The important decisions you make in an economic slowdown are critical for both the company and your employees.
Cashflow is the life blood of almost any business. Managing your cash whether it’s through a more aggressive accounts receivable effort, a negotiated payment schedule with vendors in your accounts payable, keeping employee costs in line with wage freezes and little hiring. It all matters right now as your primary goal should be to generate strong cash flow in the business.
As you review your business strategy, business model and revenue projections, do not hesitate to make small decisions that can benefit you greatly. If you wait and assume things will get better, you might not be prepared or able to withstand a recession. Look at your business model and shift people and resources to areas that will produce or protect revenue.
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