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Is Your Business Prepared for Its Next Financial Challenge?

Michele JacquesMichele Jacques administrator Posts: 89 Silver Level Member

As you evaluate how the pandemic has affected your business and prepare to meet the next unforeseen challenge, know that cutting costs can have a very negative impact if done wrong. https://bit.ly/3kEsLCp


  • greenleaf21greenleaf21 subscriber Posts: 11 Bronze Level Member

    Challenges and risks are part of any business and If you want to run a successful business you have to be ready for anything and everything.

  • KartikBhattKartikBhatt subscriber Posts: 2 Member
    edited February 2022

    Having a stable financial foundation is important for any business and must not be at the expense of losing control over finances. Here are the easiest ways to improve your finances:

    Cut your expenses by 20% each month and set aside that amount as working capital.

    If sales are lagging, review your revenue model and business model to find the best solution.

    Look at how competitors are pricing similar products.

    Ensure that you are buying the right materials at competitive prices from vendors who are worth your time. If needed, revisit vendor selection and old contracts to renegotiate prices.

  • kennethdal25kennethdal25 subscriber Posts: 2 Member

    These tips are important for any business at any time, they are always relevant, because you cannot foresee all the risks.

  • BrackwomBrackwom subscriber Posts: 39 Bronze Level Member
  • joesadelinjoesadelin subscriber Posts: 1 Member

    To face financial challenges you have to start with your net income, the amount you take home every month after taxes. Write down all your expenses from your rent to your daily cup of coffee. Set up automatic payments for recurring bills and savings. Sign up to get alerts if your balance falls below a certain level.

    To see more business news you can visit "Infotainment beats"


    Challenges and risks are inherent in any business, and if you want to be successful, you must be prepared for anything.

  • AbihakimAbihakim subscriber Posts: 3 Member

    We must plan our business first before we action for the business.

  • davewhitedavewhite subscriber Posts: 9 Member
    edited September 2022

    Financial planning is the king

  • mustardsaladscarfacemustardsaladscarface subscriber Posts: 11 Bronze Level Member

    Since it seems the world is heading into yet another crisis, I guess the main takeaway is to delegate as much of the load online as possible. Re-adjusting the established internal structure will cause slowdowns, even for a business with built-in automation shortcuts. Yet, 'funneling' it all together seems to be the best solution that will also keep a potential exit strategy on the ready.

    Of course, quality control and team building will be heftier cans of worms for an online company. However, tasks like damage control, scaling and data processing will probably be easier to perform.

  • George_FarnasGeorge_Farnas subscriber Posts: 2 Member

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  • gonsymondsgonsymonds subscriber Posts: 29 Bronze Level Member

    Good planning is an essential key to a business's growth.

  • AlexErAlexEr subscriber Posts: 11 Bronze Level Member

    That's true. It's good also when the plan consders both optimstic and pessimistic scenarios of market conjuncture. )

  • lambdawinner829lambdawinner829 subscriber Posts: 14 Bronze Level Member

    Have you been interested with doing the best business practices you can get? There are some interesting impacts that are working out for the people who are doing this. I hope that it will work out for you with the negative impact that you are seeing with the things there.

  • RaavichouhanRaavichouhan subscriber Posts: 22 Bronze Level Member

    In the face of uncertainty, we evaluate the pandemic's impact on our business and prepare for the next challenge. But we must tread carefully when cutting costs, for it can have a profoundly negative impact if done wrong. Let us remember the human element and the consequences of indiscriminate actions. Instead, let's adapt strategically, foster resilience and compassion, and strive for a balanced approach. Together, we will emerge stronger from these trials, united and unwavering in our pursuit of success.

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