Financial Crisis – Survival Tips for Small Medical Businesses

With the economic crisis around the world looming large, many businesses within the medical industry are shell-shocked trying to come to terms with the changing economic environments. While the worry is all the more justified, perhaps maintaining the composure and focusing energies on fighting the fire will eventually help businesses ride the storm with grace.

The following tips should come in handy to help small businesses fight their way to survival.

• While remaining calm, review your cash position and the expected cash needs. Check whether you will be able to meet your business’ short-term needs, goals and risk tolerance?

• Check up with your lenders about the status of your lines of credit. Make sure you comply with their terms? See if your banks can renew their commitments at similar rates, amounts, and conditions?

• Reduce the use of paper for routine communication, switch to email or instant messaging.

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