Duluth/Gwinnett CPA: Business and Personal Steps to Surviving in Any Economy
Unfortunately there is no magic pill for business owners as they struggle with the uncertainty of a down market that is affecting us all. For all owners who are at a crossroads I believe the absolute best thing business owners can do is to start to do a monthly/quarterly internal financial so that issues can be addressed as they develop. Financing, when times are tough, is by far one the most difficult issue a business owner will ever face as well as their attendant cash management issues.
A business owner who pays strong attention to details will be more poised to take advantage of opportunities, which may exist; This forms a consistent pattern of sound financial reporting and analysis that is the first defense to precluding/preventing undue surprises. Unfortunately in a down market most of the best planning and saving options are internal rather than external necessitating constantly discovering a new way of doing business, pricing, personnel, and making operational changes internally. A pattern and history of self-analysis is the acid test of true entrepreneurship to be able to consistently upgrade the economies of your operation whether in an up market or down. Stay tuned.
“As a Duluth CPA for decades we have watched Gwinnett and Metro Atlanta business owners unduly struggle with a down economy for failing to prepare is preparing to fail. Constantly thinking ahead allowing for extra cash needs, down turns in business and collections and having a line of credit are all essential components of sound cash management and overcoming any business economy.” —John Dillard CPA
Recession Proof Your Finances: Learn how you can begin today to take the necessary steps to plan for lean economic times. Careful study and review of your saving and spending habits and their re-direction will help survive recessions that will inevitably occur. To learn more http://www.hiscpa.com/recession-finances.html
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