Learn What Steps You Can Take to Fend Off Devaluation of Your Business

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Decisions made in a time of crisis can often have the greatest impact on the value of a business over the long run, writes Scott Gabehart for the Philadelphia Business Journal.

To help mitigate any loss in business value it is a good idea to prepare and adhere to a strict financial management plan as part of a comprehensive business plan. Cash management should only be second in priority to maintaining health and safety.

It is also important to strictly monitor all operating and financial costs and keep all obligations “flexible.” Retaining a sufficient cash balance at all times should also help you create a “capital base.”

Meanwhile consider cleaning up your financials by eliminating any perks and other discretionary outlays.

It is also advisable to create a database of contractual payment obligations and review any debt covenants.

Outside of any finance-related steps, you should consider using automation and efficiency-promoting software and work on promoting core values among employees, including integrity, accountability, innovation, and respect.

Finally get “virtually” closer to your customers to better understand their shifting needs.

Read more tips on how to stave off devaluation at the Philadelphia Business Journal by clicking here.

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