank particularly if you have an overdraft – can this be transferred to a longer-term loan.
But it is not all doom and gloom for the brave. Customers will still buy goods and services, so you have to make sure they understand what you offer by having a coherent marketing strategy. Once you have a customer make sure they stay with you by going the extra mile to please them.
Continued low interest rates have allowed many zombie businesses to continue trading when they should have been put out of their misery years ago. The next year, or two, could give you an opportunity to buy a business, for a knockdown price, just for its customer base. A number of business sales are going through for little or no money up front – right now!