Why we should deal with the present to look after the future of our business

We are coming to the end of another year, and of course all the predictions for 2010 and beyond are already upon us. As with the social media “experts’” forecasts, most of these will be wrong or else they will be stating the blindingly obvious. We really do not know what will happen in six months’ time or on a micro-management scale, even tomorrow. However the pundits earn their living doing this sort of thing and I have no more faith in them than I do in Mystic Meg (sorry, Meg!).

We hear forecasts that the economy will improve at the beginning / middle / end of 2010 or by 2011. One of these might be right, but it is akin to saying during a period of rainy weather that the sun will come out soon. Of course it will, but if you have a leaky roof or are under threat of flooding you should be prepared and take necessary measures.

In terms of your business, you may have a damaging cash flow problem. It needs to be dealt with now before you get swept away. Tighter and more forceful credit control (I don’t mean sending the boys round) may be the answer, or perhaps talk to your bank or a proper hands-on business adviser about short term help.

Marketing people will tell you that you should do just as much marketing or even more than you did when times were better. That is absolutely true, and they will also tell you to keep testing new ways of marketing and know what works and what doesn’t so that you do not waste your valuable time and worse, your money. Depending on your business, it may be online marketing, off line activities or networking. Take advice if you are not sure.

Make sure that your business is efficient as it can be. Cut your overheads including utility bills, and if you do not know anyone who can help you do this, then ask me or any business adviser with whom you feel comfortable.

The point of this piece is not to lecture about specific issues. You have enough on your plate, as we all do, to have to put up with someone going through the basics.

Relying on the economy improving is akin to Mr. Micawber saying “something will turn up ”. He went to debtors’ prison. We have to look after ourselves and our businesses now. The economic sunshine will come out, but we need to be there to enjoy it when it does.

© Jon Stow 2009

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