How to survive the credit crunch

 How to survive the credit crunch

10:15am Tuesday 3rd February 2009

A FREE guide on strategies for surviving the credit crunch is now available from The Institute of Chartered Accountants in England and Wales (ICAEW).

The guide – Eight Strategies For Surviving The Downturn – can be downloaded from the ICAEW website’s dedicated “credit crunch” section – www.icaew.com/creditcrunch.

John Butler, president of the York Society of Chartered Accountants, who is an insolvency practitioner, says: “As November’s ICAEW Business Confidence Monitor showed, confidence in business dropped to its lowest recorded level since the survey began.

“Few businesses think the recession will be short lived and are looking to take steps to ensure they get through the current economic slowdown.

“The vast majority of businesses will emerge from the downturn. However, it is important to seek advice and support from business professionals early, before difficulties become insurmountable and this guidance can offer real help.”

Eight Strategies For Surviving The Downturn outlines activities and initiatives which could help businesses face the current economic challenges. It provides them with practical help and topics to discuss within their management teams as well as with their advisers.

The eight strategies outlined in the guide are: manage risk and uncertainty; think cash; secure your funding; review your structure and cost base; seek advice and support early; manage your year end; recognise the value of your employees; and plan ahead.