Publication : Business standard, Mumbai; Date:February 15, 2009
Don’t dig into personal reserves, avoid personal and short-term loans.
Recession, slowdown, budget freezes and cost cutting are four buzz words in any discussion today. Due to tough times, corporations have been forced to cut down on various costs. Just two days back, Citigroup head honcho Vikram Pandit announced a $1 salary and no bonus, till the bank returns to profitability. Similarly, there are massive layoffs and salary cuts across big corporations.
Things are even worse for small businesses and self employed professionals (SBSEPs). A lot of them have seen low off take of sales, mounting expenses and diminishing cash flow. At the same time, banks have been unwilling to lend.