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.