As a board member of many start-ups, I have had to deal with numerous situations where cash flow is not sufficient. It can be very painful to really grasp the issue and make significant changes but it is absolutely necessary to do just that in situations such as we are all experiencing right now.
Often, people think it "will be alright" – and then by the time it is realised it is not going to be alright, it is too late to act adequately. You will have to set yourself and your staff strict guidelines as to expenditure – and it will be up to you to make sure that these rules are adhered to. Those companies that took action early on to survive a recession, are able to emerge from it stronger then they were before.
Looking at the current "financial crisis" – all of the tips and things we employed during those periods I personally experienced, now come flooding back and I wanted to use my blog to share these with all of you.
read more of this story at E Factor.com, click here