“In the middle of difficulty lies opportunity” (Albert Einstein)
There has been much speculation in the press over the last couple of weeks about a double dip recession. Whilst no one can predict with certainty when, or indeed if, it will happen, one thing is for sure the likelihood has significantly increased.
I hope and pray, like you, that it doesn’t happen but I must prepare myself for the fact that it might. I need to review and tweak my Plan B – the one I wrote at the beginning of 2009 but thankfully didn’t need to execute!
‘Plan B’ encompasses many things for example: better cash management; better debtor management; identification of alternative sources of funding; cost reduction; labour force reduction. In a ‘nut shell’ it identifies the creative ways of achieving more with less.
I have prepared a paper to get you started 10 Things to Include in Your Plan B. I must emphasise at this point though that just because you have a Plan B doesn’t mean you have to execute it – but never has the saying ‘better safe than sorry’ been more apt.
Invariably the development and execution of ‘Plan B’ is easier (less painful?) with expert help. It’s not without its challenges but we have guided many businesses through difficult times.
“The only thing harder than planning for an emergency is explaining why you didn’t” (Unknown)
Mike O’connell, CEO, Isosceles Finance
Tags: Business contingency planning, Cash Management, Finance Director, Outsourced accounting, Outsourced finance
