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Survival Tips For Your Small Business
No matter type of business you operate you've got to know how to keep your business alive during economic recessions. Anytime the cash flow in a business, large or small, starts to tighten up, the money management of that business has to be run as a "tight ship."
Pause Before Paying
Some of the things you can and should do include protecting yourself from impulse expenditures. We've all bought merchandise or services we really didn't need simply because we were in the mood, then we sort of "wake up" a couple of days later and find that we've committed hundreds of dollars of business funds for an item or service that's not essential to the success of our own business, when really pressing items had been waiting for those dollars.
While you may think you cannot afford it, be sure that you don't "short-change" your self on professional services. This would apply especially during a time of emergency. Anytime you commit yourself and move ahead without completely investigating all the angles, and preparing yourself for all the contingencies that may arise, you're skating on thin ice. Regardless of the costs involved, it always pays off in the long run to seek out the advice of experienced professionals before embarking on a plan that could ruin you.
Your company's books should reflect your way of thinking, and whoever maintains them should generate information according to your policies. Thus, you should hire an outside accountant or accounting firm to figure your return on your investment, as well as the turnover on your accounts receivable and inventory. Such an audit or survey should focus in depth on any or every item within your financial statement that merits special attention. In this way, you'll probably uncover any potential financial problems before they become readily apparent, and certainly before they could get out of hand.
Many smaller companies set up advisory boards of outside professional people. These are sometimes known as Power Circles and once in place, the business always benefits, especially in times of short operating capital. Such an advisory board or power circle should include a lawyer, a certified public accountant, civic club leaders, owners or managers of businesses similar to yours, and retired executives. Setting up such an advisory board of directors is really quite easy, because most people you ask will be honoured to serve.
Once your board is set up, you should meet about once a month and present material for review. Each meeting should be a discussion of your business problems and an input from your advisors relative to possible solutions. These members of your board of advisors should offer you advice as well as alternatives, and provide you with objectivity. No formal decisions need to be made either at your board meeting, or as a result of them, but you should be able to gain a great deal from the suggestions you hear.
By all means, join your industry's local and national trade associations. Most of these organizations have a wealth of information available on everything from details on your competitors to average industry sales figures, new products, services, and trends. If you are given a membership certificate or wall plaque, you should display these conspicuously on you office wall. Customers like to see such "seals of approval" and feel additional confidence in your business when they see them.
Whenever you can, and as often as you need it, take advantage of whatever free business counselling is available. Your local chamber of commerce or small business advisory will likely have numerous free publications. Most local universities, and many private organizations hold seminars at minimal cost, and often without charge. Take advantage of the service s offered by your bank and local library.
Direction Is Everything
The important thing about running a small business is to know the direction in which you're heading; to know on a day-to-day basis your progress in that very direction; to be aware of what your competitors are doing and to practice good money management at all times. All this will prepare you to recognize potential problems before they arise.
In order to survive with a small business, regardless of the economic climate, it is essential to surround yourself with smart people, and practice sound business management at all times.
Small Business Economy Continues To Grow Modestly
Small Biz Breakfast on Changing Technology Trends - HamletHub
Judge tells American Express it can't bully small biz - Crain's New York Business
Mayor makes another vow to cut small-biz red tape - Crain's New York Business (blog)
Small business advice: What to know (and do) about Obama’s cybersecurity proposals
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Balancing your priorities- Not everything can be perfect
As small business managers, we juggle limited resources in a quest for success. To an extent, when we focus on success in one area we forego attention elsewhere.
FTC Report on Franchise Rule Making; What Purpose?
The Federal Trade Commission out of the blue decide in November of 2004 that they wanted to revamp the franchise and business opportunity rule; specifically addressing franchising. Now then, why now? To prove to the masses that the Federal Trade Commission is in control? After all it is nearly 10 years after the Federal Trade Commission considered revising the rule, before this report has surfaced again.
Small Business - Big Business...Whats the Diff?
Small Business, Big Business - What's the Diff?Well a lot actually!I become frustrated and angry at the government's paying lip service to assisting small business. It appears as though all governments, bureaucrats and many accounting advisers do not know what a real small business is.
Small Businesses - How to establish branding without spending a fortune
When we speak of branding most of the time people try to relate it to big business house, however, the fact is that every business needs to establish their brand in order to survive the competition. This is nothing new; experts and management gurus had been preaching the same sermon for years now but what they have not told is why you need to brand your small business? How is branding going to help you to establish your business? How can you establish your brand without spending a fortune on it?You might be having a very small business but would you like your client to perceive your business as a small time entrepreneurial effort? Definitely not, and your business cards, letterheads and other marketing collaterals does just that.
Boat Detailing Tips and Procedures
Auto detailers are often asked to clean boats and detail boat trailers. There is an easy and efficient way to do this with little effort.
Outsourcing Payroll and check printing should only be a last resort
Business checks are available in many styles and varieties. They offer many benefits to your small business, some you may not have thought of.
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Every home business has the same problem of how to increase sales without a hugely expensive marketing campaign. By utilising the following simple ideas you will be able to do just that.
How to Handle Rejection When You Start an Office Cleaning Business
"If at first you don't succeed, then skydiving definitely isn't for you."Thank goodness starting an office cleaning business isn't anything like skydiving! If you fall flat on your face, there's no chance that it's going to hurt that bad.
There has never been a better time to start a small business
As a teenager I worked for my father's small business. At 18 I worked for a small video rental business owned by two partners; there were 4 employees.
Youll See It When You Believe It - Growing Your Business from the Inside Out
What unspoken message are you sending your clients and customers? Is your personal energy field projecting positive, high vibrational energy or just the opposite? The latter will cost you business--and worse, you won't even realize it. The energy I'm talking about here has been called many things, "being in flow," "in the zone," "locked on", "jazzed", "sending out good vibes," (that last one is for anyone old enough to remember the 60's).
11 Things Small Business Owners Can Learn From The Supreme Court
1. Have A Strong Constitution - Justices deliver decisions by interpreting the U.
Success involves more than just money
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Starting a New Business in a Small Town
Q. I am a former pastor who left the ministry after sixteen years to spend more time with my family.
Challenging the Gospel of Growth -- Must Business Grow to Survive?
A cherished business doctrine is that growth must be a primary business purpose: "grow or perish" is a mostly unquestioned truth. At South Mountain we favor certain kinds of growth, but not expansion for its own sake, which author Edward Abbey described as "the ideology of the cancer cell.
Facts About Starting Elderly Group Home Businesses
There's been a recent rise in the number of elderly group home businesses springing up everywhere around the world, what with an estimated one in four families providing care for an elderly relative today. Before you decide to jump on the group home business bandwagon, though, you need to know as much as possible.
There Is Security in Change... But Use Caution
It has been said that the only constant is change. That statement, while true for everyone, it is especially true for those engaged in business activities.
Overcoming Your Biggest Competitor
Before you read any further in this article, I'd like you to take a moment and write down who your biggest competition is.OK, got it?I'm going to go out on a limb here and tell you that no matter what company you wrote down, you're wrong.
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As you may already know, asphalt paved parking lots do need maintenance from time to time. One known asphalt paving maintenance technique is to have your parking lot re-striped to add a nicer look to existing asphalt paving properties.
Effective Customer Interviews Make Life Much Easier!
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