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Troubled Business

  • 14-12-2009 10:54pm
    #1
    GC1000
    Closed Accounts Posts: 2 ✭


    Hey

    Been running a retail business over the last number of years and have been fortunate enough to have a good bit of success. However, with this god damn recession my business has been hit hard. Sales and profits are down 40%, the banks are on my back to repay loans and unfortunately I have been forced to let a number of loyal staff go.

    Anybody else having similar problems and if so any advice or recommendations you could offer would be very much appreciated??

    Thanks


Comments

  • #2
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Try and drive on your cash cycle - I don't know what type of retail business you are in, but do you have enough existing margin to lower sales price to try and generate more sales. Any ideas for a marketing/publicity campaign?

    Go into the banks - get the loans rescheduled. Highlight the fact you've had a successful business for the last number of years. Tell them you look forward to being a beneficial customer of theirs for many years to come after you get beyond this current bad patch. Point out you've made hard decisions - letting staff go. Avoid the urge to remind them of their own precarious position!

    Can you cut costs? When is the last time you looked at your utility, product and service providers to see if you are getting the best value i.e. cheapest?


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