20 ways to save your business
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20 WAYS TO SAVE YOUR BUSINESS IN
2012
CHICAGO’S BEST FINANCIAL SERVICES &
INVESTMENTS
20 WAYS TO SAVE YOUR BUSINESS IN
2012
Being a small business owner can be challenging in these times. Is your business budget is cash strapped? Try 20 ways to save your business
in 2012.
20 WAYS TO SAVE YOUR BUSINESS IN
2012Many people end up closing their doors when
their business can be saved. Being in business is huge investment of time and money. How do you know when it’s time to give up and walk away? Your business starts with you and your family needs. What do you need to stay in business? This is what you need!
20 WAYS TO SAVE YOUR BUSINESS IN
2012
• Is your business bringing in money? If the answer is no, this is what you can do to change it. Increase your activity in different venues. Expand your services and your primary focus. If you are a service business start teaching a class or consulting.
• Make a budget and start cutting cost. Get rid of things that are not being used. If you need employees but you cannot afford to pay anyone. Check with your local department of human services. They have job programs that can help you staff your business at no cost to you.
• Updated your systems. How does your business run? When is the last time you updated or even automated your systems? You are only as good as the systems you work on. If your systems are outdated or not computerized you are a dinosaur.
20 WAYS TO SAVE YOUR BUSINESS IN
2012
• Government and city contracts: Did you know that the government and city has contacts are in every industry? Check your local government and city websites.
• Update licenses: Are your licenses up to date and in compliance? If your company licenses are not up to date you are not in business. If you are out of compliance with the state, federal and local laws, no institution will lend you money or do business with you.
20 WAYS TO SAVE YOUR BUSINESS IN
2012
• Expand your business reach. If your business just operates in your city expand business by creating a website. Introduce your business to surrounding cities. Join the chamber of commerce in other cities. Join networking groups and trade associations in different cities.
20 WAYS TO SAVE YOUR BUSINESS IN
2012
• Change the way you market your business. If you are heavy in advertising switch to doing PR. People are saturated with advertising these days. Most people fast forward during commercials. Start driving people to your doors with publicity over advertising. Start a PR campaign.
• Start a group, or become a sponsor. Sponsorship cost very little money. To sponsor an event, partner with local business. Start by sponsoring a church event or community event. Churches love back to school events and fundraisers. For the cost of donated school supplies you introduce your business to the whole congregation.
20 WAYS TO SAVE YOUR BUSINESS IN
2012
• Start networking, public speaking for events and groups. Write articles about your business. Become active in your community. Go where you customers are. Join social networks on the web.
• Evaluate the management including you. Review all employees’ performance including yours. Start doing performance reviews. Have someone that you trust give their opinion in your business for one week. Let them give you an overall view of you and your staff. This can be hard to hear.
20 WAYS TO SAVE YOUR BUSINESS IN
2012
• Improve your customer service. Invite your customers for a coffee chat. Go to that local café and ask if you could invite your customers in for an event. Ask for the space for free in exchange for bringing in new business. Don’t be cheap buy coffee and pastries for your clients from the café. Don’t do a hard sell. Be social, make if fun and have a door prize (donated by a local business) or a gift certificate from the café. Give everyone a survey about your customer service. Read it and take it seriously and make changes
20 WAYS TO SAVE YOUR BUSINESS IN
2012
• Pay your bills and start making arrangements. Don’t avoid your creditors. Deal with them honestly. If you don’t have the money to pay them now, see if you can start paying in small amounts to show good faith. Everyone will not agree, but this is a good start.
• Treat you employees with respect tell them what is going on. All your employee may not stay with you. This will give you an opportunity to know who is loyal and what is going on in your business.
20 WAYS TO SAVE YOUR BUSINESS IN
2012
• Put your money in the bank not in your pocket. Pay your bills and employees from your bank account not your pocket. You will better records. Don’t for get to pay yourself. Even if it is a little money pay yourself.
• Change the look of your business. Cleaning and Painting is the least expensive way to update the look of your business. If your business is not clean of disorganized, clean it up and get it organized. If you need new furniture don’t go on a shopping spree. Buy it on craigslist or a secondhand furniture store. Think like a client, if you cannot keep your business clean and organized, you will turn them off. If your place of business is dirty clients will think this is how you handle business.
20 WAYS TO SAVE YOUR BUSINESS IN
2012
• Sell stock in your company. This is a great way to raise capital. Seek the advice of a professional to set up stock sales of your company.
• Innovations: Many small businesses have changed the way we do things. In the last ten years many small business have changed our lives from smart cell phones to the Face book. It all starts with a new idea.
20 WAYS TO SAVE YOUR BUSINESS IN
2012
• Marketplace: Where will you do this business? Many business start at home. If you cannot work at home look into at virtual office. There are many virtual office services around the country. Virtual offices are a small monthly fee. You can have a business address to meet clients and receive mail. If this is not an option become an internet based business.
20 WAYS TO SAVE YOUR BUSINESS IN
2012
• Work for a cause. Have your company work for a cause such as The Walk For The Cure. Take pledges for every mile someone in your company walks. Your company will get national exposure for the donations. Add the event to your website and social networks. Charity events are always a great networking tool.
20 WAYS TO SAVE YOUR BUSINESS IN
2012
• Stop being the boss and hire yourself. Become a working owner, officer administrator, pr person, IT person, sales manager, customer service, hr and sometimes the janitor. You will have to work very hard and smart to make things work. Employee’s respect owners that are in the trenches with them. Take time and get systems in place that will enable you to service your clients and run the business.
Remember Run Your Business, Don’t Let Your Business Run You!!!
Chicago’s Best Financial Services &
Investments
20 WAYS TO SAVE YOUR BUSINESS IN
2012