Smart tips to help your business survive downturns
It is only in the times of an economic meltdown that most of us remember the benefits of planning for crisis situations. However, that is not the time to prepare. It is time to survive using any means possible. That is why we see so many firms accepting checks from the US government as they have no other option. Most business owners are self-made persons and would not opt for such charity at the hands of the government at any cost. But they swallow their egos as their families, and their employees are dependent on the firm's survival. It did not have to come to such a pass!
We do not like to make efforts to develop a crisis management capability in our lives. The same is the case for companies in capitalist markets. Most of these firms are just designed to run on top gear, and can't adjust their pace in response to external stimuli. Such firms are glorified by the trade, but become the first to collapse when the panic starts. Otherwise, these are bailed out by investors, but that can only postpone the time of reckoning. After all, a competitive market can and does weed out inefficient players. We gave a bit of theory at the start to help you develop an appreciation for the solution we are about to prescribe.
Smart planning using shelf companies
There are two options in front of you. One is to do nothing, carry on with business as usual, and wait for the next crisis to destroy everything you value. Or you can be smart and plan for such an eventuality. Donald Trump, for example, did not let bankruptcy derail his plans. He just used the process to let go of toxic assets. You can also be smart like him by buying
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