Here are eight tips for minimizing the effect of a recession on a small business…
By Gloria Birnkrant
Partner, NSBN
1. Clean up your act now, before you start feeling the pinch. Be sure you are getting current and good financial information on how your business is doing. Waiting till the end of the year to see how you did will not do it. You need to know, as up to date as possible, how you are doing, month by month.
2. Take a look at your expenses and see where you may be able to cut costs, without cutting service to clients/customers. Clients/customers are hard to get and if lost, almost impossible to get back.
3. Secure your credit now. Credit is already very tight and will probably get tighter.
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