‘Economic downturn’ is a much parroted phrase these days on the world news. Never mind the world news try Zimbabwe’s economics! Now that gives a whole new meaning to the word, I mean when your largest denomination can no longer buy you a cup of coffee and the swipe card system is often down….
For the uninitiated, I have a few vices; good coffee, dark chocolate, exceptional food and PC games (strategy and RPG please).
That said, this article in the Feb 18 edition of Fortune Magazine (Europe) highlights a few basic principles of dealing with downturn. I love the practicality of the article, mainly because I’ve had to follow some of the principles myself over the last few years. The one thing I’ve noticed though is that the pressure of economics merely highlights what you should have been doing the whole time. Failure to be on top of your cash flow in a positive economic environment may be easier to ride than when you can’t actually get hard cash out the bank, but it’ll still hit you hard eventually.