Business Survival Strategies in the Face of an Economic Recession

The financial management of a firm must be conducted as efficiently as possible before the company’s cash flow becomes constricted.

This is true regardless of the size of the company in question. Among the things you can and should do is to take precautions against making impulsive financial judgments.

We have all made purchases of things or services that we did not need for one of the reasons described above, such as because we were in the mood, because of the flamboyance of the advertisement, or because of the persuasiveness of a salesperson.

Then, a few days later, we “wake up” to discover that we have committed hundreds of dollars of business finances to something that is not necessary to the success of our own organization, despite the fact that far more pressing matters were eagerly awaiting those funds. In other words, we committed an error.

If your company is incorporated, you can eliminate “impulse purchases” by including the following language in your bylaws: “All purchasing decisions exceeding (a particular sum) require board approval.”

This will require you to pause before making major “impulse purchases,” and in the case of smaller purchases, it may serve as a reminder.

If your business is established as a partnership, you can stipulate that all purchases are subject to the approval of a third party when faced with a purchase choice. In actuality, the third party may be one of your business partners, department heads, or even vendors.

As an individual, you have three days to reconsider a purchase before deciding whether or not to cancel it. If you operate your business as a sole proprietorship, you have little to worry about. You can cancel the purchase if you feel you do not truly need the item or if you cannot afford it.

Even if you believe you cannot afford it, you should not “cheapen” yourself by not investing in professional services. This is particularly…

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