Credit Crunch tips

The professionals at Grant Thornton have released an excellent report providing guidance on how to survive the credit crunch.

The 36-page guide was a quick read and offered 10 practical steps to survival. It also gave a nice overview of the causes of the current crisis.

While most of the tips are simply good business practices, they become super important during a downturn.

A few of the important reminders:

1. Cash is King!!!
2. Get closer to your bank
3. Evaluate your customers and suppliers

The guide goes into additional detail. I recommend it for anyone with CFO responsibilities.