Top Tips for Tough Times

Tips when trading through tough times

  • Review Budgets and set targets.
  • Get rid of ‘can’t pay or won’t pay’ customers.
  • If possible, bill work in progress, at various stages (like stage payments for builders).
  • Chase debts relentlessly (assign someone other than you).
  • Offer existing (quality) debtors some discounts.
  • Agree extended credit terms with suppliers, if possible.
  • Putting an existing contract out to tender can result in substantially reducing costs.
  • Review bank facilities and discuss future needs.
  • Make sure you put in extra effort to make sure relationships are solid with your best customers.
  • Review all business processes and change or stop if not working efficiently (simplify).
  • Eliminate any unprofitable services / products.
  • Outsource certain aspects of your business to save both time and money.
  • Take financial and legal advice.