Are you on the right track? Small business owners need to know...

We are 6 weeks into a new financial year. The market took a big nose dive last week causing many sleepless nights for people around the globe and housing prices are on the decline after a heated market that seemed to go for far too long effecting the sentiment of all consumers.

The Facebook's, Google's and Twitter's of the world, are rightly so, oblivious to any changes, because people are still flocking to their profitable billion dollar platforms that see the founders and investors laughing all the way to the bank. It's as if they won the lotto and the rest of us just keep putting our tickets in each week, in hope.

But what about the small business owners out there? How well are they fairing? There seems to be a lot of talk about cutting back on staff, reducing overheads and waiting to make the next big purchase in technology - afterall, who knows what is going to happen in the market? It's uncertain what the economy is going to do and according to the media, it's not looking too good.

If you have a few hours available this week, why not take a good look at your business? I am no finance expert, but why not see where you can save costs without sacrificing how you deliver your product or service? Sit down with your team, and ask them how they can help the business stay on track and deliver the results that are forecast for the year ahead. If you are in a business to business environment, ring a number of your customers and ask them how they are fairing and what your company can do for them to help them achieve their goals.

Re-think what you are doing, how you are doing it and what changes in the market will do to your business. If you are smart, you will be ahead of the curve and prepared for anything and everything. Market when your competitors aren't. Motivate your staff - even if you feel that the world is coming down on you. And capitalise on what you have achieved, afterall this is the best leverage point any small business can have.

Make sure you are on the right track - regardless of what they say the economy is doing. :)

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  • Vib
    Vib
    14 Oct 2011

    Every business regardless of how well or bad the economy is doing would like to reduce costs. They would want to achieve economies of scale, a reduced average cost of production as a result of improved productivity.

    Its about making the right decisions. Its very hard to have a universal set of rules as to what needs to be done as every business is different in many ways. It all comes down to having the right people in the organisation in the first place, if a business is properly run there won't be any issues

    Reply
  • Salli
    Salli
    01 Sep 2011

    Taking a step back and looking at your company's current processes is well worthwhile when reducing costs is necessary.

    Although I am not an expert in these matters, I can speak from personal experience; sometimes small businesses that have only one person working for them do not have any means left to cut back costs. Perhaps in these instances the best way would be to invest in low-cost/no-cost marketing and upfront selling and wait for better times.

    Reply
  • Meyry
    Meyry
    18 Aug 2011

    Keeping up with the economy sometimes may not always be right. It's unpredictable. But, keep your business on the track is essential. Good advice!

    Reply
  • Laura
    Laura
    17 Aug 2011

    Good advice! I think it's never wrong to take a good look at your company and see if there are any unnecessary cost made to reduce.

    Reply