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Strong economies come and go. Your business shouldn't have to. 19 Ways to Survive: Small-Business Strategies for a Tough Economy shows small-business owners how to avoid falling victim to downturns in the economy. This is not a book on economic theory.This practical guide suggests hands-on techniques and ideas for small-business owners. Authors Lynn and Philip Spry document step by step how they turned their own business around and explain the reasoning behind each decision they made. Readers will be presented with the nuts-andbolts basics on how they can turn their small business around today using inexpensive tactics to gain and retain customers.1. Eliminate the financial obstacles2. Understand your industry to become a leaderin your field3. Ask others for support and assistance4. Take stock of your supplies5. Focus on your target market6. Keep your customers and clients happy7. Manage your problem employees8. Document your critical processes to ensureconsistent, quality customer service... And more!The practical nature of 19 Ways to Survive: Small- Business Strategies for a Tough Economy will help small-business owners to build a successful, growing business in any economy.
Notice xvIntroduction xvii1 Commit to Making Your Business a Success 11. You Can't Learn to Swim in a Classroom 22. It's Okay to Fail Sometimes 23. Risks Lead to Rewards 24. Mistakes Mean You Are Learning 35. Commit to Success 36. Control Your Business 47. Communicate Your Goals Clearly 48. Lead by Example 52 Comply with All Government Rules and Regulations 71. Protecting Your Personal Assets 72. Set up Your Business Credit 9CONTENTSiv 19 ways to survive: Small-business strategies for a tough economy3. Taxes 93.1 Get every tax deduction possible 93.2 The high cost of not paying your taxes 93.3 Prevent tax problems in the future 134. Follow Regulations and Rules 135. Post All Required Notices 146. Forms, Documentation, and Disclaimers 157. Finding Reliable Information 153 Eliminate the Financial Obstacles 171. What Is Your Real Monthly Revenue? 182. Required Expenses versus Desired Expenses 193. Negotiate and Reduce Your Bills 204. Reduce Unnecessary Employee Expenses 224.1 Reduce perks 234.2 Reduce benefi ts 234.3 Control costs of after-hour meals 244.4 Find a solution for excessive overtime 244.5 Deal with weak employees 244.6 Review employee expenses 245. Eliminate Hidden Marketing and Advertising Costs 246. Check Your Own Charges 267. Do Away with Superfl uous Expenses 268. Keep Costs Critical to Expansion 279. Review, Repeat, and Reduce 284 Understand the Financial Health of Your Organization 291. The Balance Sheet 302. The Profi t and Loss Statement 303. Cash Flow Statement 324. Other Types of Reports to Help You Stay on Top of Your Business 334.1 Daily and weekly margin report 334.2 Daily and weekly gross revenue report 334.3 Detailed inventory report 334.4 Customer surveys 34Contents v5 Understand Your Industry to Become a Leader in Your Field 351. Special Note for Franchise Owners 352. Learn Your Industry for Free 362.1 Join online chats and newsgroups 362.2 Regularly check competitor advertising 362.3 Visit your competitors 362.4 Review your vendor's literature 362.5 Study large competitor websites 372.6 Sign up for industry newsletters and magazines 372.7 Take free training courses 373. Investing in Your Education 373.1 Complete certifi cations 373.2 Online courses 383.3 Group membership 383.4 Read the latest industry-related books 384. Spread the Knowledge 386 Ask for Support and Assistance 391. Ask for Help 392. Get Support from Your Spouse 403. Take Your Children to Work 414. Get Advice from the Experts 424.1 SCORE — Counselors to America's Small Business 424.2 US Small Business Administration (SBA) 434.3 Resources for Canadian businesses 435. Develop Relationships with Other Business Owners 436. Get Advice from Your Franchise Company 447 Take Stock of Your Supplies 451. Reducing Inventory Costs 452. Stock Products, Not Catalogs 463. Get Rid of Old Products 474. Reducing Assembled Product Costs 475. Reducing Service Costs 49vi 19 ways to survive: Small-business strategies for a tough economy6. Revenue Does Not Equal Profi t 507. Your Products and Services Cost 508 Focus on Your Target Market 511. Products That Appeal to Everyone 512. Identify Your Target Market 523. Discover Who Your Customers Really Are 533.1 Learn about your customers 543.2 Discover your customer demographics 553.3 Find your most profi table customers 574. How Effective Is Your Advertising? 594.1 Check your advertising demographics 604.2 Tracking advertising effectiveness 604.3 Find the real cost of all your advertising 624.4 Cancel your ineffective advertising 644.5 Increase your best advertising 644.6 Track brand loyalty 654.7 Referrals = free advertising 659 Keep Your Customers and Clients Happy 671. How Did You Treat Your First Customer? 682. Always Deliver on Your Promises 693. Become the Solution Provider of Choice 693.1 When customers want more 703.2 When customers complain 703.3 When customers pay late 713.4 When customers stop paying 724. What Type of Customers Do You Want? 734.1 Sometimes you have to fi re your customers 7310 Motivate Your Employees 751. The Problems Associated with Overstaffi ng and Understaffi ng 751.1 Personnel problems 761.2 Productivity issues 761.3 Errors 762. Determine If Your Company Is Overstaffed Or Understaffed 76Contents vii3. Do You Have the Right Team? 774. Firing Employees Can Improve Morale 785. Finding and Hiring New Team Members 785.1 Before the interview 795.2 Preparing the candidate for the interview 805.3 Interview tips 815.4 Never hire the ""best"" candidate 816. Branding Your Team 817. Build a Championship Team 8211 Manage Your Problem Employees 831. When Good Employees Turn Bad 832. Confronting Confl ict 842.1 Employee complaint 1: I am irreplaceable! 