Thank you for taking the time to
view the site, I've enclosed the FREE Report
after you read it, check out the other FREE Reports.
information contained in this FREE Report is meant as ...
a guide - reference & for educational purposes ONLY.
For Legal & Accounting advise - contact a professional.
HOW TO MAKE YOUR BUSINESS SURVIVE - IN THE YEAR TO COME
This report is best viewed if it's printed out.
You may be in Mail Order, Direct Mail, or you may be a local merchant with 150 employees or more; whichever, however or whatever, you've got to know how to keep your business alive during economic recessions. Any time the cash flow in a business, large or small, starts to tighten up - the money management of that business has to be on the ball.
Some of the things you can do and should do, include protecting yourself from expenditures made on sudden impulse. We've all bought things or services we really didn't need, simply because we were in the mood, or perhaps due to the flamboyancy of the advertising, or even because of the persuasiveness of the salesperson. Then we sort of "wake up" a couple of days later and find that we've committed business funds to hundreds of dollars for an item or service that's not really essential to the success of our own business.
If you're incorporated, you can eliminate these "impulse purchases" by including within your by-laws a clause that states: "all purchasing decisions over a certain amount are contingent upon approval by the board of directors. "This will give you a chance to consider any "impulse purchases" a second time after you've had a chance to think about the need for your purchase.
If you're business is a partnership, you can tell whoever it is that attempts to sell you something, that all purchase decisions are contingent upon the approval of a third party. In reality, the third party can be your partner, one of your department heads or even one of your suppliers.
If your business is a sole proprietorship, you don't have much to really worry about because as an individual you have three days to think about your purchase, and then to nullify that purchase if you think you really don't need it or can't afford it.
Especially in times of emergency, be sure that you don't "short-change" yourself on professional services. Anytime you commit yourself and move full-speed ahead without fully 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 or experienced professionals before embarking on a plan that could ruin you.
Particularly when sales are down, you must be "hard-nosed" with people trying to sell you luxuries for your business. When your business is booming, you undoubtedly spend more time allowing different sales people to show you new models of equipment or a new line of better-looking supplies, but when your business is down, skip the entertaining frills and concentrate on the basics. Great care, however, must be taken to maintain courtesy and allow these sellers to consider you a "friend," and call back at another time.
Whoever maintains your company's books should reflect your way of thinking, and 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 your 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 arise.
Many small companies set up advisory boards or 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.
advisory board or power circle should include a solicitor, a certified
public accountant, civic club leaders, owner / managers or businesses
similar to yours, and retired executives.
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 advisers relative to possible solutions.
These members of your board of advises should offer you advice as well as alternatives, and provide you with objectivity. No formal decisions need to be made either at your board meetings nor as a result of them, but you should be able to gain a great deal from the suggestions you hear.
It should be that most of your customers have the money to pay at least some of the money they owe you, immediately. To keep them current and the number of accounts receivable in your files to a minimum, you should call them on the phone and ask for some kind of explanation why they're falling behind.
If you develop such a habit as a standard part of your operating procedure, you'll find your invoices will magically be drawn to the front of their piles of bills to pay. Do not be hesitant nor too much of a "nice guy" when it comes to collecting money.
Something else that's a very good business practice, but which new business owners do is to methodically build a good credit rating with their local banks. Particularly when you have a good cash flow, you should borrow $100 to $1,000 from your banks every 90-days or so.
Simply borrow the money - place it in an interest-bearing account - and then pay it all back at least a month or so before it's due. By doing this, you'll increase the borrowing power of your signature, and strengthen your ability to obtain needed financing on short notice.
This is a kind of business leverage that will be of great value to you if or whenever your cash position becomes desperate.
By all means, you should join your industry's local and national trade associations. Most of these organisations have a wealth of information available - everything from details on your competitors, to average industry sales figures, to new products, services and trends.
If they give you a membership certificate or wall plaque, you should display these conspicuously on your office wall. Your customers like to see such "seals of approval" and place additional confidence in your business when they see them.
