| Today's uncertain economy is enough to make a | | | | brighter than before. If you do not let your |
| small business owner's hair fall out, bowl over from a | | | | customers know you are still on board, they may |
| stomach ulcer or scratch up a rash that could cause | | | | forget about you when the good times resurface. |
| customers to consider another place for service or | | | | And they will resurface. |
| product. The good news is that we know the | | | | Develop a no cost marketing plan that includes |
| economy will turn around, in time. Your job is to work | | | | building media relationships so you can submit byline |
| smarter and keep your business moving forward until | | | | articles relevant to your industry. Appear on local |
| then. That means taking a hard look at the business | | | | access television as an expert in your field. Join in |
| of your business. | | | | professional, community and industry networking |
| As small business owners we are good at what we | | | | events. Develop a customer management program |
| do and make. Problems arise when we pay too much | | | | that includes regular contact with customers about |
| attention to our product or service and not enough | | | | subject unrelated to your business as well. |
| to managing the business itself. Granted that is the | | | | Apply for small business awards and contests by |
| part that usually evokes a dreaded "ugh," but it is | | | | corporations, professional associations, and |
| also the part that can mean the difference between | | | | government. This recognition will get you attention by |
| success and failure. Focusing on your financials, the | | | | your customers as well as potential customers that |
| people who make your business possible, and your | | | | may not know you exist. Winning an award often |
| vision will help ensure your survival in today's | | | | gets you requests from other media who want to |
| economy and beyond. | | | | publish your story. It also builds your credibility. |
| Re-Mind Your Business | | | | Nurture Your People |
| Cash in or Cash Out I am sure you have heard this a | | | | Employees It may be that without your employees |
| thousand times, but it still needs saying. "Cash is king." | | | | you would not have a business. During this economic |
| A business is more likely to survive in a good or bad | | | | slowdown, communicate with your employees. Now |
| economy with good cash flow than with profits. One | | | | more than ever it is important to be transparent, ask |
| does not necessarily mean the other. Small business | | | | for their ideas for improvement. Motivating |
| owners usually have problems with cash flow no | | | | employees is difficult when they are feeling shaky |
| matter the economy. To improve cash flow do a | | | | about whether they will keep their jobs. The best |
| cost analysis of your business. Look at areas where | | | | motivator is to provide them the opportunity to |
| you can save money such as bank and credit card | | | | offer suggestion on how to serve the best interest |
| charges; negotiate with creditors for longer payment | | | | of everyone in the company over the long-haul. They |
| arrangements. Barter for services or products with | | | | may be willing to take a pay cut or have ideas about |
| suppliers. If you offer credit to your customers, cut it | | | | cutting back on expenses you did not think about. Go |
| down or out and be more aggressive with collections. | | | | the extra step and provide praise for good work or |
| Consider outsourcing services instead of hiring | | | | ideas that work. They are your most precious |
| another employee. There are many freelancers that | | | | resource. It is usually less costly to keep current |
| are experts in specific areas such as accounting and | | | | employees than searching for qualified employees |
| bookkeeping, website design and operations and | | | | that you have to train when the economy improves. |
| marketing and public relations that can cost less than | | | | Customers Keeping your existing customers by |
| an employee, benefits included. Be creative in | | | | providing excellent customer service is good practice |
| reducing the cost of your day-to-day operations | | | | anytime. During today's economy it is critical. It is |
| without sacrificing the quality of your product or | | | | much easier to keep existing customers than to find |
| service. | | | | new ones. Talk to your customers. Learn what they |
| If you do large jobs, ask for a payment plan that | | | | need, how they are doing financially, what their |
| includes a deposit. If you do large contracts such as | | | | expectations are for the future, so you are on your |
| janitorial services for major corporations, invoice early | | | | game when the economy improves and your |
| and ask for early payment or offer your customers | | | | customers start spending more. |
| a discount if they pay the invoice within a certain | | | | Suppliers Supplier loyalty can be valuable when you |
| time frame. In a poor economy, large corporations | | | | need extra time to catch up on your account |
| are looking for ways to save money too. | | | | payables. Depending on your business, you may land |
| If you need help with your cost analysis or cash flow | | | | a new account and need supplies to launch the |
| projections, ask for it. Worcester has many free and | | | | account until your first month of receivables is due |
| low-cost resources to help you develop your survival | | | | which could be 60 to 90 days out. A good |
| tactics. | | | | relationship with your supplier could mean your |
| Marketing | | | | payables receive the same time consideration. Think |
| While cutting costs is most important, cutting back | | | | creatively when making deals to grow your business |
| on marketing, advertising and public relations during a | | | | with the help of your suppliers. The more growth |
| poor economy is a big mistake. Marketing and public | | | | your business experiences, the more business your |
| relations are what gain you new business. When | | | | supplier could expect. |
| times are hardest is the time you want to shine even | | | | |