7 Ways for Your Boomer Business to Deal With Difficult Economic Times
Like all business owners, baby boomers are dealing with the current financial mess in different ways. Here are some suggestions for you, depending on your degree of optimism and your risk tolerance:
1. Restrict your cash flow and focus on essentials. Decide what is essential for your business and what is nice to have but not essential. For example, this is not the time to remodel the reception area. As they say, “stick to your knitting.”
2. Find small savings. Those little things can add up. For example, do you really need those fancier new pens or will an older one do?
3. Cut employees. Before you say, “No way! I need everyone,” remember Parkinson’s Law: Work expands to fill the number of people available to do it. I know it’s tough to lay off people, and there may be some creative ways to keep some of them, but take a hard look at your work force and decide if you really need all of them. Then bite the bullet and do what needs to be done.
4. Find a new market. This idea may be more feasible for some than others. Think creatively about new uses for your products or new types of people who might want your services. Also think broader, geographically. It may cost more to market more broadly, but it may pay big.
5. Go online. Can you sell your products online? Can you market your services through a website? You can save on “bricks and mortar” if you can use a website for marketing and selling.
6. Downsize. Remember the 80/20 principle (80% of your business comes from 20% of your products). Cut those unproductive products and focus on your best sellers.
7. Expand, beef up sales. If you’re an optimist, and you are in the right market, this might be the time to buy, expand, expand. Some of the biggest fortunes in America were made by people who took advantage of the stock market crash.
What ideas do you have for dealing with these tough times? What have been your experiences?
Tags: baby boomer businesses, cash flow, credit crunch, optimism, small busienssesRelated Stories
POSTED IN: Business Improvements, Mindset, Small Business finance and taxes
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