4. YOU CAN ALWAYS CUT MORE
You can forecast expenses, you can’t forecast revenue. Look for places to cut expenses. When times are good, companies tend to add staff and expenses that are nice to have, but not critical. It’s time to take a fresh look at those.
Keep focus on core markets and spend money solely […]

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3. DON’T DEPEND ON ANYONE
Keep a close eye on your suppliers, and have alternatives. In a downturn, some of your suppliers may become troubled as well, and you need to think about alternative sources for your critical inputs.

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2. COLLECT WITH PASSION
On a related point, manage receivables aggressively. Businesses are holding on to their cash longer than before, resulting in late payments. These late payments are having a ripple effect through the SME community. Receivables will trend up, and some of your customers may become troubled as well. Don’t keep extending credit.

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How are you finding the economic downturn? Is your business booming as you pick up new clients love the flexibility that a VA can offer as they are less inclined to hire staff at this uncertain time? Or are you finding that clients are cutting back on their hours with you and taking longer to […]

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Keep on networking.
This is often the first thing that gets dropped when you become busy with clients work. I know; I’m guilty of it myself. But when you suddenly disappear from groups you have been a regular at, often the assumption is that you are no longer in business. Accept that networking is part of […]

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Review your marketing activities.
Set aside time each month to review your marketing activities. How many enquiries have you had in the previous month and where have they come from? Have a look at what is working for you and what could be improved.

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Social networking.
If you have a profile on sites such as Ecademy and LinkedIn, it’s easy to spend hours each day on and off the site responding to requests to link. Set aside some time each week for social networking and respond to invitations then. Also user this time to seek out new connections of your […]

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Happy New Year! Are you sitting comfortably? Then we’ll begin…
Writing your blog.
The same writing advice applies here as it does to newsletters but with the added bonus that you can schedule your posts for in advance. I’m actually writing this on the 30th October but you’ll be reading it weeks later!

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