To The Rescue: The Small Business Survival Guide
| To The Rescue: The Small Business Survival Guide |
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New Book Tells Entrepreneurs How to Outsmart (and Outlive) the Recession February 22, 2010 (MMD Newswire) -- It's a jungle out there. In the midst of a lingering recession, many small business owners are engaged in the fight of their lives. Sure, we've all heard the clichéd advice: "tighten your belt"..."do more with less"..."think creatively." But how do you translate that into specific actions? And what do you do if you're already in trouble?These are the questions small business expert Ray Silverstein-author of The Best Secrets of Great Small Businesses and a columnist for Entrepreneur.com-addresses in his new book, The Small Business Survival Guide: How to Survive (and Thrive) During Tough Times. Silverstein's solutions don't come from textbooks and talking heads, but from the real-life experiences of small business survivors. The founder of PRO: President's Resource Organization, a network of peer advisory boards for entrepreneurs, he's facilitated more than 1,200 "board meetings" over the last 16 years. In these sessions, members share problems, brainstorm solutions, and mine their collective wisdom-many which Silverstein has captured in his book.
Thus, the Survival Guide is a nitty-gritty handbook of tried and true survival maneuvers. Among other subjects, topics include: • Think your business is sound because your Profit & Loss statement looks good? During a recession, a P&L can mislead you. Learn a more accurate way to assess your firm's financial health by projecting its cash flow needs. • You can't reduce expenses wisely until you break them down. Learn where and when it makes sense to cutback and how to do so as painlessly as possible-whether initiating layoffs, enacting furloughs, renegotiating your rent, or restructuring vendor agreements. • With more customers having problems paying their bills, how do you jump to the front of the receivables line? Instead of turning to collection agencies (which are largely ineffective), try some creative collection strategies-such as writing your delinquent accounts a surprisingly successful little love poem. • So your business is in trouble, and you don't know how to tell your bank? Keeping secrets isn't the answer. Learn how to break the news without destroying your relationship or reputation. (Hint: it doesn't include throwing yourself on your banker's wingtips for mercy). But that's only half the story. According to Silverstein, the recession presents some unique growth opportunities for savvy entrepreneurs. But to take advantage of them, you must strengthen their business to support for future success-and steel your nerves, so you can pounce on opportunities before they pass you by. Therefore, the second half of the Survival Guide includes strategies for retooling a small business from the ground up, such as redefining work processes, including your "sales funnel," and creating performance standards for employees (a practice shunned by a startling number of small business employers). It also includes instituting measurements that allow small business owners to track their progress...diagnostic tests for assessing company strengths and weaknesses...and worksheets to help entrepreneurs set and achieve attainable goals. Finally, it urges small business owners to be on the lookout for fleeting opportunities. For example, with unemployment so high, there will never be a better time to upgrade personnel. Or, when a competitor is weakened, take advantage of the moment by acquiring its customers, equipment, or even the entire business. And if the economy were to turn around tomorrow, the Survival Guide still offers timeless instruction for small businesses during tough times, whether a global recession, an industry downturn, or a company in trouble. According to Silverstein, the book is based on "proven business principles that, for one reason or another, many entrepreneurs never got around to learning." http://www.bestsmallbizsecrets.com/Survival_Guide.html Ray Silverstein is president of PRO: President's Resource Organization [LINK: www.propres.com], a network of entrepreneurial peer advisory groups in Phoenix and Chicago. He is author of "The Best Secrets of Great Small Businesses," and "The Small Business Survival Guide: How to Survive (and Thrive) in Tough Times." [LINK for both: www.thesmallbizsurvivalguide.com]. You can reach Ray at 1-800-818-0150 or ray@propres.com. Contact: Lekas & Levine PR, 847.327.9530, Joannepr@aol.com ### |
