|
Finance
Mortgages, pensions, loans, shares, savings |
|
|
|
|
|
|
Third of firms not ready for recession
It is estimated that at least a third of businesses in the Thames Valley area would be unprepared if recession struck.
With a downturn predicted this year by financial experts fears are growing that many companies simply don’t have plans in place to cope with it.
According to a survey carried out by accounting company Tenon, almost thirty-one per cent of small to medium businesses have not prepared for a recession.
Tenon Managing Director, Sandy Kerr stated: “Many of today’s owner managers will not have experienced such a pronounced economic downturn before, so it’s extremely important that they put robust plans in place now in the event of challenging times ahead.”
Tenon’s tips on how to stay ahead of a recession:
1. However positive things are, have a plan B in case the business is hit by something unexpected.
2. Act; don’t wait for the worst to happen before putting plans in place.
3. Make sure financial records are up to date.
4. Have the best possible relationship with the bank – it’s essential they are kept fully aware of the business’s financial situation.
5. Rehearse the most difficult conversations that may need to be had with suppliers, clients, customers and employees, should the worst happen.
6. Recognise which members of staff are indispensable.
7. Price properly – don’t over-react to market conditions and give profits away.
| DOWNLOAD | | [ Third of firms not ready for recession ] |
|
|
