Surviving the Current Financial Crisis
January 31, 2009 by Janet7
Current Financial Crisis
In the current climate of near certain worldwide financial meltdown there are many who will not survive. There are some who will not only survive but will benefit from the misfortune of others. However for the majority it is a question of surviving and getting through it. If your business is on a sound financial footing and you have money in the bank (Providing your bank is not one that has gone bust!) then this will be beneficial in the coming months. So we are back to good old cash flow and monitoring.
You may even be able to reduce employee salaries for a period of time, rather than redundancies, with a promise of bonuses when things recover. This is what JCB in Britain have done recently.
Tighten your Belt – No need for fancy spending
Cut out unnecessary spending, no perks on the business such as lunches to woo customers. They don’t need it and they will appreciate you being prudent if it means you stay in business and continue as their valued suppliers.
Managing directors show the way by paying yourself less and tighten your own belt. There is nothing worse than asking other people to manage on less when you don’t yourself.
Avoid buying anything unless you absolutely need it. It’s amazing how you can manage without for a period of time using up existing stocks and making sure that waste is reduced to a minimum.
Look for bargains in purchasing.
When you do have to procure goods to run the business, make sure you look out for bargains or negotiate for a better deal than you may have achieved previously. When times are tough, sales with no profits are better than nothing and there are some good deals to be had. One company I recently heard about sold a house for half the price when a customer came along with a cash offer.
Do your customers have financial stability?
Find out the financial stability of your best customers. When the income of a customer falls then their ability to purchase goods and services is affected. If they are able to pay, then you will be able to pay your suppliers. One of our customers in website development had a very large customer go into liquidation owing about £10,000. This was a lot of money to lose, but he survived because his business was very healthy with good cash flow.
Try not to borrow money
When the world is in a financial crisis it is better not to borrow money if you can help it. If you have already borrowed significant sums of money then make sure you talk to your bank and get the best deal on repayments you can. If it’s possible to repay a chunk of money do so to reduce the interest you are paying out. To me interest is money Down the drain and this is not good money management. Having said all that, the interest rate in America is just over 1% and recently rates have been radically reduced in the UK. But that in itself is what caused this whole financial mess in the first place. People borrow money cheaply then re-lend it at a higher rate of interest and take the difference in profit. Once the interest rate rises to a more normal level they will bail out and take their billions off to buy an island somewhere while everyone else pays the price.
Stay in a positive frame
By this I do not mean be in denial and pretend the world is not going through a tough time. But if you are continually thinking and worrying about the negative aspects of the financial situation, then you are likely to make it come true. Don’t forget you get what you wish for and by concentrating on something then it will work like a wish, so why not concentrate on ways of getting new customers, giving better value to your existing customers and how your company could offer new products or services to your existing customer base?
You only have to survive
The world financial climate at the moment, I realise, is much more complicated than is indicated above. But the simple ways of dealing with crisis can often be the best option. Cut everything down to the bone and think about the days when people did not have such complicated lives. They managed their businesses without a website development company or a water cooler. In the past there was no such thing as glass recycling and look what the Victorians did with the limited resources they had at their disposal.
Conclusion
Now I am not suggesting that we should go back to the good old days. What I am saying is that we might think we can’t manage without all our latest gadgets but the reality is that we can do more with a great deal less, as long as we put ourselves into the right frame of mind and think positively about what we can achieve rather than what we haven’t got. Good luck for a healthy future.
credit unions are the best in my opinion. i love the one that i am with
D. Curbing emigration by skilled workers.
TANFL
There Ain't No Free Lunch.
I doubt very much that it is United Kingdom people e-mailing you – much more likely to be someone from another country trying to scam you, but if you do find a way to block ALL spam from your computer we would all like to know how you did it.
….
Depends on your definition of 'road'.
If you mean a public road open to all traffic then as above it is Chimney Bank
If you mean any surfaced public road then probably the one in Harlech.
If you include any public highway or byway, including those which are legally usable by vehicles but in fact have not been used for years, then there are probably several very steep ones around which have never been acurately surveyed.
Olympic Hotel Victoria London #deals #hotels #travel deals #London #UK
The British needed more control over the Americans – the same with keeping control over all their other colonies. The Americans wanted independence from the monarchy – who wouldn't. Remember the Declaration of Independence was in 1776. Remember that the first pilgrims escaped the monarch rules and fled to the Americas to escape the harsh living situations.
Many (most likely all) former colonies of the British Empire wanted to be free of British rule ever since they became colonies – eg. Indian sub-continent. The British (and other colonial powers) did mess up a lot of things in there former colonies during and when they left their colonies.
