Yes, the Credit Crunch is 1 year old; although some people would have you believe it is a new phenomenon. Undoubtedly it will continue to have a lasting impact on the economy for some time to come but it is currently vying for headline space with the rise in inflation owing to higher food and energy costs. Birthdays are often a time for reflection and perhaps this is a good time to reflect on your business and personal circumstances to see how you have weathered the storm so far – more importantly you should review your business and personal plans for the short term future and how you intend to cope with the slowing economy.
I would suggest a good place to start is reducing debts and fixed costs wherever possible, as a strong business should be able to withstand the current climate. This is as true for your own personal circumstances. What a great time to increase your networking as you may find suppliers to help reduce your costs or indeed be one of those suppliers that can help others. Time spent now preparing will be well worth it when the future looks brighter in say 12-18 months time and just think how much stronger your business will be to take advantage of the opportunities that will be available.
By Adam Fearn of Absolute Financial
