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There's no escaping the harsh reality that things are getting tough out there at the moment. Every time you turn on the TV or open a paper, you're faced with yet another story about the rising price of fuel, food and energy; a housing market crash; or, worse still, a recession. And while I think that sometimes the media is guilty of too much speculation and scaremongering, at the same time there is no point in burying your head in the sand and pretending nothing's changing.
It is with this in mind that we bring you this month's business monitor feature on page 27 on how to prepare for a possible recession. But don't panic, this isn't another of those doom and gloom articles that you've been reading in the papers lately - far from it. It simply has some useful advice on coping with the current credit crunch and suggestions on how you can prepare your business for the worst (should it happen). And most of it is stuff you probably ought to be doing anyway, regardless of the economic climate.
Businesses in this sector, along with many others, also have to find new ways to compete with the ever increasing competition from the overseas market. One solution, I was told on a recent company visit, is through offering ‘mass customisation' - something that seems to be a real buzz word at the moment. Although UK companies simply cannot compete with the mass production from the Far East, there is an opportunity to provide added value and gain a competitive edge through customised product, and this seems to be something that is catching on. The I-Sub profile on page 72 suggests one of the ways of doing just this - by diversifying into the area of sublimation.
Also this month, there is a word of caution if you are considering ‘going green' (page 60) and focus features on menswear, organic clothing and underwear. And if you do happen to be feeling a bit disheartened by the old credit crunch, turn to page 76 for Paul Stephenson's lighthearted look at customer care - if that doesn't raise a smile, nothing will! Enjoy!
Rebecca Green
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Cashflow has caused serious problems for businesses during the recession. On average, how long does it take your clients to pay?
