How to Weather the Economic Storm; Asktheexpert
Byline: With Andy
AS BUSINESSES face the pressures of the recession, Andy Ashton, managing partner of Yorkshire Bank's Financial Solutions Centre at the Ricoh Arena, gives his advice on how bosses can weather the economic storm.
IN the current climate, the challenge facing Coventry's business community - like so many others - is how to keep businesses alive and profitable.
There is no doubt that Coventry's businesses are operating in some of the most difficult trading conditions for a generation.
Added to this, many will have only ever operated in a favourable economic climate, making today's unpredictable markets even harder for small businesses to navigate.
As a bank we are committed to the communities in which we operate and have come up with some tips, both from the shared wisdom of our own advisers and long experience of what maintains successful businesses during challenging times.
My advice is to believe in yourself. For those business owners who made their mark during the UK's prolonged period of growth, it is likely that this will be their first real exposure to economic instability.
The important thing to remember is that a recession can throw up opportunities, and although taking advantage of these may be easier said than done, self-belief is essential.
Also, take difficult decisions.
During difficult trading conditions hard decisions need to be made which are not always taken well by partners, suppliers, staff and even customers. However, sometimes you simply need to press on with what needs to be done in order to guarantee the survival of the company. …