Financial Response Strategies

Entrepreneurs should be attempting, in the current economic environment, to develop response strategies on how to deal with the impact of the severe financial downturn on their businesses . Some of the issues faced by Entrepreneurs include cash conservation, employee layoffs and morale, reduction of overhead and fixed expenses, re-alignment of variable expenses to revenues, customer and product/service rationalization, restructuring of debt and so on.

Entrepreneurs should create a menu of contingency plans to deal with different kinds of financial situations and implement, as needed, cost-effective strategies to deal with the economic downturn.

Creative solutions are what will enable Entrepreneurs to successfully address this business cycle.

Ravi Patel

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