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We have four business resilience strategies that may help your small business customers in times of need. Feel free to use this information any way you can.
Four strategies to build business resilience components
Strategy 1. Emergency surgery
If a business is facing an immediate crisis and the very viability is at risk, you may need to take increasing levels of action. Find out how to trade out of trouble, re-structure or sell/close down.
Strategy 2. Strengthen the foundations
If it’s a struggle to find customers, the need to avoid running out of money is critical to keep a business trading to buy time to recovery. Find out how a business can build short-term cash reserves, review operations, maintain margins, tighten credit, identify future cash flow and protect their supply chain.
Strategy 3. Increase profit
There are generally five ways to increase profit in a business, each having a multiplier effect. Find out how businesses can increase leads, convert leads to customers, increase items sold, increase average sale and improve their net profit percentage.
Strategy 4. Manage the cash crunch
Identify the main reason for the cash crisis and quickly solve the problem. Find out how businesses can manage the immediate issue and then identify sources of extra cash from internal funds, loans, investors, family and friends.