How to make most of your assets? Here are some tips:
-Got excess inventory? Maybe it’s time to clear stock with a promotion.
-Have some excess cash on hand? think of ways to re-invest that money into the business.
-Have an office or warehouse space? Consider renting it out.
2. Do more with your assets
researchers at Villanova University and the University of Lisbon say it’s particularly crucial to do this if you plan on surviving a recession.
In other words: the businesses that did the most with their assets were most likely to survive the Recession
When you have up-to-date bookkeeping and accurate, timely financial statements, you can always see exactly where you stand financially.
That way, you know where you’re over-spending so you can cut costs
And if you use a daily cash flow dashboard you’ll know your cash situation.
1. Understand where your money is going
Getting your bookkeeping in order and producing financial statements are good ideas.but in a recession, the margin for error becomes a lot narrower.
It’s hard to follow any of the advice in this article unless you know where you stand.
COVID-19 has taken over our newsfeeds, our imaginations, and sadly, our small business finances. We can’t help with the first two, but we do have some thoughts on getting financially fit for a down-economy.