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 .<% server.execute /pubs/jofa/includes/footer.htm %>