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How to Protect Your Business During a Recession

The lagging U.S. dollar, soaring energy prices and the current credit crisis have no doubt had an impact on the worldwide economy. In such turbulent times it's helpful to understand some ways in which you can protect your business. Today's edition of the National Post offers some tips on how to make your business recession-proof. Among the key suggestions are:
  • Offer a discount on your accounts receivables in order to receive payment more quickly;
  • If you are on the other side of this equation and are offered a discount to make your payments more quickly, it may make sense to take out a line of credit to do so, (but of course you'll want to make sure your cash flow is steady enough that you can pay off the line of credit);
  • Another suggestion made is to negotiate a lower interest rate with your bank if you've consistently been on time with your bank payments.
Here is the link to the full article.

What other things can be done to protect your business during such turbulent times?

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