Written by Todd Quinn

You may be in Mail Order, Direct Mail, or you may be a local merchant with 150 employees; whichever, however or whatever - you've got to know how to keep your business alive during economic recessions. Anytimerepparttar cash flow in a business, large or small, starts to tighten up,repparttar 117018 money management of that business has to be run as a "tight ship."

Some ofrepparttar 117019 things you can and should do include protecting yourself from expenditures made on sudden impulse. We've all bought merchandise or services we really didn't need simply because we were inrepparttar 117020 mood, or perhaps in response torepparttar 117021 flamboyancy ofrepparttar 117022 advertising orrepparttar 117023 persuasiveness ofrepparttar 117024 salesperson. Then we sort of "wake up" a couple of days later and find that we've committed hundreds of dollars of business funds for an item or service that's not essential torepparttar 117025 success of our own business, when really pressing items had been waiting for those dollars.

If you are incorporated, you can eliminate these "impulse purchases chases" by including in your by-laws a clause that states: "All purchasing decisions over (a certain amount) are contingent upon approval byrepparttar 117026 board of directors." This will force you to consider any "impulse purchases" of considerable cost, and may even be a reminder inrepparttar 117027 case of smaller purchases.

If your business is a partnership, you can state, when faced with a buying decision, that all purchases are contingent uponrepparttar 117028 approval of a third party. In reality,repparttar 117029 third party can be your partner, one of your department heads, or even one of your suppliers.

If your business is a sole proprietorship, you don't have much to worry about really, because as an individual you have three days to think about your purchase, and then to nullify that purchase if you think you don't really need it or can't afford it.

While you may think you cannot afford it, be sure that you don't "short-change" your self on professional services. This would apply especially during a time of emergency. Anytime you commit yourself and move ahead without completely investigating allrepparttar 117030 angles, and preparing yourself for allrepparttar 117031 contingencies that may arise, you're skating on thin ice. Regardless ofrepparttar 117032 costs involved, it always pays off inrepparttar 117033 long run to seek outrepparttar 117034 advice of experienced professionals before embarking on a plan that could ruin you.

As an example, an experienced business consultant can fill you in onrepparttar 117035 1244 stock advantages. Getting eligibility forrepparttar 117036 1244 stock category is a very simple process, but one with tremendous benefits to your business.

The 1244 status encourages investors to put equity capital into your business because inrepparttar 117037 event of a loss, amounts up torepparttar 117038 entire sum ofrepparttar 117039 investment can be written off inrepparttar 117040 current year. Withoutrepparttar 117041 "1244" classification, any losses would have to be spread over several years, and this, of course, would greatly lessenrepparttar 117042 attractiveness of your company's stock. Any business owner who has not filedrepparttar 117043 1244 corporation has in effect cut himself off from 90 percent of his prospective investors.

Particularly when sales are down, you must be "hard-nosed" with people trying to sell you luxuries for your business. When business is booming, you undoubtedly will allow sales people to show you new models of equipment or a new line of supplies; but when your business is down, skiprepparttar 117044 entertaining frills and concentrate onrepparttar 117045 basics. Great care must be taken however, to maintain courtesy and allow these sellers to consider you a friend and call back at another time.

Your company's books should reflect your way of thinking, and whoever maintains them should generate information according to your policies. Thus, you should hire an outside accountant or accounting firm to figure your return on your investment, as well asrepparttar 117046 turnover on your accounts receivable and inventory. Such an audit or survey should focus in depth on any or every item within your financial statement that merits special attention. In this way, you'll probably uncover any potential financial problems before they become readily apparent, and certainly before they could get out of hand.

Many small companies set up advisory boards of outside professional people. These are sometimes known as Power Circles and once in place,repparttar 117047 business always benefits, especially in times of short operating capital. Such an advisory board or power circle should include an attorney, a certified public accountant, civic club leaders, owners or managers of businesses similar to yours, and retired executives. Setting up such an advisory board of directors is really quite easy, because most people you ask will be honored to serve.

Recounting Your New Year Resolutions

Written by Alyice Edrich

You may freely reprint this article in a print or online magazine, e-zine, or newsletter provided you leaverepparttar byline intact, don’t changerepparttar 117017 content, and make The Dabbling Mum web address clickable. Please consider sending a courtesy copy for my records. Send an email to

Recounting Your New Year Resolutions By Alyice Edrich

Can you believe we’re inrepparttar 117018 middle of March already? It seemsrepparttar 117019 older I get,repparttar 117020 faster time tries to slip away from me. How are you doing on your New Year’s resolutions?

Since we’ve hitrepparttar 117021 quarter mark of this glorious New Year, I felt it only appropriate to take inventory of my resolutions. And guess what I’ve found? Forrepparttar 117022 first time in years, I am finally right on track!

Don’t let procrastination, lack of organization,repparttar 117023 busyness of life, or too many obligations rob you of meeting your goals this year. Break them down into bite size pieces and work on them every week.

Here’s what I’ve been doing. I have three files on my computer, one titled “task list,” one titled “goals of week master,” and one titled “goals of week.” And here is how I have them broken up:

•Task List: I have my long-term goals broken into categories and every time a new idea pops in my head, I place it inrepparttar 117024 appropriate spot on my long-term goals list. That way, I never feel pressured to get those new ideas done today for fear of forgetting about them, and I won’t lose them on a slip of paper that I accidentally throw away. •Goals of Week Master List: My main business duties,repparttar 117025 ones that are repetitious and have to be done every week, are broken down into digestible chunks and saved in this file. This isrepparttar 117026 file I use to begin tailoring my goals ofrepparttar 117027 week. •Goals of Week List: This isrepparttar 117028 sheet I work from every week. Every Sunday evening, I sit down and plan my week. I break it down into digestible projects and write a single line sentence for each project; not too detailed, just enough that it reminds me ofrepparttar 117029 task at hand. I try to list my projects accordingrepparttar 117030 time each project needs to be completed duringrepparttar 117031 week, and then break it down a step further by listingrepparttar 117032 short projects first and finally, I print my goals list out. If something new comes up that has to take priority, I simply write that project inrepparttar 117033 left hand column. Every time I achieve my goal of completing a project, I cross it off my list. This visual is very important in keeping me on task. Then every Friday, I transfer overrepparttar 117034 things I didn’t complete to next week’s goals list.

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