Tips to Use Economic Downturn to Your Advantage

When it comes to business and economy, bad news is pouring like rain; go to any news website or social bookmarking website and you will find scores of links telling you what a mess we’re in. Businesses are crumbling, banks are failing, real estate is dissolving, and a new study has revealed that 80% Americans are stressed due to the prevalent economic conditions.

MARSHALL LOEB'S DAILY MONEY TIP

Know yourself.
Know your customer.
Know your strategy.
Know what you don't know.
Know how to lead.
via marketwatch

7 tips to Use Economic Downturn to Your Advantage

Connect With Your Loved Ones
Connect With Yourself
Rethink Your Priorities
Consider Alternative Careers
Expand Your Market
Do Something Socially or Religiously Relevant
Develop a Habit of Saving

via pickthebrain

Successfully Navigate Your Business through an Economic Downturn

The actual financial health of your particular business, at the outset of the economic downturn, will dictate the priority and urgency of the implementation of the following best practice activities.

1. Diligently monitor your cash flow

2. Carefully convert your inventories

3. Timely collection of your accounts receivable

4. Re-focus your attention on your existing clients/customers

5. Re-negotiate with your suppliers, lenders, and landlord:

6. Re-evaluate your staffing requirements

7. Shop for better insurances rates

8. Re-evaluate your advertising

9. Seek the help of outside advisors

10. Review your other expenses

via more-tips.blogspot