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Business Wisdom
Really understanding the essential costs to running your business, and sticking to them can make the difference between survival and terminal insolvency.
The thing is to focus on the hardcore issues, rather than shying away or being scared of distress.
The question is - Can another business in distress dictate your own future? It is important to understand and prevent yourself being a domino in a much bigger game.
The relationship between capital and labour is at times sticky but now more than ever consensus is the best way to survive for all parties.
Very few industries are by-passed by the grip of our current economic climate. Get your business in order, accept and embrace it and find ways, creatively to use the downturn to your advantage.
In 1797 The Bank of England's solvency was threatened by the panic following rumours of invading nations. The government stepped in, freeing the Bank from its obligation to exchange notes for cash. The suspension was to last 24 years. Today we see the government stepping into the banks in a different manner but the government's long term exit strategy is far from clear.
Sticking to the essentials in life and business will lead to better long term value both at home and in the workplace.
Investing blindly on the basis of short-term demand and appetite for distressed assets may help to sustain an optimistic atmosphere but in the long term, unless all legs of turnaround are considered the investments are likely to fail.
By Douglas MacDonald, Founder and CEO of The MacDonald Partnership, TMP.