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Q. The downturn in the economy has caused great concern for small-business owners. I want to make sure my small business gets off to a good start for 2009. What do you recommend?
A. Mike McDerment, small-business expert and CEO of FreshBooks, an online invoicing service, suggests small businesses make the following five resolutions in ’09:
•Place more focus on existing customers.
Try generating more revenue out of existing customers and clientele and scale back new business ventures. With new business opportunities becoming scarcer, this heightened focus on existing business will build a solid foundation when the economy begins to make a turn for the better.
•Adopt new technologies to better your business.
Shed any reluctances and stigmas that you harbored in 2008 toward new business technologies and adopt new tools that fit your business. Do your homework first and choose things that make sense for your business.
•Use employee training to retain top talent.
A business slowdown can provide an opportunity to devote time to retraining staff and correcting bad habits. Schedule weekly seminars to teach your employees every aspect of the business and strengthen necessary skills.
•Re-evaluate all suppliers in search for the best prices and service.
Desperate times call for desperate measures. Make it a point to find the best possible prices without sacrificing quality. Try to find ways to save money anywhere you can and remember to not let your feelings get involved when making the decision to switch. It’s a business decision.
•Establish a small-business network.
Explore the idea of connecting with local businesses that would be open to bundling products and services, bartering or co-marketing. This may also open other doors and create opportunities.
