With a ‘choppy’ economic recovery predicted by the governor of the Bank of England and the media talking up a double dip recession in response to the recent drop in house prices business owners would be forgiven for throwing their arms up in despair and ‘giving in’.
This morning Mervyn King lowered the Bank’s economic growth forecast and warned inflation will stay higher than previously predicted. He doesn’t seem too confident that the banks will help-out business either, with bank lending, or the lack of it, being a factor in limited economic growth.
In the face of this what can business owners do? Swim against the tide, ride out the storm? Most of us will just knuckle down and keep sailing on. But just getting on with things isn’t always enough. Reassessing the situation and charting a new direction can make a big difference when it comes to surviving in turbulent waters.
When times get tough taking considered action, developing a detailed plan and getting everyone working together can make a big difference.
With clients we use a
Planning Checklist to help them draw up an action plan designed to reduce debt, improve profits and get cash flowing. The checklist has 18 points for the business owner to consider. Including advice such as ‘Get rid of can’t pay / won’t pay customers’ and tips on establishing the Key Performance Indicators for a business the checklist is really useful for any business owner who finds the going difficult in the ‘choppy’ waters ahead.
A free copy of the
Tough Times Checklist can be downloaded
here.
We’d be interested in your views and tips on how to survive in ‘choppy’ waters, nautical or otherwise!