Question

In times of great economic uncertainty, it upends not only investors' calculations but also corporate decision makers'. But if you are a business owner or a lender, what actions would you take to

(a) preserve your business' viability/survival,

(b) make decisions as to which customer (e.g., a borrower for a loan or a vendor who needs trade credits) you want to keep and which to drop, and

(c) how do you put together a plan for quick revival when the calm returns?

Note: Please Do not copy and paste! The answer has to be in a 250-300 words

Answer 1

The thing about economic uncertainty is in its name alone. We can never ever predict what is coming towards us in the near future. When such uncertainties arise in the market there will be many effects that are caused to the market as a whole which will affect either partially or completely to your business. There will be a lot of differences that might be faced during this period so being prepared for the worst is the best thing at this time. There will probably be a difference between success and a rough driven path.   

There are plenty of aspects that have to be kept in mind during the recision and after the recision that has to be made in order to cope up with the losses occurred. Overall in the economy, there has been so much flux and the world business seems to be holding their breath and servicing your customers is an upfront activity that cannot be ignored no matter what. But not at all times maintaining a good service to customers may help you in retrieving your company from recisions. There are some tactful things within the business as an owner to make it more agile and retrieve the power to roll away all the punches.

The main key at this point of the season is to be nimble as much as possible and to get adapted to changes happening in the market or industry as a whole and giving the customers their own choice to be flexible. And some of the points that have to be kept in mind during this period of time are

1. Keep all the costs low.

2. Keep an eye on the fixed and variable costs.

3. Managing the team expenses.

4. Monitoring the ratios every now and then.

5. Grow the revenue.

6. Stay ahead and keep track of the industries business as a whole.

These all aspects will retrive the company status to normal according to me.