Credit crunch could be an opportunity - not a threat - for north west companies.

July 2008

The current economic slowdown need not spell doom and gloom for the region’s businesses. In fact, the credit crunch could actually be an opportunity for ambitious companies to become stronger according to HURST, the north west accountants and business advisors.

HURST has launched its Advantage strategy which will help companies manage their way out of misfortune and take advantage of the opportunities offered by the current economic crisis.

“In times of economic uncertainty, many business owners adopt a wait and see approach before making strategic decisions,” according to Tim Potter, managing partner of HURST.

“However the past has taught us that a downturn can be a defining moment for strong and ambitious companies. Deciding to view the future as an opportunity rather than a threat can be self fulfilling.

“In difficult times the resilient survive, and in many cases actually get stronger as their competitors fall away.”

HURST’s new Advantage strategy combines HURST’s corporate finance and business improvement expertise. It will help companies maximise their internal systems and processes so they can protect their businesses and be in the best position to take advantage of the economic climate.

The Advantage offering comprises a comprehensive internal review designed to produce ideas on increasing profitability, avoiding losses and maximising return on investment. It provides improved prioritisation and targeting of resources and early warning of potential problems.

The next stage is the production of a tailored business support programme that could include action on funding support, advice on acquisition or disposal, restructuring guidance and advice on growth improvement and succession planning.

Said Potter: “As the economic downturn intensifies, banks will seek to reduce loan facilities, and alternative sources of cash such as invoicing discounting will become harder to find. There will also be increased pressure on income and margins as customers seek to reduce costs. Companies need to take decisive action now and recognise that the current trading conditions can be an opportunity to grow stronger rather than being a threat to business survival.”

For more information on HURST Advantage, or to arrange a no cost initial consultation, contact Simon Brownbill on 0161 477 2474 (simon.brownbill@hurst.co.uk ).