7 things to do during a downturn

Here are some notes to help you make the most of the opportunities that arise during any economic downturn, and to help you protect your cash flow – in the short term and long term.

1. CASH CASH CASH: manage today’s cash flow even better than before, and improve profits to take care of future cash flows. See the following articles for more ideas on this point.
2. Forecast your cashflows based on the new plans.
3. Revisit your overall strategic plans. There may be a better way to reach your goals in the new climate.
4. If you have surplus cash, look out for bargains: property, businesses, equipment etc.
5. Invest in innovation the most successful companies keep doing this throughout slow-downs.
6. Look out for great new people to join your team (“upgrade your human capital” as Accenture put it in a recent publication.
7. Go Green – there are many short term savings to be made from a more sustainable approach, not just in the long term.

“I will tell you how to become rich. … Be fearful when others are greedy. Be greedy when others are fearful.” — Warren Buffett