As we continue to take stock of our current situation and plan for the uncertainty of what tomorrow will bring, we suggest doing a reality check of your business. Take control by applying these tips, Ten Tips to Do in Tough Times. Courtesy of Small Business Administration (SBA) and SCORE.
- Manage your cash flow.Examine your cash flow analysis and look for steps to strengthen your financial position. Consult with your CPA more often.
- Meet with your local banker.Reinforce your relationship and inquire as to any strategies they might recommend.
- Contact all vendors and creditors. Establish a line of trade credit or explore extending the terms.
- Examine and reduce your accounts payable, where possible.
- Examine and manage your accounts receivable. Try to reduce the average number of days your receivables are outstanding. More frequent requests for payment on overdue accounts may be in order.
- Examine, develop and deploy several additional marketing strategies, including maximizing the use of social media. All designed to stimulate sales.
- Develop strategic alliances with other businesses. This will allow you to expand market penetration and explore new markets domestically and international. If feasible join additional business networking organizations.
- Either reinforce/expand or create a Board of Advisors.These individuals can be a valuable source of information, advice and connection to resources.
- Contact Small Business Administration (SBA) (sba.gov)
