Five tips for survival in economic downturn. By Doug Richard. Entrepreneur and Dragon's Den panellist.

1. Cash is King. Manage your cash - if you're out of cash and out of credit you're out of business.

2.Collect With Passion. Manage receivables aggressively. Don't keep extending credit.

3.Don't Depend On Anyone. Keep a close eye on your suppliers' performance, and have alternatives.

4.You |Can Always Cut More. You can forecast expenses, you can't forecast revenue. Look for places to cut expenses.

5.Talk to Your Lenders. If you have debt financing, stay in communication with your creditors. Don't wait until it's too late before speaking to your lender.

Published: 13.1.2009