5 Strategies for your Business
Written by Sue Groszkiewicz Wednesday, October 07 2009
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Today’s current downturn poses unique challenges. However, for good business people, this is also a signal to mobilize and take advantage of opportunities within your grasp. With competitors struggling, it is a great time to build your business. There are two key areas you need to focus on -- your survival and your growth. Here are five strategies to consider in making the most out of the current business downturn:
1. GET THE CASH
Cash is the life blood of every business. You need to get as much cash as you can into the business, and protect it once you have it. If you had to get money in the door within 30 days, how much could you capture with full effort? Where do you have cash stored?
IDEAS:
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Accounts Receivable: Potential cash may be tied up with your slow-paying customers. Build in an escalation procedure to pursue accounts that are 30, 60 and 90 days past due.
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Purchases: Review the cash going out of your business. Can you stop spending in areas? Can you slow down the speed at which cash is disbursed? Look for opportunities to consolidate vendors and renegotiate purchasing agreements.
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Overheads: Facilities represent one of the top expenses in most businesses. Subleasing is one option for turning unused space into cash. Off-site storage space can be consolidated or eliminated. Other savings options include hoteling or cutting back on parking or HVAC charges.
