Firms should concentrate on carrying out their basic functions as effectively as possible in order to survive the ongoing effects of the credit crunch, according to Talkbiznow.
Small businesses should ensure they are as efficient as they can be in terms of their basic functions - such as addressing their outgoings - in order to survive the ongoing effects of the global economic slowdown, it has been suggested.
Mark Parker, executive chairman of Talkbiznow, a global professional networking site, explains that by carrying out such activities, firms can ensure that the money they are spending makes as much of a positive impact on their business as it can do.
In terms of sales, he recommends entrepreneurs make moves to differentiate the product or service they are offering from competitors in the market as this will allow them to stand out from the crowd.
"All the basic disciplines of being an entrepreneur or running a good and well-run business apply - and apply more so now," Mr Parker states, adding that complacency and not being "on top of the game" will be the thing that catches firms out in the current economic climate.
He also suggests that some companies may struggle as the credit crunch continues to make its presence felt and consumers become more prudent with their spending.
Support from the government and agencies such as the Confederation of British Industry will be welcomed by small and medium-sized enterprises given the current turbulence in the money markets, the sector commentator concludes.
Mr Parker's comments follow the publication of figures from the Office for National Statistics in November, which showed the working age employment rate is 74.4 per cent, down 0.4 per cent from the previous quarter.
