Manage episode 275058952 series 2810762
As a business owner trying to prepare for a long recession, you will be forced to make drastic moves to survive. Get and keep your company in survival mode with these management strategies for critical facets of your business, such as:
· Cash position (outflow/inflow)
· Debt position (debt control/debt planning)
· Accounting/Tax planning
ABC Tip: Don’t take cash to maintain business as usual: consider the options!
By encouraging alternative, yet effective, approaches to cope with a recession, together with Dr. Michael Troyer, Anna Steinfest shares real ideas on surviving the 2020 recession! Dissect debt position into debt control, debt leveraging, debt bridging and debt planning with the highly informative tips in our ABC Podcast: Lessons in Success, Episode 8: A Quick Action Guide for Coping with a Recession.
Strategic options to reflect on for handling long-term and at-risk-of-default customers might include loyalty considerations, partial payment, and risk assessment. Michael and Anna reveal why a recession contingency plan should be a key part of your small business playbook. Our ABC Podcast Tip of the Week: Prepare a Recession Plan!