Posted in February 5th, 2009
6. BUSINESS SURVIVES ON THE BOTTOM LINE. NOT THE TOP LINE
Don’t worry about growing revenue. Worry about growing profit…. Make sure you understand what drives profitability in your business. To spur demand, you may have to get creative with pricing and product offerings, and you don’t want to put something out there that is actually […]
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Posted in February 2nd, 2009
5. TALK TO YOUR LENDERS
If you have debt financing, stay in communication with your creditors. Don’t wait until it’s too late before speaking with your lender. When you are already in a crisis and haven’t provided any warnings, situations may prove tricky. Maintain constant communication. It will help you should you ever need to renegotiate […]
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Posted in January 29th, 2009
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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Posted in January 27th, 2009
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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Posted in January 22nd, 2009
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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Posted in January 20th, 2009
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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Posted in January 15th, 2009
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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Posted in January 13th, 2009
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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Posted in January 8th, 2009
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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Posted in January 6th, 2009
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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