Times of change create opportunities as well as threats - so says Caroline Firstbroo,, Head of Strategy at Accenture. So what measures should we take to ensure we're amongst the survivors? Here is a summary of the her business survival strategies - you can read the full story on the BBC website.
- Take stock. Understand what is happening in the economy and how this is may affect your partners, customers and suppliers.
- Reduce and restructure debt. Consider selling non-core assets, renegotiate purchasing contracts, reduce exposure to poor payers.
- Streamline and simplify. People are expecting change so this is an opportunity to adjust your business model. Do you need an office for example? Could you run your business from home, or from a shed/garage?
- Go shopping. If you have the cash or finance a downturn offers an opportunity to pick up new assets at attractive prices. And with an increasing number of redundancies there are many highly-skilled workers available. This is a good time to make sure you have the staff you need.
The BBC is also tracking how ten small firms are battling the downturn, taking stock of their confidence levels and the difficulties they're facing.
Microsoft Small Business Centre has put together 10 top money-saving tips, which you might find useful as well.