News Article - 19 February 2008
Category:

Careful planning and the "right attitude" can help business owners overcome an economic slowdown, it has been claimed.

George Derbyshire, chief executive of the National Federation of Enterprise Agencies, stated that by monitoring business performance it is possible to make certain savings without affecting a firm's productivity.

According to Mr Derbyshire, as the economy slows down, debtors are likely to be more reluctant to pay but creditors are more likely to demand payment.

"Your cash flow is likely to come under pressure. So review your projections now and make sure they still hold water in today's conditions," he said. "And remember that the likelihood of bad debts will rise."

Firms need to ensure they attempt to control costs by getting the best deal on their suppliers or minimising expenses, he added.

A poll by the Society of Turnaround Professionals found that UK firms are ill-prepared to deal with a slowdown, especially within the retail, leisure and hotel industries.

Article keywords:

---

More industry news

• Think tank warns UK may have already slipped back into recession
• Growing demand for HR staff in technology and international sectors
• Boosting business growth a ‘priority’ to avoid Eurozone slowdown
• HMRC launches alternative disputes pilot scheme this week
• December employment statistics disregard gloomy recruitment predictions
• Eurozone manufacturing PMI shows modest improvement
• UK scores highly for economic governance by ratings agency
• Government launches two-year project focusing on manufacturing sector
• Burden of regulation on UK businesses ‘too high’

Back to news home page »