Managing financial problems in business

Liquidation SaleThe main challenge for managers in business today is to manage their way out of the current recession.

Consumer spending in Ireland had its biggest annual fall from January 2008 to January 2009 with a 20% decrease. This was the largest fall since records began in 1974.  Motor sales had the biggest decline with car sales continuing to fall by over 40% last year. Furniture and electrical goods recorded a fall of 30% and 25% respectively. Read the full report from the CSO.

As discussed in class last week, a business can have 3 financial problems:

There are many examples of Irish and international companies experiencing financial problems. Click on each of the above links to see an example of a business with these financial problems.

Here is another example from yesterday’s Irish Independent.

1 Response to “Managing financial problems in business”

  1. 1 On the Money March 29, 2009 at 3:55 pm

    Getting help early and realising (or, rather, admitting) when trouble is approaching is essential for all businesses. Reducing needless expense, excess stock and stepping up credit control are just some of the issues. No let up anywhere it seems …

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