As more employers become cautious about
hiring and banks pull back on lending, recruiters must be proactive if they
want to survive the financial crisis.
Here are a few "must make" moves for recruiters fighting to
survive the downturn:
1.
Limit your debt
usage. It may be tempting to load
up on debt, especially as cash may seem scarce; but doing so could spell
trouble if you run into a dry spell as the economic environment worsens. The best move recruiters can make in
this economy is to avoid accruing more debt and pay off their existing debt
without depleting their cash reserves.
2.
Get an experienced
mentor/advisor and take their advice. Good advice is golden, especially in hard
times. Recruiters want to avoid making unnecessary mistakes that may cost them
financially. During good times, most of us can afford to make a few mistakes;
but when things are financially tight costly mistakes can sink a business.
3.
Save cash! Have at least
six months of operating expenses or more on hand. Many recruiters make the
mistake of operating with absolutely no emergency funds on hand. Failing to have a cash cushion could
sink your business quickly when true emergencies do arise.