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Entrepreneur's Journal: Resolutions for 2009

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.

Continue reading Entrepreneur's Journal: Resolutions for 2009

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