As advanced in a previous article, now is the time to look
at the position of your business and to take financial decisions to protect it since we are living in uncertain
times. For instance, you must cut costs and plan for every outcome. This post
will explore more strategies.
Debts
As uncertainty grows, there will be more inquiries on debt settlement. Thus, to avoid getting into trouble, you must identify your current cash position, run through the numbers and create a payment plan. However, be very careful to maintain a cash flow balance. Do not pay out more cash than what comes in and only settle your debts once you get paid. While it may seem plausible to clear all your debts at once, this might not be the best decision. So, do not hesitate to ask for an extension.
As uncertainty grows, there will be more inquiries on debt settlement. Thus, to avoid getting into trouble, you must identify your current cash position, run through the numbers and create a payment plan. However, be very careful to maintain a cash flow balance. Do not pay out more cash than what comes in and only settle your debts once you get paid. While it may seem plausible to clear all your debts at once, this might not be the best decision. So, do not hesitate to ask for an extension.
New source of revenue
This change might not necessarily be a bad thing. In fact, it might open doors to new opportunities. For instance, you must ask yourself “How can my products and services adapt to this new lifestyle” and design more offerings accordingly. This is how a lot of companies are able to survive within this evolving economy and it will help you grow in an unfamiliar market.
This change might not necessarily be a bad thing. In fact, it might open doors to new opportunities. For instance, you must ask yourself “How can my products and services adapt to this new lifestyle” and design more offerings accordingly. This is how a lot of companies are able to survive within this evolving economy and it will help you grow in an unfamiliar market.
Identify
a new source of revenue
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