All in all, it was a particularly tough year for small businesses. And, in light of some of the recent economic reports, it looks like 2009 will be tough too.
So, to begin the year on the right foot, I've put together some ideas for New Year's resolutions for your business.
Here's a look:
Get an advisor: It's critical that you get an outside perspective -- especially from someone who has experienced tough economic periods. To this end, you can go to a local SCORE (Counselors to America's Small Business) office. The organization consists of thousands of former executives -- and, importantly, the resource is free.
Become a cash-flow fanatic: When looking at revenues, be conservative. Also, find ways to minimize costs. In other words, scrutinize all line items. Even small costs can add up.
Another idea is to track revenues and costs on a daily basis. An excellent book on the topic is The Plan-as-You-Go Business Plan.
Be vigilant with collections: It's never easy to ask for money from late customers. But, if you want to survive, this is a must-have item.
The key is being quick. If you wait a couple months, you'll probably not get paid. (For more on this topic, you can check out one of my recent columns.)
Upgrade your website: Web users expect richer experiences from company websites. Brochure-ware really doesn't cut it anymore.
The good news is that there are a variety of inexpensive resources to improve your website.
One option is Caspio. The company recently launched its "Website Marketing Suite." With it, you can add things like email signups, announcements, recent news and so on.
Build business credit: This is something that is a mystery to many business owners, yet it's critical. A few organizations, such as Dun & Bradstreet, keep track of the payment histories of businesses. And yes, you should make sure your company is in the system. This is done by signing up for the CreditBuilder, in which you will get at DUNS number.
You should also setup business accounts with different service providers, such as UPS (NYSE: UPS), Staples (NASDAQ: SPLS) and so on. (For more on establishing credit, you can check out this column.)
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Reader Comments (Page 1 of 1)
1-12-2009 @ 2:05PM
D said...
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