The current credit crisis is a reminder of
the importance of having a sound financial
plan
to navigate through
turbulent times.
In a letter to clients and friends we offered some
suggestions to help
you assess your current financial condition
and begin re-thinking your business plan in
response to current economic challenges.
- Don't panic. It's difficult to make
sound decisions if you do.
- Take a fresh look at your monthly income and expenses. Have you been meeting your budgeted projections? How much of a drop in revenues can your business withstand and for how long? Analyze your expenses and determine which ones can be reduced.
- Reduce your reliance on credit by disciplining your spending. What are your cash-flow needs? Do you have sufficient cash reserves?
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