Keeping the Cash Flowing in a Down Economy
1. Get your mind focused on what you can control, and the opportunities that exist. Look for positive influences and people who take this climate as a welcome challenge.
2. Trim the fat. It’s easy for expenses to creep in over time; now is the time to examine each one. Re-negotiate payment terms if possible. Each employee must make a tangible contribution to profit, with numbers you can measure.
3. Stay liquid. If you know your business will cyclically have a negative cash flow, line up financing now - before you need it.
4. Your current clients are worth pure gold. Go the extra mile to retain them.
5. Go where the recession is not. Many industries do just fine in a recession, and the folks who are employed there make good target clients