When Times Get Tough ...

When Times Get Tough ...



It's easy to feel a little helpless with what's happening with our economy. But the good news is that not all businesses are in financial trouble right now, and there is plenty that you can do to keep your business financially stable.

Paying bills when times get tough, our instincts tell us to cut where we can. This is a good idea as long as you cut from the right spots. Here are three areas that you may want to consider trimming:

Vendor contracts. Examine the terms of your contracts to make sure you're getting the best deal possible. It's amazing how much money you can save when you do a little research. And, you may find that your existing vendors may be willing to negotiate with you knowing they may lose your business to someone else.
Clients. This may be hard to believe, but you may have clients who cost more than they are worth. If you aren't making a reasonable profit, or a profit at all, from every client, it may be time to refer some of them elsewhere.
Poor-performing employees. In a shaky economy, you cannot afford to keep employees who aren't performing up to your standards. Hard workers are easy to come by these days, so don't settle for people who are not working hard for you.

Economists tell us this rough economic time will pass and history has proven this to be true. If there is anything I can do to help your business get through this economic malaise, please contact me, Tom Long 708-524-0886, SolidOakConsulting.com.