Six Tips for Your Business Survival and Success in 2009

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How small business can weather tough economic times.

How small business can weather tough economic times.

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  • 1. Six Tips for Your Business Survival and Success in 2009 Stuart Bale General Manager – Accounting Partners
  • 2. #1 – Know why you’re in business
    • What are your dreams, vision & goals
    • Why did you start your business: http://www.e-myth.com/
    • Talk with your friends & family – they remember
    • One page business plan: http://www.onepagebusinessplan.com/
  • 3. #2 – A bird in the hand
    • Identify your top customers
    • Call and visit them regularly
    • Say “Thanks!”
    • Ask them what else you can do (and how much they would pay)
    • Invoice your work, now
    • Offer discount if they pay up front, or before the due date
    • Ensure you deliver great service, everytime
  • 4. #3 – Tell people what you do
    • Know your Distinctive Competence
    • Believe in your products & services, and yourself
    • Make sure the right people hear
    • Recognise and encourage referrals
    • Word of Mouth Marketing: http://www.womma.org/
    • Easy Online Promotion: http://www.davidmeermanscott.com/
  • 5. #4 – Spend every dollar like it’s your last
    • Be sensible, take control
    • Spend, don’t hoard
    • Cashflow is the cornerstone of your business (and every other business)
    • Renegotiate prices with suppliers
    • Don’t carry dead wood, it costs you
      • Products
      • Clients
      • Staff
      • Services
  • 6. #5 – Be financially well organised
    • Understand your current financial position
      • Cashflow
      • Profitability
      • Liquidity (particularly if you have stock)
    • Determine what you want to achieve (budget)
    • Record your progress (actuals)
    • Know your financial state every day, more than just your bank balance
    • Use the world’s easiest accounting system
  • 7. #6 – Get help
    • Don’t try and do it all yourself
      • Accountant
      • Bank Manager
      • Customers
      • Suppliers
      • Staff
    • Online resources http://blog.xero.com/2009guide/
    • Visit the Xero stand for more
  • 8.