The cover of the legendary Hitchhiker's Guide to the Galaxy had two simple words: Don't Panic. Mike Periu of EcoFin Media urges small business owners to heed that advice. As bad as it may seem, panic is not a productive response. Instead, Perlu writes at American Express's Open Forum, "take a deep breath," and then follow these steps:
First, check your lines of credit
Second, slash your sales forecasts
Third, increase your DSO, A/R, and bad debt assumptions
Fourth, hold an employee meeting
Fifth, stay flexible
Read Should You Be Panicking Right Now? here.
Posted
08-24-2011 8:38 AM
by
Graham Griffith