Three surefire strategies for managing small business in a downturn.
by Belinda Fuchs, CPA
Own Your Money LLC
1. Systemize, systemize, systemize. More money is literally thrown away every day as small businesses often self-impose customization on every process. Instead, standardize processes for customized results. If you are worried it can't be done, look at successful franchises such as McDonalds or Starbucks, and read Michael Gerber's book The E-myth Revisited as a resource to understanding the secrets of why most small businesses don't work and what you can do about it.
2. Ensure a clear ROI. Each dollar you spend can be yielding a return on your investment. You do not need to settle for the status quo of service or pricing. Be proactive about calling your suppliers to ensure you are in the best program given your level of service requirements, from your phone company, to your printer, to your healthcare provider.
3. Carpe diem. Open your eyes to how the current state of the economy can provide an additional need for your business. Change your outlook and be careful not believe the media hype. For instance, a financial advisor can choose to see that people may have less money to invest or instead can address the tremendous need for people to have a trusted resource to safeguard and grow their savings. The opportunities are everywhere.
Belinda Fuchs, CPA makes personal finance rewarding and fun. An inspiring-yet practical-financial coach and speaker, Belinda is the President and Chief Money Motivator of OwnYourMoney.com, a financial coaching company dedicated to teaching people how to create the life of financial freedom they deserve. Belinda is also regularly featured on television, radio, print, and the Internet, including her weekly radio segment on Network Abundance Radio. (www.OwnYourMoney.com)