Can I Tell Profit Yoy On Statement Of Cash Flow Save Your Small Business – 10 Crucial Strategies to Survive Hard Times Or Close Down & Move On

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Save Your Small Business – 10 Crucial Strategies to Survive Hard Times Or Close Down & Move On

If ever there was a business book, Save Your Small Business: 10 Crucial Strategies To Survive Hard Times or Close Down & Move On by Ralph Warner and Bethany K. Laurence, this is it. Billed as a small business survival plan, Warner and Laurence provide simple, no-nonsense steps that can make a big difference in running, saving or, if necessary, shutting down your small business. Running a small business has always been difficult, but right now it can be brutally excruciating, if not downright scary. This guide can only provide you with the information you need to turn today’s bad economy, or tomorrow’s bad economy, into opportunities so that when times are good, your business will be ready for success.

The book begins by being your small business companion and recommends creating a business survival plan, preparing a current income statement and cash flow analysis, and establishing an advisory board. He delves into chapters that will give you the tools to help you decide whether it makes sense to continue, rest, close, or sell your business, and offers some strategies you can use to get your business back on track.

Chapter One: Can You Save Your Business? This chapter covers topics such as short- and long-term planning, selling your business, hibernating your business, and rescuing your business. It also covers some specific aspects for retailers, services, construction, restaurants, wholesalers and importers, and franchises.

Chapter Two: Don’t Ignore Bad News. Why you can’t wait, cost cutting, changing direction, canceling and selling are covered. There are also strategies for determining how much to cut costs and for slowly phasing out the cuts.

Chapter Three: Control Your Cash Flow. This area can be one of the most important, especially for small businesses. Topics include: paying bills on time, how to make more money, and the dos and don’ts of using merchant cash advances, maxing out credit cards, and borrowing against your home.

Chapter Four: Reduce Your Debt Liability. Are you personally liable for business debts? Liability for joint debt. What can creditors do if you don’t pay? Prioritizing debt payments, including payroll, taxes, utilities and more.

Chapter Five: Focus on What’s Really Profitable. Face it, the goal of a business is to make a profit. This chapter discusses creating a quick profit plan on paper, making money in a service business, and making money in retail or manufacturing. It’s a short chapter, but if it gets you thinking about making a profit, it’s done its job.

Chapter Six: Innovation on a String. This chapter discusses invention, copying, chance, and turning innovation into a continuous process. This chapter might get you thinking about the next wonder gadget that every household should have. Depending on your business, this may be what you need.

Chapter Seven: Identify Your Customers. Before you can create an effective marketing plan, you need to know who your likely customers are. This chapter covers targeting the bull’s eye and filling your target. Topics include current customers, needs, price, access and experience.

Chapter Eight: Don’t Waste Money on Ineffective Marketing. If only we knew which of our marketing efforts are producing the best results. This chapter helps you determine things about your marketing such as: marketing the right products or services to the right people, not wasting big dollars on advertising, asking long-term customers for support, encouraging customers to recommend your business, using paid advertising effectively, marketing on your own website and organizing sales “trying to stay in business”.

Chapter Nine: Treat layoffs fairly—and keep the best people. Firing people is often one of the tasks that business owners dread the most. This chapter provides guidance in this area and covers: making a smart layoff plan, layoff logistics, and keeping the great people you hire. Some very good advice for this unfortunate part of the business.

Chapter Ten: Don’t Work Too Much. What? If your business is failing, you have to work harder, right? This chapter discusses the importance of a healthy schedule and how to work less and earn more. Prioritization and delegation are keys discussed by the authors.

Chapter Eleven: Collaborate with Your Best Competitors. The four areas covered in this chapter include: treating competitors with respect, doing business with competitors, working for competitors and working with competitors.

Chapter Twelve: How to Shut Down Your Business. Most people don’t want this to ever happen, but that’s the reality. This chapter offers some good strategies if you decide it’s time to close the business and do something else. Topics include things like creating a closing team, reviewing contractual obligations, dealing with landlords, collecting invoices and selling off inventory, notifying and paying employees, liquidating assets, notifying creditors and customers, paying your debts, paying taxes, and dissolving your business entity. It’s not a pleasant topic, but unfortunately an important one if you find yourself headed in this direction. The book provides guidance in the process.

Chapter Thirteen: Dealing with Debt: Bankruptcy and Its Alternatives. An introductory chapter on these topics with some good advice, but you will need more resources if you decide to file for bankruptcy, or better yet, seek advice from a qualified professional.

Appendix A contains instructions for preparing a profit and loss statement and cash flow analysis. There are certainly more complete references on these, but these short bare bones basics on them will get you started and at least help you figure out where you stand.

“Save Your Small Business” is a good guide for struggling small business owners and also provides information for small business owners who don’t want to fall on hard times. Business education is critical to small business success. This is another Nolo title that will hopefully help small business owners survive as well as liquidate and close with less pain if that’s the route to take.

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