In the last two years I have traveled this great land helping small business owners tackle a variety of business issues.
From reorganzing businesses to developing new channels of distribution to creating job costing models, my hands on experience is second to none when it comes to understanding business.
My working toward a Ph.D. also fortifies my understanding and knowledge of what works and what doesn’t work in these tough economic times.
I have compiled a list of the top 5 solutions I recommend for your business, regardless of what your business does, to “manage” these tough times.
1. Write a business plan.
Even though you’ve been around for years, write a plan. Just write a plan.
2. Get organized so you can execute your plan
I always say, “execute, or be executed”.
3. Know the COST of running your business.
You must recognize and respect the power of financial data as it relates to the COST of running your business. In the cost of your business you must respect; direct costs, overhead, labor burden and profit.
4. Know your customers.
Your customers are going through hard times too – help each other out by getting to know and understand what they need. It will come back to you when all is said and done. It just will.
5. Know your employees
Humans are assets. Get to know the capabilities of your employees just like you know the capabilities of your equipment. If you know what one of your machine can produce and you don’t know much about your employees…shame on you.
6. Bonus. Write a business plan.