How to Devise Your Company’s Survival Strategy
Whether you have recently formed your company or are the owner of an established business, when you are trading in an unstable economic environment, it is important you devise a survival strategy. Please see our key points on devising a survival strategy:
Perform a Company Health Check
- Recognise when a business critical client is having difficulties.
- Establish new ways to get more out of existing relationships and customers.
- Look into new and emerging markets and consumers.
Become more Cost Effective and Improve Efficiency
- Evaluate current costs and where possible minimise existing outgoings.
- Review existing suppliers
- Research alternative deals
- Assess existing finance and banking relationships
Manage your Cash Flow
- Keep up to date financial records
- Forecast and plan for inevitable peaks and troughs in your cash flow.
- Recognise and evaluate the time between invoicing and payment
Reduce the Risks your Company Faces
- Identify and assess the risks your company faces
- Develop a coherent risk management strategy
- Establish opportunities for growth alongside risk
Recognise Sources of Support for Your Company
- Develop your relationship with both your accountant and bank.
- Look for sources of business advice and support at a local level.