Still another thing often overlooked - if at all possible, you should have your spouse work in the business with you at least 3 to 4 weeks per year. The important thing is that if, for any reason, you are not available to run the business, your spouse will be familiar with certain people and situations about your business.
These people should include your attorney, accountant, any consultants or advisers, your major suppliers and creditors. The long-term advantages of having your spouse work four weeks per year in your business with you, greatly outweigh the short-term inconvenience.
When ever you can, and as often as you need it, you should take advantage of what ever free business counselling is available.
The Small Business Administration has many excellent booklets, checklists and brochures available on quite a large variety of businesses. They also have management and financial assistance programs that can definitely benefit just about any small business.
Most local universities, and many private organizations hold seminars at very minimal costs, often without charge. You should also take advantage of free services offered by your bank and local library.
You may feel no great need for continuing education courses, but if you learn even one new bit of information that will be of ultimate benefit to you or your business, the little time spent at a seminar or in a night course, will be a wise investment.
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 direction - to be aware of what your competitors are doing - industry trends and sales figures for businesses comparable to the size of yours - to practice good money management at all times - and to prepare yourself to solve your problems before they arise.
Generally speaking, times are always tough for small businesses. In order to survive with a small business, regardless of the economic times, it is essential that you surround yourself with smart people, and practice sound business management at all times.
that if you are doing well now,
1 - 2 - 3 - 4 - 5 - 6 - 7 - 8 - 9 - 10 - 11 - 12 - 13 - 14 - 15
|| Books || CD's
|| Opportunities || Reports
|| Software || Video's
Catalogue || FREE Classifieds || Lots of FREEbies
Order Form || Alternative Ordering & Payment Methods
Recommend this site to a Friend
FREE GIFTS CLICK HERE
Bookmark & keep coming back often!
AUSTRALIA is a leading provider of holidays to Australia.
For both visitors within Australia, and from overseas.
Holiday Packages - Hotels - Car Hire - Tours
LIVE DEALS Australia Hotels - Accommodation
|Sydney Hotels||Melbourne Hotels||Brisbane Hotels||Adelaide Hotels||Perth Hotels||Hobart Hotels||Darwin Hotels||Canberra Hotels|
STATE BY STATE
|New South Wales Accommodation||Western Australia Accommodation|
|Victoria Accommodation||South Australia Accommodation|
|Queensland Accommodation||Tasmania Accommodation|
|Northern Territory Accommodation||ACT Canberra Accommodation|
Accommodation Search Popular
Drive Value Added Packages - Car
Hire & Campervan Rental Deals
LIVE DEALS Tours and Package Holidays - Australia Tourism Guide and Travel Deals
Australia Flights Packages: Flights + Accommodation = Extra Discount
THAT YOUR LOOKING FOR - CHECK OUT THE CLICKBANK CATALOGUE
Over 10,000 + Products to Choose From!
ClickBank the best way to complete a digital sale.
If you're into Niche Resale
Rights Products then check out my
which has 120 + different ebook packages and still growing.
I'VE ALSO JUST FINISHED A
SITE TOTALLY DEVOTED TO ...
'MASTER RESALE RIGHTS PRODUCTS'
CURRENTLY 83 DIFFERENT PACKAGES
DROP ON BY & HAVE A LOOK
Ebooks - Books - Software - CD's - Reports - Videos & Business Opportunities
Dunway Enterprises || Dunway Sitemap || Sub Domains Index
WebMaster & Site Design by Ken Dunn
Dunway's Network of Joint Venture Sites
CLICK HERE TO SEND MAIL
Copyright [c] Dunway Enterprises
Disclaimer: Information shown in any
of the above [article]
does not in any way constitute medical, financial or legal advice.
If you require such advice, you should seek appropriate professional guidance.
ALL RIGHTS RESERVED
Tom Azzara - Newsletter
Tax Havens of the World