Let us not beat around the bush, the recession has started. Nothing will be the same for anybody, business people included, once the first stage of the recession is completed. By that I mean, the isolation period caused by the COVID-19 virus is deemed to be over, or manageable. You must be prepared to change and adept to a new order where such things as protecting your cash, reputation and paying your debts in a timely fashion are paramount. These three objectives apply both to your personal and business lives.
In an effort to help business people survive and think more businesslike, and with a positive outlook, a series of mini-blogs, both written and in audio formats have been prepared. These blogs will become available at creditmatters.com.au over the coming weeks.
Each mini-blog will focus on one key factor at a time. To date, you have probably been inundated with information from many different sources on how to survive financially and emotionally in the short-term. For instance, I am sure you have been focusing on working from home, isolation from family, friends and work colleagues, buying provisions etc. Consequently, your mind has probably become cluttered with all sorts of information. It is therefore likely you may not have had time to think strategically about the future of your business in a calm and rational manner.
The first thing is to realise that waiting for the recession to hit officially, or to procrastinate about what to do next, are the worst things you can do. I suggest it is now time to focus on the future and to act positively to protect your long-term interests. Yes, there will be factors you have little control or influence over. There are however many other factors you can concentrate on which may help you to survive the coming recession.
One source of information, amongst many is creditmatters.com.au where you will find a number of strategies which may be of value. Two features in particular may be worth reading. These are 1 “Anatomy of a Recession” and 2 “What will the future look like in 2020 for B2B credit?”
To survive the recession and come out the other end in the best possible state, your objectives must include identifying whether you have the financial resources to survive the recession. If you don’t have these resources, working to close down your business with a minimum of financial, emotional and reputation loss, may be the best decision you ever made.
In this series of mini-blogs, our first blog will concentrate on identifying whether you have the financial means for your business.to survive.
I think it would be wise to now take a break and really engage your mind and resources on the project ahead. It is really important that you clear your mind so you can engage with these mini-blogs and concentrate on the issues ahead properly.
Our next blog will the first of 10 key factors for surviving the recession, financial resources and liabilities.