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Surviving the Economic Climate

In the current economic climate it has become difficult for small businesses to survive and, as such, it is now more important than ever that a niche is found for the products provided by the business. Focusing on product differentiation rather than competing on price is not only helpful for the business but for the market too as it will help to stabilise product mark-ups as the price is not competitive.

The most important factor to remember when dealing with your finances is that you need to be aware of your income and expenditure. There are a number of online sites which can be useful in helping you create a budget and assisting you to keep track of what you are spending and saving.

It is vital that you think about budgeting for the future and planning your financial goals. Often it is best to consult an independent advisor as product suggestions and advice can, in some cases, be biased by brand.

Making a budget is essential in surviving the current economic climate and to do this successfully you will need to include a buffer zone. Essentially, this is a set amount of money that is put aside every month for emergencies to help you avoid financial difficulties. By having a budget you will know that you can afford to repay under any circumstances.

Another area worth remembering is the importance of regularly reviewing any investments that you may have, such as SIPPs, particularly given the current changeable climate of the economy.

If you need to take out a loan then it is important that you take this seriously as missing payments can have serious implications. This is especially the case if you are borrowing money from friends or family.

In the current economic downturn there is more emphasis then ever on retaining your current credit score and to do this you should avoid missing payments and negotiate with your creditors if unable to meet payments.

It is essential to be well informed and understand how to manage your finances. Having a budget will help reduce the chance of financial difficulties. However, if at any point you feel you are having problems then seek help immediately. For further information or SIPP advice, please visit

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