When I’ve been out networking and chatting with fellow business owners, it’s interesting to hear what they believe the next 12 months will mean for small businesses. The general consensus is that things are tough and, in the b2b market, businesses are spending less and are being especially cautious about what they do spend money on.
Some business owners seem to have gone into what can best be described as hibernation! They’ve cut back on all unnecessary expenses and are waiting for the economy to come out of recession. They’re assuming that things will then go back to how they were before.
But that isn’t going to happen. We can never go back, even by one day. The scientists are still working on a time travel machine!
The financial and economic events of the last few months mean that business owners have to do things differently now, and will have to continue doing things differently in future, if they are to survive.
There is some good news though. Right now is a fantastic opportunity for business owners prepared to take action in a few key areas and
• Keep a close eye on cashflow. Regular (daily or weekly) checks will ensure no nasty surprises lying in wait. Think about putting in place penalties for late payers and bonuses for early payment.
• Streamline systems & procedures. Is the way things are being done the most efficient and cost effective?
• Make better use of marketing budgets. There are many ways of making those budgets stretch further, especially by using the internet and social media effectively.
• Invest in skills & personal development training. Stay up to date with the latest technology and thinking. Just one new idea may bring many benefits.
We need to be ready to do business in the world as it will be tomorrow, not as it was yesterday – because things will never be the same again!
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