How to Survive - And Actually Grow Your Business - In This Great Disruption

The economy has slowed to a snail's pace, some would say it's "turtle'd.
" Small businesses are being pinched.
Now is the time for all good business owners to come to the aid of their business.
Here is a practical do-it-yourself guide designed to help you take a temperature reading on your business, frame new strategies and find appropriate resources.
Please answer "Yes" or "No" to the following:

1. Do you have a business plan that has been updated within the last three months?
2. Has you revised your performance goals to match the situation & can you measure incremental results?
3. Do you have a rolling 90-day marketing plan?
4. Do you have a rolling 90-day budget tailored to the changing business environment?
5. Do you get and monitor monthly financial statements (income & cash flow statements, balance sheet and aging of receivables)? Your bookkeeper should have these to you by the 10th of each month.
   
6. Do you know your strengths and weaknesses of your business and are you adjusting your business strategy accordingly?
7. Are you holding your employees accountable with clear measures and feedback?
8. Do you have a process to measure customer satisfaction?
9. Have you considered possible strategic alliances, merger opportunities or acquisitions of competitors or their product lines?
10. Do you have an established process to monitor and control inventory?
11. Do you have and use a Customer Relationship Management (CRM) database or process to track, analyze and retain your current customers?
12. Do you have a referral program that our employees are well-trained on?
13. Have you identified the greatest threats to your business?

Step 1.
Face the Brutal Facts - you cannot afford to be a legend in your own mind right now - Truthfully answer the assessment questions above and take appropriate actions to address issues with a "No" response.
Ask someone who knows your business well to do the assessment to give you feedback.
Step 2.
Get Lean and Smart - Review current financial statements, including current accounts receivable and payables with your accountant, mentor or business coach.
Identify "3" ways to cut costs and increase revenues within the next 90 days.
Step 3.
Maximize Cash Flow - Review current monthly payment amounts on business leases, bank loans, credit cards and supplier terms to consider possible re-negotiation of rates and terms.
Review your receivables weekly and reach-out to customers with outstanding accounts.
The longer an account is past due, the less likely you will get paid.
Be willing, very cautiously, to offer payment plans to customers who fall behind, but make sure they stick to the agreement.
Note: If a new customer comes to you with a big order.
Be wary.
Ask for at least a 60% deposit and do a thorough credit check.
Step 4.
Search for New Opportunities - Take a "time out.
" Review your strategies for your business.
Get real.
Recalibrate and explore new business opportunities created by the downturn.
Look for ways to diversify and offer new products and services that can generate new revenue sources, now.
Identify "3" or more new product and/or service ideas.
Get together with "7" non-competing business peers.
Have the group spend 20 minutes brainstorming ideas for each business.
Follow-up every "10" days.
Step 5.
Leverage Technology - Technology can help your business.
Keep it simple.
Use it to track and target customers as well as to improve business efficiencies.
If you don't yet have a Web presence or an eCommerce strategy, consider doing them to attract customers from around the world and around the clock.
If you are not tech savvy hire a local community college business student to get your business up and running.
Only pay him or her based on results.
Only the entrepreneurial will be interested - exactly what you want.
Get the person to identify several Web and eCommerce strategies used by your competitors or other businesses in your industry.
It will take 6-9 months before you see significant results.
Step 6.
Keep & Hire High Quality Employees.
Release the non-performers, now.
- Employees are people first and valuable business assets second.
Keep the best, fire the rest.
Give your best employees feedback so they know who they are and how much you appreciate them.
Reward them.
One highly performing employee is worth three slackers.
Step 7.
Give Outstanding Customer Service - Satisfying customer needs, providing great customer service, exponentially increases the chances for your success.
Get together with "7" business peers to identify "10" key customer service strategies.
Describe them on a poster where all employees can readily see them, ask employees to add to the list.
Ask employees to choose which one or two they will work on.
Ask them to sign their name to it.
Review regularly.
Step 8.
Network Strategically - Expand your knowledge.
Surround yourself with smart, action-oriented people.
Use a network of experienced advisors, mentors and business coaches to help guide your business decisions.
Step 9.
Review your Credit - Review your personal and business credit scores.
Deal with any credit issues before they become a problem.
A good credit history is important to you and your business.
Good credit provides benefits regarding access to and the cost of capital.
Step 10.
Intensify Your Marketing Efforts - Learn as much as you can about changes your customers are facing.
Target them with persistence and good advertising.
Inform and engage your employees in this process.
Subtly, or not so subtly, make sure they know their jobs are on the line.
Review multiple marketing campaigns of your competitors and other businesses.
Identify "5" marketing/referral ideas you can implement now.
Review, revise and re-focus every ten days.
Be Pro-Active, or...
Be Out Of Business.