Over the past two weeks, we have been focusing on strategies that small business owners can implement to counter the negative effects of the global economic downturn. If the going is getting tough for your business, it’s time for you to get innovative in meeting your customers’ needs and publicising your products and services.
To ensure that your business can survive and even succeed in challenging financial times, you have to focus on the efficiency of your operations. Under normal circumstances, small businesses falter and fail from using improper procedures and expensive processes. In this period of economic uncertainty it is vital for your business to become a lean, cost-effective machine.
One of the most pressing concerns for small businesses is maintaining a positive cash flow. As the saying goes, ‘Cash is king,’ and to survive a financial downturn, entrepreneurs must have a good handle on incoming and outgoing cash. Even a minor reduction in sales can trigger off the inability to meet bills, source raw materials and generally stay afloat. Continue reading How To Optimise Your Operations