If
you have any members of staff, involve them in the cost-cutting process, let them
know that times are tough but that you are all in the same boat together. It
will also prove to them that you value their input. Plus, she they may have
some great ideas!
Renegotiate
your lease to a lower rent, or a temporary lower rent while business is slow.
Shop vacancies are high; your landlord will probably prefer reduced rent to no
rent. Pay your bills only when they are
due or if you have to only when you are chased, it’s not ideal but it may help
for a while or better still try and renegotiate terms with suppliers ,
can they offer you longer credit, higher discounts if you pay earlier? Finally, review every single invoice and
payment out of your business for the past year, did you need it, do you need it
this year or can you cut the usage? Review and be hard you can always add it
back in later on when cash flow eases.
