Going forward, Ó hUiginn's advice to worried business owners is to "batten down the hatches" and avoid unnecessary debt.

"This recession will be a huge problem for everybody. People are going to find it hard to pay their rent and huge adjustments will have to be made. The service industry will find a huge difference as people tighten up their belts and don't go out as much. Already, people are very reticent about spending money.

"The best advice that could be given to businesses going into this difficult time is to batten down the hatches and try to avoid getting into debt. A lot of companies will be unsustainable going into this economic downturn and people are often tempted to go into huge debt to keep the business going. However, it is sometimes better to quit early before you get in too deep."

Comments (0) »

Show/Hide comment form

Name

Email

Title

Comment

Write the displayed characters

Add Comment