How to Survive an Economic Crisis When the Stock Market Collaps
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soldier是什么意思doujinshiA stock market collap that results in an economic crisis affects business large and small. While the situation may em overwhelming at first, a small business that’s nimble and flexible can survive the downturn and perhaps even emerge in a stronger position. One critical strategy is to avoid paralysis and take the initiative, whether it’s looking for ways to save money or figuring out what new markets are emerging from the ashes and adjusting your offerings accordingly.
Costs and Capital
An economic crisis requires a small business to watch every penny even more than usual. Look at ways to cut overhead and discontinue product lines that aren’t lling. This doesn’t mean, however, that you should just fire your staff and take on every duty yourlf. While that might be necessary in the long run, it’s likely not best for the short term. In addition, take a look at your financial resources. Examine your credit situation and make sure you’re managing it appropriately. Know how much of your own equity you can push into the business if necessary. Finally, examine the bank where your business accounts reside. If the bank looks like it’s in danger of going under and the amount at risk exceeds the FDIC threshold, it’s time to move your money elwher e.
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Focus on the Positives
Even in a stock market collap, some industries and markets thrive. If you’re a supplier to construction companies who remodel homes, for example, that line of work may be negatively affected by the stock market crisis, but the need to fix things that are broken does not go away. Targeting the do-it-yourlf customer can meet the same need in a tougher climate. Look at what’s still lling for your business and be flexible enough to shift more resources in that direction.
精卫填海翻译Take Action
A natural reaction to tough times is to sit on your hands and wait for things to get better, but that’s unlikely to be the best cour of action for your small business. Don’t focus on what you’re not going to do -- avoid a mindt of simply not hiring, not investing and not expanding your business. Instead, consider how you can expand or alter your business to diversify your client ba and ensure that one major client won’t take your business with it if it goes under. Consider focusing more on exports if the economy is better elwhere.flexible
deemBe Open
In an economic crisis, everyone is understandably worried about the future of the business they invest in or patronize. Let your investors, employees, customers and suppliers know about your game plan. Even if you don’t have all the answers, being open about your strengths and general strategies inspires confidence. This can be particularly important if you need to rai prices at a time customers are looking to cut costs. If the crisis results in a ri in fue l costs and you have to pass tho costs on to the customer, be transparent about what you’re doing and why.primaryschool
Consider Being Aggressive
Economic cris don’t last forever, and you can be in position to emerge from the ashes triumphant if your focus can move beyond simple survival. If you ll products with a long shelf life, stocking up on inventory from an
out-of-business supplier may be a move that pays off in the long term. Acquiring competitors or their resources can leave you in a strong position in a recovery. Getting funding for this can be an issue, however, as lending to small business generally declines in an economic crisis.the departed
