Navigating economic ups and downs

Guarantees don’t happen.

When it comes to business, no one can promise immunity from market ups and downs. But even though no one gets any guarantees, businesses can still be ready for anything. Here are some ideas to get you started.

Keep an eagle eye on your budget. Watching levels of debt, cash flow, and expenses are always important. But you’ll be especially glad you did if the economy heads south. Always make sure you have enough cash reserves to handle emergency expenses.

Consider your debt. It could be time to look at how your debt is structured. Look at both your long-term and short-term debt; think about whether they’re both structured in the best way.

Meet with your lender. It never hurts to meet with your lender for a financial review, show them your current financial information and talk about the best way to resolve any issues. Ask if you’re eligible for Small Business Administration guaranteed loans.

Examine your insurances. Reviewing all policies can help you eliminate old or obsolete items and possibly lower your deductible. Examining life insurance policies can have some perks, too. It’s always good to know which policies let you borrow against them. Plus, if you review costs and shop around, you might find a way to get the same coverage for a lower rate.