Why ALL Businesses Need A Survival Plan

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Running Time: 8:44

Date: 01/05/2012

If you want your business to survive, have a plan - and don't rely simply on your own judgement

Trouble can strike quickly in tough economic times, and if you don't havea survival plan your business can go under almost before you've realised it. So says debt recovery expert Roger Mendelson, whose book "Business Survival Guide" was written just before the GFC but is equally valid today. Don't wait for the bank or your creditors to tell you you're in trouble, and don't rely on your own judgement and instincts - you may be too close to the business you've built to see the problems. Get a cool-headed team around you and put a survival plan together. And Roger recommends that, if you're in a partnership, get out of it - partnership law can produce very messy results if the business goes sour. It costs very little to set up another structure.