The global financial crisis is a threat that practically all forms and types of business are afraid of. After all, during this period it is so easy to lose everything. Therefore, it is necessary to think over in advance a strategy for taking the company out of the crisis with the least losses.
Instructions
Step 1
First, ditch any long-term projects, especially those that require significant investment. Freeze them for a while. Or give preference to any particularly important part of the project.
Step 2
Conduct express market monitoring. You need to understand what is popular at the moment, and what you can almost painlessly refuse. Try to follow the market. Expand your possibilities. So, for example, if your activity is related to education - you have your own private school - offer the population the services of tutors, sites for short-term stays, economy courses or classes. All this will help increase interest in your business, and you will additionally develop a new direction.
Step 3
Learn to save money. Cut all waste to a minimum. Calculate every need to spend money thoroughly. You need to understand where you can save. Perhaps you are being offered too high a price for a particular product or service. Or maybe your supplier is trying to increase its own profits by raising prices during a crisis. Conduct a financial analysis of your firm's activities with your accountant. This will help you understand where you can save some of your money.
Step 4
Sometimes you have to go to very unpopular measures. For example, staff cuts or salary cuts. If you have to do this, try to reform gently. So, for example, you can gather employees, explain the situation to them and offer to reduce wages. Many have to agree. After all, it is better to receive a little cut money than to be left without a job at all. Finding a new one in a crisis will not be so easy. Naturally, after the financial problems are over, you will have to thank your employees for their understanding and dedication to your firm.
Step 5
Try to allocate funds to hire an experienced and professional business consultant. However, take great care when choosing such an advisor. It must necessarily be a person with a higher economic education, who has a fairly large experience of working with various large institutions. The experience must, of course, be successful. Such a specialist will help you develop both short-term and long-term plans for the development of your business.
