Don't Go For Broke

Herman Drost
 


Visitors: 306

In the past six months many businesses took a direct hit that rocked the foundation of their financial business security. Different mentalities have emerged in reaction to the shift in economy from “go for broke” to “just give up. ” Rather than dig the hole deeper or give up the years of hard work you have put into your business change the paradigm in thinking. Review your current business strategy and consider what actions need to take place to stabilize your business again. Once you have stabilized the foundation of your business you can begin to grow again. Consider the following strategies to regain control.

Act…Don’t React

The strangest things happen to people when they get scared, but the worst is the reaction of business people that think their hard won business is going down hill and they begin to react. Reaction cause calamities such as the loss of additional much needed funds as we throw money at any marketing ploy that looks like it might work. During a time of uncertainly, hold tight to your funds and take extra measures to research advertising before making an investment. Learn to take a deep breath and be pro-active, not reactive to the situation at hand.

Reign In Expenses

Most businesses expend money is areas that are not needed during difficult times. Although these expenses might bolster a business image they are not needed for strict survival or stabilization of the business. If you have luxuries in your business that are not absolutely necessary now is the time to cut them out. Items like cable Internet services, high rate cell phone services, (option for the lower plan), etc.

Strengthen Your Networking

Now is the time to make all those phone calls to business friends you haven’t had time for in the past. Reconnect and start nurturing the networking process again. Do not, I repeat, do not advertise your business hardships. Maintain your positive attitude. Let your business friends know about your plans and offer them a commission for any business they send your way. Make it worth their time and they will be worth your time.

Make A Six Month Survival Plan

Give yourself some peace of mind by making a six-month survival plan. Once you know exactly what you will need to stay on top, your anxiety will lesson and your creativity will increase. This is a perfect example of being pro-active instead of reactive.

Understand The Ebb and Flow of Your Business

Keep exact records of sales week-to-week and month-to-month every single year. By doing this you will begin to understand the busy times and slow times of your business. In turn this will allow you to plan financially for the slow times. Every business has a slow period during the year, it’s important that you know what yours is in order to plan for the success of your business.

Diversify Your Marketing Techniques

Do not depend on one marketing avenue to get you through tough times. Perhaps this one marketing technique has worked for you in the past, but obviously something has changed, and now so must you. Make a list of possible marketing avenues and begin researching which methods are most cost effective in relation to results.

Get Professional Help If You Need It Smart business people understand when they need outside help. Do you? If your business is doing more sinking than swimming it’s time to seek a professional to help you put your business on stable ground. Many, many businesses have filed bankruptcy when it wasn’t necessary. Professional financial mediators can help you with creditors and get your business moving in the right direction again.

A downward shift in the economy can cause heart-stopping reactions where your business is concerned, but once you learn how to work through the situation you soon realize you and your business can weather any storm.

WeSolveDebt.com, is a third-party mitigation and Business Debt Elimination
Company that has helped growing numbers of companies resolve legal issues out of court, saving countless hours and dollars.
Receive a FREE SPECIAL REPORT or Free Business Consultation by visiting http://www.WeSolveDebt.com

(742)

Article Source:


 
Rate this Article:  0.0/5(0 Ratings)

Related Articles:

Know Somebody Who is ALWAYS Broke, Has Always BEEN Broke and Who Will NEVER be ..

by: Gary Simpson (January 25, 2007) 
(Finance)

Are You As Broke As Your Parents Were?

by: Ward Willison (January 14, 2007) 
(Finance)

Review Or Go Broke

by: Al Thomas (June 26, 2007) 
(Investing)

Tired Of Being Broke?

by: Nancy A Miller (April 21, 2008) 
(Internet and Businesses Online/Affiliate Revenue)

The Day I Broke Up With Rachel Ray

by: Carl Megill (April 29, 2008) 
(Arts and Entertainment/Humor)

I'm Broke, How Can I Afford...

by: Rob Taylor (April 29, 2005) 
(Finance/Personal Finance)

Have Adwords Sent You Broke?

by: Kevin Sinclair (March 11, 2008) 
(Internet and Businesses Online/PPC Advertising)

If It Ain't Broke - Leave It Alone!

by: Dale King (April 03, 2008) 
(Internet and Businesses Online/Internet Marketing)

So Whys Everybody Broke?

by: Randy Gage (July 24, 2008) 
(Home Based Business/Network Marketing)

Why Athletes Go Broke

by: Brian Cuban (July 18, 2008) 
(Finance/Debt Management)