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Stay Liquid: In down times cash is king. Review credit policies for customers and take credit from suppliers. Increase cash discounts for customers if required. Enhance customer relationships: One to one close relationship with customers is a must. Build relationship with all customers including small customers which you may not have got enough attention during economic boom. Listen to customers, know their situation and accept their demands and complaints wherever possible. Build up their confidence level. Don’t sack employees instead try to build up their confidence level. Sacking employees lowers motivation level of employees and creates an atmosphere of fear and mistrust which is ...
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Gopakumar Menon
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| 3 years ago
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1.Shifting to cash sales from credit sales, eventhough with discounts, will help to reduce the working capital, under the current circumstances, no bank,country is secure, so its better to have money in hand than relying on customers/banks...
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