Business I career coach
MA&
Surviving Economic Distress
M
any of my conversations with
entrepreneurs and small busi-
ness operators have turned to
the current economic climate. Most want
to know how to survive the downturn.
But businesses cannot be fixed quickly or
without uncertainty and some pain.
Want to know how to tighten the com-
pany belt without hurting your business?
Obviously, you will want to simplify the
office holiday party, reduce use of mail,
increase use of e-mail and freeze overtime.
Here are some other streamlining tips:
• Review everything. Carefully review all
of your expenses. Trim areas that will have
the least impact on day-to-day operations.
Do not take anything away from service to
your clients. Budget conservatively.
• Negotiate. One of the best ways to get a
good deal is to ask. You might secure bet-
ter rates on everything by agreeing to pay
early, entering into a contract with a sup-
plier or through hard-nosed negotiating.
• Reduce costs. Is your stockroom filled
with excess supplies? Order
• Say no to contractors. Use
only what you need. Minimize
staff to get work done. If you need
paper usage by asking people
extra help, consider hiring college
to read reports and docu-
students or interns for credit. It is
ments on line. When you do
a win-win situation for your busi-
need to print, start pressing
ness and for a student anxious to
that double-sided button.
get on-the-job training.
• Make everyone a sales
• Seek employee input. Ask
person. Get each employee to
employees where the company
ask customers and vendors for
can save money and then reward
Robert Sher
referrals. Teach them how to
each
person who offers a good
Colum nist
make cold calls and network.
suggestion. You can create
Pay each non-salesperson a commission
Employee of the Week competitions.
for sales that come as a result of his or her
•Avoid unnecessary travel. Web video
participation in landing the deal.
conferencing and free conference calls
• Conserve energy. Lower the thermostat can help cut travel expense. For those who
temperature; turn off all appliances and
must travel, compare the costs of trains,
lights when not being used and encourage buses and rental cars with airfare.
staff to shut down their computers when
• Watch professional bills. Ask attorneys
out of the office. Replacing incandescent
and accountants what you can do on your
bulbs with compact florescent bulbs
end to reduce expenses.
means buying fewer bulbs over the year.
• Shop around for insurance. Talk to
• Sublease office space. If there is vacant
several neutral sources before picking
space in your office, lease it out.
plans. Make sure the plan you choose is
cost effective, protects you from poten-
tially catastrophic contingencies and gives
leverage to grow your company.
• Go back to basics. Get rid of individual
desktop printers and share one in a des-
ignated location. Do not upgrade software
every time a new version of the same title
emerges. Determine what you really need
and what is a luxury and you will be able
to save money.
Perhaps we are all a little spoiled by the
latest technological advancements, lunch
meetings and abundance of supplies we
have been accustomed to. There is no time
like the present to rethink how we all do
just about everything — to save costs and
your company's future. Li
Robert Sher, CPA, is a certified executive
coach. He formerly was CFO and partner for
Oakland County-based Schostak Brothers &
Company. He serves on the boards of chari-
table and professional organizations. His e-mail
address is: info@bobsher.com .
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December 11 • 2008
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