Year-End Survival Tips for Entrepreneurs
By kairawest on November 12, 2010
Rosalind Resnick at The Wall Street Journal has listed five survival strategies to survive the cash crunch that most entrepreneurs face at the end of the year. These creative tips will help small business owners get through to January, 2011, with cash in the bank and revenue coming in the door.
1. Retool your business plan. The economy has changed, and your company has to change with it. Take whatever isn’t working and scrap it. If you haven’t looked at your business plan since you first wrote it several years ago, now may be the perfect time to dust it off.
2. Hang onto your cash. Don’t pay bills today that you can pay in January. Sit down with your accountant or bookkeeper to prioritize your payables. While accountants typically advise small-business owners to pay their bills at the end of the year in order to maximize deductions, this
3. Line up work for 2011. Just because your clients’ 2010 budgets may already be tapped out doesn’t mean that you have to wait until 2011 to start pitching new business. Especially for business-to-business companies that sell products and services to corporate customers, the time to start pitching is now.
4. Launch low-cost/high-impact marketing initiatives. Join a networking group, put up a Twitter page, update your website or raffle off a free lunch to anyone who puts his or her business card in your fishbowl. It’s all about putting yourself out there.
5. Leverage your frequent-flier miles and reward points. You’ve earned them. Now, it’s time to cash them in to cover year-end travel and entertainment expenses, holiday gifts and more.
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