Five Survival Tips for Entrepreneurs
October 14, 2008
What do you do when sales are down and your credit’s been slashed? You rethink your business. Because of the ongoing credit crisis, banks are becoming even more reluctant to extend lines of credit to small-business owners. And the sluggish conditions aren’t expected to improve any time soon. That means business owners who rely on banks to finance everything from inventory and office equipment purchases to new store expansions are left scrambling for ways to stay afloat without a lifeline.
“Now’s the time to make tough decisions,” says George Cloutier, chief executive at American Management Services, a small-business consulting firm in Orlando, Fla.
Cutting costs can help free up much needed cash flow during a crunch, but when the economy is expected to stay down indefinitely, more dramatic measures may be in order, he says.
Here are five tactics to help keep your dwindling business capital flowing: read more