Hi,
There's a lot of press about a recession and how it is going to affect us all. I took some notes that I thought you might find interesting.
R.G. Holland, Business Author & Speaker...
"Slash unneccesary overheads. I don't mean getting rid of all of your staff but I do mean making sure each one of them is actually a profit centre."
David Marmonti, president of Dell computers (Europe, Middle East and Asia)...
"Invest in the right technology to keep you efficient."
Theo Paphetis, owner of Ryman's and star of TV's Dragons Den...
"Cash is king, especially when you are entering a recession. Irrespective of how efficiently think you run your business, you will be able to make savings possibly, including labour costs."
David Frost, director general of the British Chambers of Commerce...
"Watch your cash flow. Businesses rarely go out of business because of a lack of orders they collapse because of a lack of cash. Don't spend on unnecessary items."
Michelle Mone, boss of Ultimo Lengerie...
"Keep focused and don't waste money on nonessentials. And look at spending throughout your firm and don't go throwing away money. Make sure every member of staff is delivering."
Chris Outram, founder of OC & C Strategy Consultants...
"Investigate creative new ways of marketing to gain a competitive edge on your competition."
Andy Laporta, director of wordofmousenetwork.com...
"Get networking and safeguard your sales. Tell people close to you how they can help you."
Paul Lynam, chief executive Nat West and RBS business banking...
"Don't tie up capital in unnecessary assets and least instead of buying. Have a clear business plan and value your customers."
James Dyson, inventor of Dyson vacuum cleaner...
"Think and plan ahead, don't let the negative news get in the way of your plans."
Whether you call it a recession or a Credit Crunch, either way, generating new business is going to get more difficult and we all have to adjust our focus to make sure we stay on top.
Bye for now
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