Bosses of travel firms should ensure they have as much information about their businesses as possible to secure bank loans in the current climate.
Speaking at ABTA’s Travel Recession Toolkit seminar in London yesterday, PricewaterhouseCoopers senior manager Caroline Rifkind said the more information businesses can provide, the more likely they are to be able to win the trust of a potential lender.
This is especially pertinent at a time when banks are being extremely cautious, with some needing bailouts from the government in the recent credit crunch.
She added: “They (the banks) will be lending to those businesses where they have really good quality information as to the strength of their businesses going forward.”
PricewaterhouseCoopers director Ian Oakley-Smith added the more knowledgeable business leaders are about their own companies, the earlier they will spot problems and be able to act on them.
He also urged company boards to act decisively when dealing with any problems, focus on cash and get rid of any parts of the business which are failing.
Oakley-Smith added bosses should also plan for different scenarios which could affect their businesses, recognise the value of their staff and take advantage of any opportunities as and when they present themselves.