Money

Chapter 10 - Conclusion

The recession is not going to end in 2012. It might not even end next year. What that means for you and for jewellery and accessory businesses all over the UK and Ireland, is that you cannot sit back and wait for things to improve - you have to stand up and make them improve for you. I say 'for you' because the state of the national economy is not yours to fix, however much you might like to. But you can start closer to home and take control of your own business, and fix the money and cash flow problems that you are having.

If you have a mortgage, it needs to be paid. If you have children, they need clothes and food and holidays and everything they have gotten used to. If you do everything within your power, there is no reason that your jewellery business will fail, despite the recession. But you will have to step outside your comfort zone.

Strengthen your stock by finding new suppliers and eliminating weak styles and weak customers.

Downsize where possible. Reduce the size of your premises, the number or working hours of your staff, the expense of your vehicle.

Branch out into new areas and find new customers for your jewellery.

Some people say that recessions are great times to start businesses, and the reason they say that is because most existing businesses will not or cannot carry out the steps outlined above. If you are someone who is prepared to do these things, then you may find yourself and your business thriving despite the recession.