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.
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.