Struggling With Your Business in a Slow Economy?

 

Thinking about business survivalCash is tight.

Customers are scarce.

You have to either cut expenses or increase revenue. Or a combination of both.

Easier said than done, right?

Consider, sometimes you have to remain open because of loyalty to your team – after all it is the Season for Giving, right? That kind of integrity is to be admired and supported. Have you analyzed what it means to cash flow and cash reserves?  Do you have a plan to not only support the team by keeping them “working,” but also to build the business?  If customers are not flowing in, what can the team do today to help the business tomorrow? House-cleaning? Inventory control? Writing thank you notes to customers? Creating an “ambassador” position to meet and greet customers and thank them for business?

Now is the time for objective introspection.

  • Do you know what it costs to open the doors each morning?
  • Do you know how much it costs you per hour to stay open?
  • Do you know which days and hours produce the best revenue?  Best profit?
  • What are your fixed costs?
  • What costs can be moderated without damaging customer service?
  • What is working? How do you repeat that behavior?
  • What is not working? What do you do to change that?

Sometimes, asking the team to be involved, when times are tough, in this kind of analysis may delight you with their commitment to help the business survive and thrive

Copyright 2010 by P. Griffith Lindell

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