- Selman Sheshi
- ERISA Accounting Ltd
- Company profile:
- ERISA offers bookkeeping, accountancy, payroll, business consultancy, training, trouble-shooting of financial issues and so on.
- Managing director
- May 2005
Adapting my plans to survive the recession
Four of my clients went bust in the last 10 months, and three
more were in trouble. First and foremost I had to take care of the
loss of income for my company. But then I had to find other sources
of revenue and ways of cutting costs to keep as many of my other
clients as possible.
I took several different measures to boost revenue and save
where I could. I started subcontracting staff rather than employing
them, meaning I only had to pay for work as and when I really
needed it. I made my services available to any business or
individual for any request, rather than the more niche areas I used
to stick to. Though it may sound counterproductive, I also dropped
my rates. This encouraged more clients to use me - I was still
producing work at the same quality of work.
I made my payment terms more favourable too, to further encourage
people to use my services rather than a competitor's. I was of
course very careful to keep a constant eye on my cash flow and make
sure it was never affected.
I also started working for my clients remotely, rather than
travelling to them. This saved travel costs and gave me more free
time to work on other projects, so creating more revenue
Keep your costs under control and find new ways of increasing
your income. It may not seem like it, but think outside the box
and be flexible and you'll find a way.
The business that's flexible, cost-efficient and adaptable has
better chances of surviving a recession or other crisis
Find out more about ERISA
Smarta Business Builder
To help you on your business journey, we've created Smarta Business Builder, the complete online
tools package for growing your business. Website
Documents and Email - all in one place
- from just £20 per month with no contract! Try it out today.