7. Watch your fixed costs.
The hardest thing in a recession is to manage your unavoidable fixed costs. The longer you're tied in, the less flexibility you have. Look at where you can improve flexibility in your expenditure.
8. Watch out for fraud.
With rising fuel and living costs the temptation for staff to take a little extra increases. It certainly won't be everyone but internal fraud is still one of the most common factors impacting business. You need to have strong controls and robust procedures to prevent losses.
9. Broaden your customer base.
With the potential for companies to go under or reduce their spending, reliance on one or two large customers could be fatal for you if Kids' Nike Shox, of them fails or cuts back their purchases.
10. Look at your financing.
As the market contracts, you need to be careful about breaching your banking covenants or finding that the facilities you were relying upon are no longer there. You cannot wait until you need the money to arrange new facilities and you must make sure that you have a Plan B in the event that your current lines of credit are squeezed.
It's not the first time things have been rough in the economy and it won't be the last. There are many companies that thrive and survive in these kinds of markets whilst others go to the wall, so just make sure you're in the right crowd by following these tips.
Article Tags: Credit Crunch, Make Sure
No Workers Comp? Go to Jail! Go Directly to Jail! - Part 2
In the first installment of this series I talked about the legal obligation employers have to carry workers compensation insurance on their employees. I explored the severe consequences meted out on those employers that don't. Namely, employers who willfully choose not to carry workers comp on their employees are subject to Nike Shox Rival, both criminal and civil penalties. The employer also loses its immunity from employee initiated lawsuits. All in all, the downside of non-compliance is generally unpleasant enough to get most organizations to comply.
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