Here are six ways to maintain stability on your balance sheet and withstand recessionary pressures:
1. Analyse 2. Improve your productivity and effectiveness using IT, technology and your team to see if things can be done a better way. Review, streamline, and automate processes. 3. Minimise expenses when possible, and be sensible. Don't just cut expenses without thinking –remember the law of unintended consequences. 4. Stock up on supplies you need and can afford to buy in bulk. Manage your inventory or stock like you've never done before. 5. Raise prices judiciously and with authenticity. Clients and customers are cunning when it comes to their wallet and will smell a rat if you raise them “just because”. 6. Be ready to welcome and care for new customers. Covid fatigue is still rife and if you can raise the bar in customer service, your stocks will rise.