842.2 Employee complaint 2: I am underpaid! 852.3 Employee complaint 3: I know better! 872.4 Employee complaint 4: I bring in the customers! 873. Take Proactive Steps to Prevent Sabotage 883.1 Conduct regular performance reviews 893.2 Provide constructive feedback 904. Setting Level Employee Expectations 9212 Document Your Critical Processes to Ensure Consistent,Quality Customer Service 931. The Benefi ts of Documents and Processes 942. Picking the Right Processes to Document 953. Designing Forms That Save Time 964. Measure What Matters 975. Regular Reviews 9713 Train Your Employees to Increase Sales and Improve Profi tability 991. Sales and Satisfi ed Customers 991.1 Sales myth 1: Our products are too expensive 1001.2 Sales myth 2: I'm not in the sales department 1011.3 Sales myth 3: That customer can't afford it 102viii 19 ways to survive: Small-business strategies for a tough economy1.4 Sales myth 4: That customer doesn't need it 1021.5 Sales myth 5: We haven't had a serious buyer all day 1031.6 Sales myth 6: Customers just don't like salespeople 1031.7 Sales myth 7: Sales is just a numbers game 1042. Look for Sales Opportunities 1043. The Right Products to Up-Sell 1053.1 The right time to up-sell 1064. Everything Should Be for Sale! 1075. Taking Sales to the Next Level 10814 Turn Your Store into a Showplace So You Can AttractNew Customer Dollars 1091. Transforming Your Store 1102. Creating the New Layout of Your Store 1103. Remember the Best Changes Are Free 1114. Take Advantage of Professional Designers 1125. Positioning Products in Your Store 1125.1 Positioning popular products 1125.2 Positioning popular products in your service business 1135.3 Product location increases impulse purchases 1136. Boost Sales by Offering New Ancillary Products 1137. Keep Your Customers Comfortable 1147.1 Music 1147.2 Airfl ow and smells 1157.3 Temperature 1158. Tots + Toys = Transactions! 1159. Reduce Shrinkage and Lost Dollars 11610. Keep Your Place of Business Organized and Clean 11711. When to Implement Your New Design 11815 Adapt to Changing Market Conditions 1191. Expand Your Service Offerings 1201.1 At-home service 1201.2 Home delivery and shipping 1211.3 Online service 121Contents ix1.4 Product consulting 1211.5 Free product maintenance 1212. Expand by Selling to Local Businesses 1222.1 Identify the company demographic you are targeting 1222.2 Choose a repeatable offering 1232.3 Include an impulse purchase 1232.4 Leave a fl yer or advertisement with the potential business customer 1233. Finding Profi table Partnerships 1234. Taking Advantage of Free Ideas to Continue to Grow 1245. Markets and Customers Change — So Should You! 12516 Compete Effectively with Big Businesses 1271. Don't Compete on Their Terms 1272. Stand out in a Crowd 1283. Personalize Your Presentation 1294. Find Your Unique and Uncommon Products 1295. Sell Your Company's Industry Knowledge 1306. Be Prepared for Direct Competition 1307. Be Positive If You Want to Win Customers 13117 Take Advantage of Barter Opportunities 1331. What Is Barter? 1332. Why Barter? 1342.1 Seller benefi ts of barter 1352.2 Buyer benefi ts of barter 1353. Taxes and Barter 1364. Finding Businesses That Will Barter 1364.1 Bartering within a barter group 1375. Paying Your Expenses through Barter 1395.1 Paying your bills through barter 1395.2 Paying yourself through barter 1395.3 Paying your employees through barter 1406. You Can Barter for Anything 140x 19 ways to survive: Small-business strategies for a tough economy18 Protect Your Business from Theft and Fraud 1411. The Risks of Accepting Checks 1412. Avoiding Credit Card Fraud 1433. Preventing Shrinkage and Outright Theft 1463.1 Reduce the payoff 1473.2 Lock up valuables 1473.3 Install a security system 1473.4 Get steel roll-down doors 1483.5 Work with your landlord and neighbors 1483.6 Watch your customers 1484. What to Do If Your Employees Are Stealing 1485. How to Avoid Business Scams 14919 Ensure That the Functions Critical to Your Business Are Stable,Backed Up, and Insured 1531. Easy, Low-Cost Data Backup 1541.1 Media backups 1551.2 Computer hard drive arrays 1551.3 Off-site backups 1552. The Risks Associated with Saving Information Longer Than Necessary 1563. Uninterruptible Power Supplies (UPS) 1564. Insure Your Business Assets 1575. Patents, Copyrights, and Trademarks 1576. Get Rid of Piles of Paper 1587. Make Sure You Have a Backup Plan for Your Job 1588. Test Your Backup Systems 15920 Now That You Know the ""Ways,"" Continue to Search forNew Opportunities 1611. Expand Beyond Your Boundaries 1612. Acquire Another Company 1623. Franchise Your Processes 1624. Increase Your Holdings through Commercial Real Estate 1625. Take Advantage of New Opportunities 163Contents xiTABLES1. Customer-Tracking Grid Including Age and Zip/Postal Code 552. Customer-Tracking Grid Including Gender 563. Calculating How Much Each Customer Spends 584. Tracking Your Advertisements' Effectiveness 615. Cost and Margin of Advertising per Customer 63SAMPLES1. Balance Sheet 312. Profi t and Loss Statement 313. Cash Flow Statement 324. Up-Sell Possibilities 106
