Recession can be a good thing but it also exposes those without condoms. It is a natural selection process that encourages or eliminates the weak. Out of it comes strong companies who have honed lean techniques to lead their class.
Protectionism is paramount to the commercial mind and the true exponent has little time for entrepreneurs who fail to protect themselves and their creditors through excessive risk taking. Put simply this often translates that over borrowing is a no-no. Lancashire businesses have, in our records, suffered fewer failures due to their canniness.
It is always prudent to investigate the financial picture of a potential suppliers (especially for purchases like phone systems) if you desire agro free continuity. Pick unwisely and you may experience disruption of supply. Many already have and are suffering the consequences. It’s easy to view basic assets and liabilities on Company Check and it doesn’t cost a bean!
Even better, you could subscribe to services like Red Flag Alert and get a complete analysis of facts that will help avert catastrophes. Our Accrington based auditors, Mayes Accountants, have done a deal with Preston firm Begbies Traynor so our useage is discounted yet thorough stats are available. Cash is king and knowing who’s got it and who hasn’t puts you in a winning position.
So why do I think that Northern firms are so canny? I suspect that Northerners survived an industrial trauma that makes contemporary recessions appear trivial. I talk of the demise of the cotton trade and the economic devastation that followed. Coming from the blood of mill town workers means that Lancastrians are built of stern stuff. Our forefathers saw worse and we still went on to invent the jet engine!
Pennine operators do borrow but in moderation. The jargon refers to it as gearing and the majority are wise enough and moderate the dangerous habit. Failure to do this can be terminal.
When downturns arrive I predict that less of our Lancs brethren will be found to be “swimming minus trunks”!