The year 2008 will be remembered as when the economic storm hit the world, much like the Great Depression did decades ago. Experts say that the US recession may last for atleast 2-3 years. This has already started to affect the other major world economies which result in businesses of all sizes to become jittery about their prospects. While we are still at it, it is wise for businesses to be cautious, resourceful and innovative. So how does one meet the challenge of the hard time?
1. Lower your expenses.
Scan your expenses and examine what items you can possibly cut down and prepare a budget for the the year that incorporates only the overhead costs that you find essential.
2. Build up your cash reserves.
Cash is essential especially in times of crisis. Review your sources of cash. As much as possible, try to sell your products on cash basis.
3. Always be on the lookout for opportunities.
In every crisis, there is a new opportunity. Changes call for new demands that have yet met. This is the best time to be innovative and creative in surviving this financial crisis.