Things to Do When the Going Gets Tough Marlyn J. Wiener, P.A. Attorneys Boca Raton Florida

Things to Do When the Going Gets Tough

Posted by: Marlyn Wiener
April 16, 2008
Topic: Smart Business Strategies for Tough Economic Times

If you are seeing revenues decline and costs increase - you need to take a serious look at all aspects of your operations and look for ways to cut your costs, increase productivity and find new revenue opportunities. Consult with your attorney and accountant - together you can develop and implement strategies to manage your business through these challenges. Possible strategies include:

•· Renegotiating the terms of your property leases, equipment leases, and equipment financing

•· Renegotiating terms of lines of credit and term loans

•· Subletting portions of your space

•· Outsourcing administrative costs to reduce payroll

•· Negotiating with vendors and suppliers for discounts and payment plans

•· Closing down unprofitable locations

•· Reducing inventory

•· Selling surplus or outdated fixtures, furniture and equipment

•· Closely monitor receivables and take aggressive collections actions, when necessary

•· Obtain new quotes on insurance, security monitoring, landscaping, HVAC contracts, etc. - determine if changing provider will cut costs

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