Ten tips on how not to go bankrupt

A slowdown in the economy does not necessarily mean bankruptcy. Keep an eye on the bag. You should definitely be prepared. Let’s give you ten tips on how to keep your business going.

1. Evaluate the situation

“The worst thing an entrepreneur can do is do nothing,” court Peter Luptk of the Risk and Advisory Services Department of KPMG Czech Republic. According to him, you need to reliably evaluate the situation of the company, regardless of our position. A warning indicator is the decline in orders and orders.

2. etete

When sales fall, limit travel costs, invest in new pots, renew your fleet, and more. Finances can be increased not only by more efficient work and reducing the number of employees, but also by choosing to rent, sell unnecessarily or buy back leasing instead of buying. Peter Luptk also recommends dreaming of short-term debts and debts.

3. Be careful not to apply

Secondary insolvency will be one problem this year. The Chamber of Commerce warns that companies are growing to intertwine invoices with each other, often with partners who used to be without problems. Want either a down payment or a straight pm payment.

4. Do not delay payments

Pay your business partners to keep the problem of secondary insolvency from growing.

5. Be evil

You will not get into a situation where you will not have to pay severance pay for the dismissed employee. At least such a state has you in store, and you have a large and a small company.

6. Don’t underestimate marketing

Experts warn that what we are witnessing today is not an economic crisis, but an export crisis. Companies that were up for export, of course, have a reason to have problems. If you belong to another category, you need to know where you have your business reserves. Know about yourself and your services, use the internet to promote or advertise in the local press.

7. Bute entrepreneurs

According to Luptek, this period will thus upset the restructuring of the company and assess whether the pension will not be spent anywhere. The first step should be to unify full production with orders, sale of surplus stock, revaluation in insurance policies, order frequency and delivery size.

8. Repeat with the buds

This is not the time to invest, modernize and borrow from banks in the long run. It’s not so good to spread out your services. The Chamber of Commerce is reluctant to be confused with specialties. If you are a baker, add something to the rolls and bread, you will stand out, which no one else offers.

9. Do not rely on assistance

Don’t even expect to contact us at this critical time and save the company. “The period of joining, buying or taking over a company is usually and after the end of the economic downturn, when companies that emerged from the crisis strongly and stable take over the type that did not respond adequately to the situation,” emphasizes Peter Luptk.

10. Think of the future

According to the recommendations of the Chamber of Commerce, you will focus on where to get new customers and customers. Your products should be technically unique and unique in order to compete for cheap imports, for example.