Nine Steps to Stabilize Your Business

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The atmosphere is one of uncertainty and fear. Emotions are  surfacing and we view life in a different way than we did a  very short time ago. One of the problems is that too many people are focusing on the war and its negative effects, even though the  war of the new millennium is a reality and we don't know how it  will end.

We can't stop living because of it. In spite of these catastrophic events, you could still have a  fatal accident. You could still become terribly ill. It’s still  possible that you could experience sudden death.

Even though  these are true possibilities, we don't focus on them. Our lives  don't revolve around these thoughts, or we would cease to  function. You as a businessperson can do your duty by running your  business to the best of your ability and contributing to the  growth of our hurting economy. Doing so builds strength of  character and helps you increase your ability to cope with  difficult situations.

Though this article will provide you with several tips to help optimize your business during times of war, you can also come up with your own ideas.

1. Stay positive. A negative attitude results in negative actions. If we have no control over the situation, then what's the use of worrying about it? Distract yourself by coming up with new ideas to increase your business.

2. Keep strong opinions and emotions about the war to yourself when conducting business. You may be offending one of your customers, suppliers or employees because they may view the situation differently. Talking about current events may be unavoidable. I suggest this topic be approached with caution. Control your emotions.

3. Create an emergency fund. During military action or bad news, sales tend to slow down for a short period of time. Your emergency fund will help you through these times. You can easily start building this fund by transferring a percentage of every sale you make into it.

4. Collect any overdue revenues owed to your business. Send out overdue notices, reminders or make some polite personal calls. This will help stabilize your cash flow.

5. Stock up on products and supplies that your business depends upon, especially if you rely on international items. You may encounter delays or difficulties in receiving these products.

6. Take time to do some cost cutting. Focus on areas where money is being spent unproductively.

7. This is a good time to liquidate all non-profitable assets. This may consist of stock, equipment, furniture, etc. Have a sale to eliminate your unwanted stock and place classified ads to sell off your non-profitable assets.

8. When times change, people’s attitudes change. Look for ideas that can help cater to your customers' needs during this time. Think of an idea that will benefit your customers and strengthen your business. For example, security is on everyone's mind. Can you provide your customers with a security-related product that is associated with your business? Can you provide extra precautions at your establishment that will make your customers feel safer? The ideas are endless. Take some time to think of a few.

9. Keep an amount of cash on hand in case of a network breakdown and you're unable to use a banking machine. This doesn’t have to be a large amount, just enough to get you by until the problem is resolved.

These tips will help you stabilize and strengthen your business during these changing times. Always keep in mind that you have to move ahead and take it one day at a time. Focus on the positive, and remember that we are all a lot stronger than we think! To assist you in implementing the concepts in this article I've provided you with a Excel Worksheet—absolutely free. Visit http://www.atouchofbusiness.com/waro/free.html


Acey Gaspard operates ATouchofBusiness.com, dedicated to providing you with informative business products to keep your business working at its peak performance. Visit today and sign up for a monthly FREE newsletter that will provide tips to help optimize your business.

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