How to weather the storm

It’s an ill wind that blows no good and while we can prepare for and contend with the worst nature can muster, what can companies do when their business is battered by a bad spell?

Well, you might find these top tips handy.

Stick to the strategy

The importance of having a fully formed company strategy should never be underestimated. Having a chart that points precisely where you need to steer the ship, even during the worst weather, can save all hands panicking on deck.

It unites the whole workforce and offers everyone a steadfast purpose.

Crunch your numbers

No matter whether your business is an SME or a global corporation, cash flow is your lifeblood. That’s why the role of the Finance Director or Company Accountant is vital to ensuring there are enough funds always kept aside to cover unexpected crisis points.

These could be anything from a delay in stock from a manufacturer to the potential effect of political situations such as Brexit.

Batten down the hatches

When there’s a storm raging all round you it’s easy to find yourself focussing entirely on staying afloat and on course. But it’s vital, too, to protect the precious cargo – all of your business assets.

While you may be dealing with financial matters or difficulties with production, it’s imperative not to forget that customers and clients still depend on the highest level of service.

They are your core profit generator and you neglect them at your peril: get your customer service team into overdrive.

Be ready to take advantage

Not all challenges are there simply to be overcome: many also present opportunities to grow the business.

As any MD worth their salt will tell you, rough times can provide plenty of business opportunities. So always be scanning the horizon and looking for potential ways to grow – especially when everyone else is floundering all at sea.

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Posted on November 2, 2018