Home
>
Small Business
>
Survival Tips For Your Small Business

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.

Using Professionals

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 Financials

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.

Advisory Boards

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.

Joining Associations

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.

Free Advice

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.

Author: http://www.jamesburchill.com

no-contract cleaning service Arlington Heights ...

In The News:

Paralyzed woman Audrey Crews controls a computer with a brain chip from Elon Musk's Neuralink, demonstrating breakthrough brain-computer interface technology.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Meta removed over 600,000 predatory accounts from Instagram and Facebook while launching enhanced safety protections for teenage users on both platforms.

Facebook crypto scams trick users with fake celebrity endorsements and legitimate-looking cryptocurrency exchange ads that install malware on victims' devices.

Create private chat rooms using the iPhone Notes app collaboration feature with instant messaging capabilities and full control over conversation privacy.

Lyft rolled out safety upgrades with a new Safety Hub, driver blocking capability and a favorite driver option to give riders more control over their experience.

New research shows Americans increasingly trust AI for wellness guidance over social media, with 63% finding artificial intelligence reliable for health.

Luxury fashion brand Dior experienced a January 2025 data breach affecting customer personal information, and notifications were sent months after the discovery.

The commercial Unitree H1 humanoid robot weighs 104 pounds with 365 pound-feet torque per joint and demonstrates dangerous potential when software glitches occur.

Americans average 10-plus hours online daily, according to recent survey, splitting time between streaming shows on TV and browsing websites on multiple devices.

Boost your smartphone privacy instantly with these security tweaks for iPhone and Android that limit ad tracking, hide notifications and prevent unauthorized access.

Platforms like Hoax Tech and JS Click Cloaker help cybercriminals bypass detection systems using machine learning to selectively display scam content to victims.

A new battery recycling technique transforms old lithium-ion batteries into high-performance components that retain 88% capacity after 500 cycles with minimal waste.

Google's Android operating system can warn users about earthquakes before the shaking even begins – and there are ways to do it on your iPhone, too.

Meta's new gesture control wristband might just be the most seamless way to control a computer yet. And no, it doesn't require surgery, a camera, or even a touchscreen. All it needs is your wrist.

Long-haul trucks are now being upgraded with a surprising twist, thanks to California-based startup Revoy. Their electric boost doesn't replace diesel but works alongside it to cut emissions and fuel costs without major disruption.

PayPal and Venmo just rolled out something big: AI-powered scam alerts for Friends and Family payments.

As data centers multiply across the United States, energy demand is increasing at a rapid pace. This has not escaped the notice of large investment firms from Wall Street.

The Unicode Consortium, the nonprofit organization that maintains the Unicode Standard to ensure emojis work across devices, has announced Unicode 17.0, which includes nine new emojis slated for release this fall, in September 2025.

OpenAI is one of the world's leading AI research labs. Founded in 2015, it's behind some of today's most talked-about tools, including GPT, DALL·E, and ChatGPT.

Ever catch your dog staring at the screen during movie night and wonder if they're actually watching? Turns out, they might be. A new scientific study from Auburn University found that many dogs really do engage with television, and not all pups react the same way.

Stop the scammers from making contact in the first place. They're getting your parents' contact information and much more personal data besides, from somewhere.

The Walker S2 robot from UBTech autonomously exchanges its batteries in just three minutes, allowing continuous operation in car factories operated by BYD, Nio and Zeekr.

The FX Super One electric MPV from Faraday Future offers flexible seating, zero-gravity recliners and an AI system that creates a personal connection between driver and vehicle.

Practical solutions for reducing unwanted charity mail, political texts and email spam by opting out of shared lists, replying "STOP" and using data removal services.