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Can you thrive in a recession

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Can you thrive in a recession

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									        How to stay on top during periods of adversity
                             Eric Parker’s 10-point guide

1.    Consolidate your debt and negotiate extended payment terms before you fall in
      arrears.

2.    Maximise stock levels. Remember: too much stock ties up capital, too little
      stock leads to inefficiencies and lost sales.

3.    Negotiate improved terms with your suppliers. Remember: they need your
      business!

4.    Improve your debtors book. Offer incentives for prompt payment and give risky
      deals a miss.

5.    Cut back on unnecessary expenses. The time to enjoy life’s little luxuries will
      come again but it sure isn’t now!

6.    This does not mean cutting back on marketing – just make sure that everything
      you do is effective!

7.    Keep on training and motivating your staff. This will ensure, firstly, that your
      customers receive superior service. Secondly, it will help you to weather the
      storm.

8.    Revisit your pricing strategy. This does not necessarily mean cutting prices to
      the bone – it means that you need to target the right customers with the right
      product at the right price and bowl them over with service.

9.    This is not the time to be magnanimous – hit your competitors while they are
      down!

10.   Exploit the opportunities the downturn offers to the fullest extent. While the
      other guy blinks you can attract better franchisees, better staff and better sites.

								
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