Preparing for second credit crunch

To minimise the financial impact of the second credit crunch on your business, you need to make sure that you’re doing all the right things – and that your customers and clients are too.

Here are top 10 tips on how to safeguard your business from a second credit crunch:

1. Check your banking facilities to prepare for any cashflow problems and the cost
2. Make sure you understand the terms and conditions of your banking agreements and any borrowings you may have
3. Check on your potential and existing customers and make sure you keep on top of what is happening in their businesses
   Review your payment terms and monitor your clients’ payments
4. Have you got the retention of title provisions in your terms and conditions? For example, if a business you are working with sells and ships a product that you have contributed to and they have not paid you, do you still own the product?

Read more: http://www.mybusiness.co.uk/Yde-46JoGhP-DA.html

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