https://www.mystartup.ie/wp-content/uploads/2018/02/iStock_000019519538_Double.jpg 986 1500 granitewordpress https://www.mystartup.ie/wp-content/uploads/2018/01/logo.png granitewordpress2018-02-26 15:38:232018-03-20 10:01:15Top 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.