5 ways to weather the economic crisis

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Mary Peabody, University of Vermont extension community resources and economic development specialist, offers these survival strategies that have proven useful during previous periods of economic uncertainty. She suggests that you:

  • Keep your employees in the loop. Tell them the truth about how the business is doing and what your benchmarks are going to be for decision-making. 
  • Re-double your efforts at record-keeping. If your record-keeping habits are a bit sloppy, now is the time to rectify that and bring all of your records up-to-date. If you are a meticulous record-keeper, then keep up the habit.
  • Communicate with your creditors.If you are having cash-flow problems, let your lenders know before you start missing payments. You may also want to visit with your attorney, your insurance agent, accountant and any other consultants on your management team.
  • Take care of yourself. Force yourself to stick to your normal routines — eat properly, get plenty of rest, exercise regularly and spend time with family and friends. 
  • Reach out to others. Networking is important during good times. In bad times, it becomes a necessity.

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