The check-list presented by Rajendra K Aneja (Khaleej Times, Dubai, 14.02.2009) to beat the current recession was impressive, and ought to be put into practice immediately by the consumer at large. The check-list:
Save as much money as possible.
Spend less on frivolities, clothes.
Keep physically fit, trim.
Stop all wastage.
Take care of investments.
Give suggestions on how to crack the recession.
Explore economy travel routes.
Save power, water, fuel.
Get more educated professionally.
Be optimistic about the future.
But for businesses to weather the storm created by the current financial crisis, it is a different ball game. To stabilize the businesses, as David Rhodes and Daniel Stelter of Boston Consulting Group would have it, the companies must
(1) protect their financial fundamentals by monitoring and maximizing cash flow, managing customer credit risk, reducing working capital, and optimizing their financial structure and financing options;
(2) protecting their existing business operations by reducing costs, increasing organizational efficiency, aggressively managing the top line, rethinking their product portfolio and pricing, controlling or limiting investment plans, and divesting non-core businesses; and
(3) work to maximize their valuation relative to rivals by being proactive in their investor relations and favoring dividends over share buybacks.
Prathap G, Sharjah, U.A.E.