Survive in a Challenging Economy

If you had 100 pennies in your pocket, how many could you spend without going into debt?  The obvious answer is 100!

Person JumpingYes, the economy is challenging right now; however, we are seeing business owners sabotage their own business by failing to be good managers of their business.

Here are a few good tips so your business can not only survive, but be successful!

  1. Organize your receipts by month – it will save time in filing!
  2. Determine where you are overspending and cut costs wherever you can.
  3. Find the same service for a better rate.  For example transfer your insurance policy to another broker for the same plan for less money or increase your deductible.  Also, verify you are on the right telephone plan and change it if you are not using services or going over or under your minutes.
  4. Be willing to make tough decisions.  For example, do you need to move out of your office to a smaller office, share an office with someone or possibly set up a home-office?  Be courageous to keep your business alive by cutting employee pay rates and hours rather than laying off.
  5. Know and pay attention to the profit formula: Income minus profits equals expenses.  What is your profit goal?  Treat that amount like an expense so that you can budget other expenses around your goal.  Live within your mean and spend less than you earn.

Be successful!

About Renee Daggett

Renee Daggett is the founder and President of Admin Books, Inc, a bookkeeping and tax firm. She is also the author of “Your Financial Flight Plan: Pilot Your Business To Profitability”. Renee lives her life with purpose and helps her clients find peace of mind as they achieve success in their businesses.

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