Drastic times call for drastic measures. With so much uncertainty surrounding our economy, it is time for all small business owners to take a deep look at their business and figure out where they can "trim the fat".
In most cases, if you REALLY look closely at what you are paying for and the benefit you are receiving, you will be surprised at how much you can cut back. Most of us get lazy and start paying for luxuries through our business because we think we need them or just because we can.
Well, times have changed. If your bottom line is shrinking, it is time to take action NOW! Don't wait for the economy to turn around. Take this opportunity to really trim the excess fat and create a more efficient business. Then, instead of just surviving in this economy, you will thrive in it. And then, once the economy does turn back around, you will be that much better off.
Now, I know this is hard to do. I have been doing it in my own business - and it is HARD. Change is never easy; it's easier to just continue on the path that we are on and hope that we will still make it to our destination. Unfortunately, by not ADAPTING to our current economy, it's comparable to following a road map from the year 1980 - chances are, the roads have changed and if you are looking at the wrong map, you are going to get LOST!
So, sit down today, pull out your financial statements and take a couple of hours to review them. Find areas where technology may have changed and there are better options out there now. Look for luxury items that are unnecessary today. Look for unproductive assets that could be liquidated. It's going to take some time - but it will be well worth the investment. You will become more aware of your business and will be able to make better decisions for it. This will result in you running a better business. I guarantee if you do this and truly create a "lean, mean, profit-making machine" out of your business, you will look back at these "uncertain times" and realize that they were a key factor in your success - they are forcing us all to do things we should have done years ago!