Small Business Tips During Slow Times
I have been in business for a long time and mostly with small to mid size companies. Currently I am the CEO of Access Security Technology in Acworth, Georgia. I thought it might be helpful to come up with a list of 5 important business practices that you can implement during the current economic slow down. Here goes:
1. Guard your cash! Pay your employees, your bills and your creditors. Do not waste your money on anything that does not produce an immediate tangible return. No exceptions!
2. Evaluate your employees and watch your human resource costs – weekly. Remember, employees cost money if they are not working 8 hours per day. Hanging on to non essential employees will not help your company survive.
3. Look for opportunities under every rock. If you hear of a possible deal, work that deal until the opportunity dies or until you win the business.
4. Provide all the services or products you can. Evaluate your offerings against your customer’s needs. Are there additional services that you can offer that your customers may need? Are there services you can offer that require minimal investment on your part? Can you provide these products in a manner that is consistent with the level of service your customers receive from your company?
5. Customer relations – take the opportunity to visit your customers while you are slow and build your relationship with them. This one speaks for itself. You should really be doing this whether times are good or bad.
Interesting, did you plan to continue this article?
Boldy
so, i see ur website is up and running stephen. i like it. how ur vacation?
“good post”