How do you navigate through this crisis?
The forums on ZaaBiz are covering many actual topics. It is no wonder that we have many worried business owners ‘talking’ about the effects of the global credit crisis.
There clearly are major risks connected to this crisis for both the global and the Australian economies and where there is risk in an economy, there are risks for the businesses involved.
Our users have identified two main risks affecting small and medium sized businesses today: consumer (and investor) confidence in the current climate of insecurity and the availability and cost of finance. If my current customers stop investing or spending money on consumer goods, how do I as a business owner act on these actions? And the cost of finance with interest rates at a high (yes there was a rate cut in September, but compare that with rates late last year) and banks sitting tight may hinder your own investment capacity, let alone the chance to cover for your costs temporarily.
What is the solution: it’s not going to be easy and this current climate is here to stay, though: business owners are known to be creative, flexible and have proven to navigate through a crisis. Join our ZaaBiz groups and contribute; tell others what worked for you and let us share the good news.
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