Weather the Storm During a Recession

While it may be impossible to recession-proof your clients’ businesses, BDO Consulting, which provides restructuring and risk advisory services as a business line of BDO Seidman LLP, provides these tips in the event of an economic downturn:

n Take fast and decisive action—quickly determine core administrative and operational needs and reduce excess costs.

n Develop a comprehensive approach—including a cost-reduction program, plans to improve inventory controls and enhanced purchasing procedures.

n Manage costs with targeted and timely reporting—react to falling gross margins and unexpected market changes by automating daily data collection and reporting.

n Conduct an internal assessment for possible restructuring—if needed, build a work plan, establish accountabilities and set an implementation timeline.

n Manage operating results proactively—closely monitor operating costs and renegotiate contracts.

For more details and tips on surviving a recession, visit www.bdo.com/services/consulting.

Source: BDO Seidman LLP, www.bdo.com/news/pr/722 .

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