How not to lose money? Financial advice of businessman Alexander Syvak for 2023

Despite the difficult times, Ukrainian entrepreneurs expect positive dynamics for the growth of their business in 2023. However, today there is a high risk of losing the earned funds. How to prevent this and increase wealth? The leading expert - Oleksandr Syvak - Odesa journalist, businessman, publisher of the specialized publication "Shipping" and the ideological inspiration of the Strateg trading house and toy store, answers.

Anti-crisis recommendations

The anti-crisis program is the main thing in business management. An entrepreneur must be ready for freelance situations due to the instability of time.

Anti-crisis actions should be developed individually for your business, and not created according to existing templates of other enterprises.

Top tips: reduce and optimize costs, save the team. Why exactly this?

Cost reduction and optimization is a strategic process. Check the financial income and do not spend everything to overcome the crisis. The second point is that employees are the basis of business. The crisis always passes, but people remain. If you need to save on employees, you can transfer them to remote work.

You can try to find stakeholders who will be directly interested in your business and will influence its development.

The main thing in business 2023

• constant development
• put money into circulation
• choose niches with less competition

Many entrepreneurs are afraid to scale their business and implement new ideas. It is clear. But development requires constant forward movement. Adapt to the times and follow the trends. For example, the team at online board game toy store Strateg released a series of patriotic board games during the full-scale invasion. These are "Oh in the meadow...", "Say Palyanitsa", "Good evening, we are from Ukraine", "Russian warship go to the... bottom". They are in great demand because the whole family can play. You can also buy a set of patriotic board games.

Always use profits to improve product quality or service level. If there is a surplus of funds, especially in foreign currency, it is better not to keep them in the bank, but to put them to work. It can be a deposit in a bank or the purchase of an apartment, car or new premises.

Oleksandr Syvak, as an experienced businessman, is categorically against loans, especially when they are taken out for consumer needs. Many entrepreneurs take loans for development, but fall into a closed circle. Part of the profit must be given to repay the debt. Thus, the businessman breaks even, remaining without profit.