How to survive and prosper during a recession

“Economic conditions in 2009 will be treacherous. There’ll be a formal recession in most developed economies, and the economic contraction is highly likely to be more severe in the UK than almost anywhere else.”
Robert Peston, Business Editor, BBC

“More than any other time in history, mankind faces a crossroads. One path leads to despair and utter hopelessness; the other, to total extinction. Let us pray we have the wisdom to choose correctly.”
Woody Allen

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”
Winston Churchill

As we enter the uncharted waters of the worst economic crisis since the Great Depression, there is at least one certainty: businesses across all sectors will be put severely to the test as consumers seek to cut expenditure to the bone. Credit has all but dried up, order books sit empty, layoffs are soaring and insolvencies have reached an all-time high. Many weaker players will go the wall.

But take comfort in the knowledge that there has never been a great industrial depression that was not succeeded by a record breaking revival. The fact is that in bad times the smartest people make more money – if not immediately then sooner than later. Those who are prepared to respond imaginatively to the challenge will survive and prosper, and in all likelihood emerge from the recession as stronger, healthier businesses.

Read the 8 practical tips to help you navigate the recession and avoid the worst of the carnage:

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