Good supplier relationships will get you through tough times

In 2008, the financial crisis posed significant challenges for businesses, particularly in maintaining credit and cash flow. The speaker describes how their company, despite being profitable, faced difficulties due to the credit crunch. They had to find a million pounds in cash flow within three months. The solution involved reverting to previous business practices, such as personally managing supplier relationships. By leveraging trust and honesty with suppliers, the company was able to maintain credit terms and continue trading. This approach not only helped them survive the crisis but also strengthened long-term relationships with suppliers.

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