Senior Software Engineer – Oxfordshire United Kingdom…
“Distance between Bethel, Alaska, United States and Greenwich Obs, England, United Kingdom, as the crow [or turkey] flies:
4632 miles (7454 km) (4025 nautical miles)”
Bethel, Alaska, US
Area: Bethel Census Area
Location: 60:46:06N 161:46:20W
Population (1990): 4674
Greenwich Obs, England, United Kingdom
Location: 51:28:00N 0:00:00E
http://www.indo.com/cgi-bin/dist?place1=bethel%2C+ak&place2=Greenwich+UK
New images from a few different shoots uploaded. Don't forget to "like" them if you like them…
#photography #fb
Marketing Manager – London United Kingdom…
Re: “Dion’s move completely legitimate”
Dion expressed allegiance to Elizabeth the Second.
Elizabeth the Second is not Queen of the United Kingdom of Great Britain and Ireland, contrary to the requirement in this Fifth Schedule, which states:
“Oath of Allegiance
I A.B. do swear, That I will be faithful and bear true Allegiance to Her Majesty Queen Victoria.
Note. The Name of the King or Queen of the United Kingdom of Great Britain and Ireland for the Time being is to be substituted from Time to Time, with proper Terms of Reference thereto.”.
The provinces of Canada, Nova Scotia and New Brunswick expressed their desire to be federally united into one Dominion under the Crown of the “United Kingdom of Great Britain and Ireland”, not the Crown of the “United Kingdom of Great Britain and Northern Ireland”, according to the British North America Act, 1867.
jobs_in_media: Field Sales Account Executive (Home ba – Manchester United Kingdom- jobs_…
Senior Personal Tax Manager – Hampshire United Kingdom…
Rene, not Monte Carlo, but Monaco
Topic: Rubbish Wasting in England Thesis statement: United Kingdom household produces about one million tonne of rubbish annually and amounts about 27 million tonnes for the United Kingdom in a year. Assertions: -Choose rubbish that is useful for recycling that can be produced to human needs. -The government should make a program for helping separated process of rubbish which can be recycled or not. -The government should make people realized about this problem and give a solution with this program. Thank you, sir..^o^
It'd be tough:
246. The requirements to be met by a person seeking leave to enter the United Kingdom to exercise access rights to a child resident in the United Kingdom are that:
(i) the applicant is the parent of a child who is resident in the United Kingdom; and
(ii) the parent or carer with whom the child permanently resides is resident in the United Kingdom; and
(iii) the applicant produces evidence that he has access rights to the child in the form of:
(a) a Residence Order or a Contact Order granted by a Court in the United Kingdom; or
(b) a certificate issued by a district judge confirming the applicant's intention to maintain contact with the child; and
(iv) the applicant intends to take an active role in the child's upbringing; and
(v) the child is under the age of 18; and
(vi) there will be adequate accommodation for the applicant and any dependants without recourse to public funds in accommodation which the applicant owns or occupies exclusively; and
(vii) the applicant will be able to maintain himself and any dependants adequately without recourse to public funds; and
Because you'd need to show accommodation and a contact order, as well as the usual.
#Job #Employment #UK Director/ Partner Shared Services: Selecture Limited – United Kingdom – Exceptional opportu…
Google Alert – "UK Hotel" -
Clinton: More NATO nations must join Libya mission -
Part Time HR Advisor – Edinburgh United Kingdom #job
Cardiff – Salary: £30000 – £35000 per annum + Generous Benefits | Location: United Kingdom,South Wales Salary: £27000.00 – £35000.00 per annum + excellent benefits | Location: United Kingdom,Caerphilly Systems Administrator My exclusive client is a start up, web based financial company with ambitious growth plans. Based in Llantrisant, they currently have an exciting opportunity for a Systems Administrator
Research and Markets: United Kingdom Orthopedic Devices Mark… -
Day 5 — Coniston, United Kingdom -
Finance Administrator – London – United Kingdom- £23000 #job
RT Financial Management Executive Advisor – Corporates – London – United Kingdom #job
UK-Sunderland: ironmongery #tenders from #United Kingdom – deadline : 14 Feb 2012
The End – Its all over now — Bedford, United Kingdom -
Vacancy for Specialist Registrar in Anaesthetics Not Specified £48 per hour: Specialist Registrar in Ana…
>Gareth
>>Every time we see “England” substituted for the united Kingdom it
>>grates and is within the philosophy of these 2 old imperialists.
United Kingdom? What United Kingdom?
What really grates, is that the unproductive fringes of the Kingdom get a parliament, while the wealth generating core has none. That, is hardly United. If certain politicians like to harp on about separatism, then expect the championing of Merry England and St George.
.]]>
Territory Manager – Animal Health – Jobs in United Kingdom – UK- London
RT #Occupy in London “repossessed” a bank building, turning it into the Bank of Ideas:
Senior Project Manager – West Midlands – United Kingdom #job