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Strategies For An Economic Downturn

Challenging economic times and market uncertainties can be especially daunting to small businesses. But the reality is that there are a number of steps business owners can take to thrive and survive. Managing cash flow, cutting costs, and refocusing marketing are key areas to address.

Solve any immediate cash crisis

Collect accounts receivable

Set firm credit policies

Contact creditors

Adjust prices and reduce costs

Manage inventory

Require accurate and timely accounting

Establish checks and balances

Focus on marketing

Pay attention to your retail image

Set critical business policies

Be an effective business owner

Times of change can also be times of opportunity but careful and thoughtful research and action is critical. Contact your local SBDC for more information and assistance. To find your local SBDC go to http://www.virginiasbdc.org and click Virginia SBDC Offices.