Small businesses need to stay afloat during the current economic downturn. This means changing with the times and altering business strategies. Jason Zickerman, president and CEO of The Alternative Board, a coaching franchise system, says it is essential for small companies to take a stronger approach in order to survive these hard times.
"This economy will unfortunately take businesses out," says Zickerman. "Companies need to question themselves if they aren't making changes in the current situation."
Zickerman offers tips to help small business owners keep focus:
-- Perform a 90- or 180-day cash flow forecast. Try to update the projection each month. Sign accountants in order to better understand how to create a cash flow analysis.
-- Pay attention to the certain elements that can affect cash flow. Keep up inventory; poor managing of inventory is common. Watch customers and make sure you know what they owe you. Discuss terms on your purchases and accounts payable.
-- Stay in touch with customers. It is important to be aware of your clients' feelings toward your products or services. Try to keep customers as happy as possible.
-- Continue marketing. Businesses that haven't stopped marketing are doing better in this economy. Be more aggressive; confidence is portrayed when money is spent on exposure.
-- Talk with your workers. Maintain employee involvement in meetings. Gain their perspectives and include them in the company's survival tactics.
-- Keep the strong staff. If the budget calls for a staff reduction, avoid firing those who are committed and play a big part in the company. You don't have to base cuts on seniority or salary. Try not to fire multiple employees at once. It is better to do it one at a time.
-- Find support through networking. You shouldn't be alone during these slow times. Connect with other business owners to share ideas and learn tips.
NEW YEAR RESOLUTIONS
When it comes to New Year's resolutions, some workers want to look for a new job. Even with the economic downturn, 19 percent of employees hope to leave their current position by the end of the year, according to a CareerBuilder.com survey that questioned more than 8,800 workers.
There wasn't one specific reason for workers wanting a career change. Forty-nine percent of employees are looking for a better salary and/or career advancement possibilities. Fourteen percent of workers want to find an atmosphere with greater appreciation, while 10 percent of employees plan to search for a company that makes a difference in the world.
The key objectives that keep employees satisfied include:
-- Pay: Twenty-five percent of workers aren't happy with their pay rate, and 35 percent didn't get a raise in 2008.
-- Career advancement: Twenty-six percent of workers are dissatisfied with career development plans at their companies, while 80 percent didn't receive or ask for a promotion in 2008.
-- Work/life balance: Eighteen percent of employees aren't content with their work/life balance options. And 54 percent had a bigger workload during the last six months.
When on the job hunt, workers pay attention to a company's stability, career advancement choices, work environment and flexible schedule possibilities.
"January is typically one of the busiest job search months of the year," says Rosemary Haefner, vice president of human resources. "And this year should be no exception with increased unemployment combined with workers who are putting their New Year's resolutions into action.
"In fact, 82 percent of workers said while they are not actively looking for a new position, they would be open to one if they came across the right opportunity."
Haefner provides tips to those looking for other career options:
-- Practice patience. With many resumes coming in for open positions, companies may require more time to find the appropriate candidate.
-- Try job posting: Put some key words from the job post in your resume. Your resume might stick out if a manager scans them with an automated system.
-- Explore online job sites. Post your resume on different recruitment sites in order to get your name out there.