Going Down?

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.

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