Going Down?

Preparing For A Fall

The following list includes steps to consider before the economy falters:

  • Draft contingency plans.
  • Reduce expenditures.
  • Use consultants, temporary or part-time workers.
  • Renegotiate outstanding debts.
  • Pay down credit lines.
  • Build cash reserves.
  • Revisit expansion plans.
  • Assess impact on profits.
  • Identify discretionary expenses.
  • Evaluate the potential impact on your customers and suppliers.
  • Diversify revenue sources.
  • Review organizational structure.
  • Enhance your value to customers and suppliers.
  • Solicit advice from your banker, accountant, customers and suppliers.
  • Ask customers about their plans.
  • Provide value-added services.

Contact Sources

Advantage Printing Specialists, 2910 Girard Blvd. N.E., Bld B., Albuquerque, NM 87107, (800)461-6012.

Dorrier Underwood, 831 E. Morehead St., #255, Charlotte, NC 28202, (704)343-9092.

Golden Grocer Natural Foods Inc., (314)367-0405, fax:(314)367-7751.

Oriental Lumberland Do It Best Inc.,(718)386-8200, fax:(718)821-1031.

Regional Financial Associates, www.rfa.com.

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This article was originally published in the February 1999 print edition of Entrepreneur with the headline: Going Down?.

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