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Entrepreneurs – Things To Avoid When Having Trading Problems
Written by:Article Overview: Your company is having problems, you need to cut down, but which cuts will cause your business more problems than they are worth? Here are a few ideas of cutbacks to give a miss.
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Entrepreneurs – Things To Avoid When Having Trading Problems
Your company is having problems, you need to cut down, but
which cuts will cause your business more problems than they are worth? Here are a few ideas of cutbacks to give a
miss.
·
Falling sales not matched by a cut in production
or selling costs. It is vital to keep
your margins however difficult that may be.
If need be cut down your product range spread.
·
Paying late.
This sets off alarm signals with your creditors and may cost more in
late and/or interest payments. It is
better to negotiate more favourable terms or spread/consolidate your orders to
cut down on your ordering costs.
·
Relying on a small number of suppliers or
purchasers. Now is the time to increase your
customer base and increase the number of suppliers available to you. Relying on just a few suppliers that may go
to the wall will
·
Keeping your difficult and expensive
customers. Customers who cost you a lot
in maintenance and fulfilment are often not worth keeping. If they pay late, take a lot of chasing and
only order small and spasmodically either need to be enhanced or tightly
managed.
·
Permanent overdraft. This costs money and does not encourage your
bank to lend more money when you really need it.
·
Firing the cleaner and maintenance guys. It is important that you keep up appearances
of a profitable company. Dirty, poorly
maintained surroundings and products don’t project this image.
·
Not paying your staff on time. Unhappy staff will not improve your profit
chances.
·
Not paying your taxes. This includes “cash deals”. Upsetting the tax collector is the quickest
way to lose your company.
·
Neglecting your PR. Allowing poor rumours or rumours of trouble
to circulate will have your creditors knocking on your door and your customers
heading for the hills! Keep up the positive
PR, release press releases and keep up your guerrilla marketing.
In the current recession, I wish you good luck!
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Article Tags: business problems, entrepreneur, recession trading, trading problems
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