As the recession continues to extend into 2010, we continue to be inundated by news about the challenges that face the small business community.
While we are not completely out of the woods in terms of the economy, there are several things that small business owners can do to protect their businesses during these challenging times:
Manage Collections: Outstanding invoices should be aggressively followed up on round-the-clock. Having unpaid invoices will create instability. Be aggressive and assume the worst.
Collect Upfront: Make sure that all of your contracts stipulate payment upfront. Net 30 can stretch into Net 60, then you are stuck doing work for 2-3 months without being paid.…
Continue reading
The U.S. economy’s worst recession in the post-war era has begun to turn for the better. Yet, despite the fact that the doom and gloom of the past 20-plus months may be behind us, entrepreneurs seeking to buy businesses still find it difficult to get banks to finance their purchases.
What do you see your business doing 12 months from now, when we’re out of the recession and making the upturn?
