Finding the opportunities in a tough climate

November 25, 2008; 12:40 AM

Smith & Williamson and Fresh Business Thinking addressed over 700 entrepreneurs and business people at the Entrepreneurs in London conference on Thursday 20 November. The conference aimed to give entrepreneurs guidance on using Persistence, Passion, Persuasion and Purpose to ride out the economic storm.

Guy Rigby, head of entrepreneurs at accountancy and financial services group, Smith & Williamson, says: “Don’t get frozen in the headlights.  If your business is struggling take the time to think about your business, take advice and make the most of the challenging opportunities facing SMEs across the UK. Businesses need to start by identifying their problem, or if they are lucky, their opportunity.”

No business can survive without revenue, so focusing on maintaining or increasing sales to customers that can and want to pay is fundamental.  Beyond that businesses need to focus on the basics, manage their cash, keep their employees on side, have an absolute understanding of their financial and cash position at all times and look at the security of their supply chain.

Guy continues: “Cash is king, but there are a host of other critical success factors to be faced in this challenging economic climate.  These include having the right business model, stimulating demand and securing a business supply chain.  Controlling overhead and minimising fixed costs are also key.”