A Statement Of Cash Flow Is Not Used To: Save Your Small Business – 10 Crucial Strategies to Survive Hard Times Or Close Down & Move On

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Save Your Small Business – 10 Crucial Strategies to Survive Hard Times Or Close Down & Move On

Ralph Warner and Bethany K. If ever there was a timely business book, Lawrence’s “Save Your Small Business: 10 Crucial Strategies to Survive Hard Times or Close Down and Move On” is it. Promoted by Warner and Lawrence as a road map to small business survival, it provides simple, no-nonsense steps that can make a big difference in keeping your small business running, saving, or closing if necessary. Running a small business has always been difficult, but right now it can be brutally painful, if not terrifying. This guide can provide you with opportunities to turn today’s bad economy or tomorrow’s bad economy so that your business thrives in good times.

The book begins by stating that your small business will be your companion and recommends that you create a business survival plan, prepare a current profit-loss statement and cash flow analysis, and establish an advisory board. It explores cases that will provide you with tools to help you decide whether it makes sense to continue, hibernate, close, or sell your business, and some strategies you can implement to get your business back on track.

Chapter One: Can You Save Your Business? This chapter discusses topics such as planning for the short and long term, selling your business, hibernating your business, and saving your business. It also deals with special provisions for retailers, services, construction, restaurants, wholesalers and importers and franchisees.

Chapter Two: Don’t Ignore Bad News. Focuses on why you can’t wait, cut costs, change direction, quit and sell. There are also strategies for determining how much spending to cut and gently trying to reverse the cutbacks.

Chapter Three: Control Your Cash Flow This area can be the most important, especially for small businesses. Topics include: paying your bills on time, the dos and don’ts of building more cash, such as using merchant cash, maxing out credit cards, and taking out a loan for your home.

Chapter Four: Reduce Your Debt Liability. Are you personally liable for business debt? Liability for jointly owned debt. What can creditors do if you don’t pay? Prioritizing debt payments including salary, taxes, utilities and more.

Chapter Five: Focus on What’s Really Worth It Face it, the goal of business is to make a profit. This chapter looks at getting a quick profit plan on paper, making money in a service business, and making money in retail or manufacturing. It’s a short chapter, but if it’s going to make you profit, it’s done its job.

Chapter Six: Innovate on a Shoestring. Invention, copying, serendipity and making innovation a continuous process are addressed in this chapter. This lesson will inspire you to think of the next amazing gadget that every home should have. Depending on your business, this may be what you want.

Chapter Seven: Know Your Customers Before you can create an effective marketing plan, you need to know who your potential customers are. This lesson discusses aiming at the bull’s eye and hitting your target. Topics include existing customers, needs, cost, access and experience.

Lesson Eight: Don’t waste money on ineffective marketing. If we know which of our marketing efforts are producing the best results. This chapter helps you determine things about your marketing such as: marketing the right products or services to the right people, not spending big dollars on advertising, asking long-term customers for endorsements, encouraging customers to recommend your business, using paid listings effectively, on your own website Marketing and selling “trying to stay in business”.

Chapter Nine: Handle layoffs well – and keep your best people. Laying off people is often one of the most dreaded tasks for business owners. This chapter provides guidance in the areas of: making a sound layoff plan, layoff logistics, and keeping the great people you hire. Some very good advice for this unfortunate part of the business.

Chapter Ten: Don’t Overwork. what If your business is failing, you should work harder, right? This chapter discusses the importance of a sensible schedule and how to do less and more. Authors discuss priorities and delegation.

Chapter Eleven: Work with Your Best Competitors This chapter covers four areas: treating competitors with respect, obtaining business from competitors, working for competitors, and working with competitors.

Chapter Twelve: How to Close Your Business Most people never want this to happen, but the reality is that it does. This chapter offers some good strategies if you decide it’s time to close the business and do something else. Topics include building a closing team, meeting contractual obligations, dealing with landlords, collecting bills and selling inventory, notifying and paying employees, liquidating assets, notifying creditors and customers, paying your debts, paying taxes, and dissolving your business entity. This includes things like: . It’s not a pleasant topic, but unfortunately it’s an important one if you have to go in this direction. The book provides guidance in the process.

Chapter Thirteen: Dealing with Debt: Bankruptcy and its Alternatives. An introductory chapter on these topics with some good advice, but if you choose to go the bankruptcy route, or better yet, seek advice from a qualified professional.

Appendix A provides guidance on preparing profit and loss projections and cash flow analyses. There are definitely more complete references on these, but these short bare bones basics on them will get you started and at least help you determine where you are.

“Save Your Small Business” is a great guide for the struggling small business owner and also provides information for the small business owner who doesn’t want to fall on hard times. Educating yourself about the business is critical to small business success. This is another nolo title that will hopefully help small business owners survive, but if this is the course to take, take less pain and close.

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