How are you finding the economic downturn? Is your business booming as you pick up new clients love the flexibility that a VA can offer as they are less inclined to hire staff at this uncertain time? Or are you finding that clients are cutting back on their hours with you and taking longer to pay? Entrepreneur and former Dragon Doug Richard shares his Tips For Survival In An Economic Downturn.
1. CASH IS KING
Manage cash – if you’re out of cash and out of credit, you’re out of business. You need a good 13 week cash forecast, generated NOT from the income statement but from a detailed understanding of receipts and disbursements. Monitor trends in your cash flow to keep on top of any sticky situations.