For many Canadian companies, the economic downturn has been tough – but it has also forced enterprises to re-think their business strategies and take positive steps toward securing credit and bouncing back.
Companies should always be looking at expanding their client base and diversifying away from the risk of being overly reliant on one or two key clients. Consider insuring accounts receivables to protect against the sudden shock of an unexpected jump in bad debt expense. In the area of costs, review how to become more efficient (e.g. through improved processes or technology), examining fixed and variable expenses, and determining areas of cost containment. Another important opportunity that is often overlooked in a challenging environment is in the area of human resources.
As part of the recovery in 2009 and moving into 2010, companies are tapping into a range of financial solutions, from asset-based financing (lending against securities like inventory and accounts receivables) to both newer and established government programs.
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