Survival Tips For Small Businesses

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Term Paper Title	Survival Tips For Small Businesses
# of Words	1342
# of Pages (250 words per page double spaced)	5.37

Survival Tips For Small Businesses

You
may be in Mail Order, Direct Mail, or you may be a local
merchant with 150 employees; whichever, however or
whatever... you've got to know how to keep your business
alive during economic recessions. Anytime the cash flow in
a business, large or small, starts to tighten up, the money
management of that business has to be run as a "tight ship."
Some of the things you can and should do include
protecting yourself from expenditures made on sudden
impulse. We've all bought merchandise or services we
really didn't need simply because we were in the mood, or
perhaps in response to the flamboyancy of the advertising
or the persuasiveness of the salesperson. Then we sort of
"wake up" a couple of days later and find that we've
committed hundreds of dollars of business funds for an item
or service that's not essential to the success of our own
business, when really pressing items had been waiting for
those dollars. If you are incorporated, you can eliminate
these "impulse purchases" by including in your by-laws a
clause that states: "All purchasing decisions over (a certain
amount) are contingent upon approval by the board of
directors." This will force you to consider any "impulse
purchases" of considerable cost, and may even be a
reminder in the case of smaller purchases. If your business
is a partnership, you can state, when faced with a buying
decision, that all purchases are contingent upon the
approval of a third party. In reality, the third party can be
your partner, one of your department heads, or even one of
your suppliers. If your business is a sole proprietorship, you
don't have much to worry about really, because as an
individual you have three days to think about your
purchase, and then to nullify that purchase if you think you
don't really need it or can't afford it. While you may think
you cannot afford it, be sure that you don't "short-change"
yourself on professional services. This would apply
especially during a time of emergency. Anytime you commit
yourself and move ahead without completely investigating
all the angles, and preparing yourself for all the
contingencies that may arise, you're skating on thin ice.
Regardless of the costs involved, it always pays off in the
long run to seek out the advice of experienced
professionals before embarking on a plan that could ruin
you. As an example, an experienced business consultant
can fill you in on the 1244 stock advant...

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