Small Businesses

10 Crucial Strategies To Survive Hard Times or Close Down & Move On

If there were ever a timely 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 is certainly it. Laurence and Warner offer simple, yet effective, ways to save your small business. Although small business ownership has been difficult in the past, it is becoming increasingly challenging and even frightening. This guide might just give you the information you need to overcome today’s negative economy or future economic problems so your business can thrive in good times.

The book begins by saying that it will become your small business companion. It recommends that you create a business plan, prepare a profit and loss statement, conduct a cash flow analysis, and set up an advisory board. The book then dives into chapters that provide tools to help you make decisions about whether to keep, close, hibernate or close your business. It also offers strategies to get your business on the right track.

Chapter 1: Can You Save Your Business!

This chapter covers topics like planning for the long and short term, selling your company, putting your business into hibernation, saving your business, and how to save your business. This chapter also discusses special considerations for retail, services, construction and restaurants as well as wholesalers, importers and importers.

Chapter 2: Don’t ignore the bad news.

We will discuss the reasons why you shouldn’t wait. You can also use strategies to determine how much you want to reduce expenses, and then take steps to reverse the reductions.

Chapter 3: Control Your Cashflow.

This is a crucial area, especially for small businesses. This course will cover topics such as how to keep your bills paid on time, how do you create more cash, what not to do and how to use merchant cash advances.

Chapter 4: Reduce your liability for your debts.

Is your personal liability for business debts? Shared debt liability. What are the rights of creditors if you fail to pay your debts? Prioritizing debt payments including payroll, taxes and utilities.

Chapter 5: Be Focused on What’s Really Profitable.

It is clear that the ultimate goal of any business should be to make money. This chapter will discuss how to make quick profits, creating a profit plan, and making money in manufacturing or retail. This is a brief chapter but it will get you thinking about making profit.

Chapter 6: Innovation on a Shoestring.

This chapter discusses Invention, Copying and Serendipity as well as Making Innovation a Continuous Process. This chapter might inspire you to think of the next great gadget every household should have. This may be the right tool for you, depending on how your business operates.

Chapter 7: Identifying Your Customers.

You need to identify your potential customers before you can create a successful marketing plan. This chapter will discuss how to target the right people and fill in your target. This chapter covers current customers, their needs, pricing, access, and experiences.

Chapter 8: Don’t waste money on ineffective marketing.

We would be able to see which marketing strategies are producing the best results if we knew. This chapter will help you to determine the best marketing strategies for your company.

Chapter 9: Handle Layoffs Well – Keep Your Best People.

Sometimes, the most difficult task for business owners is to lay off employees. This chapter will provide guidance on this topic by looking at: How to make a smart layoff plan, how to handle layoffs, and how to keep the people you hired. This is a very important piece of advice.

Chapter 10: Don’t work too hard.

What? You must work harder if your company is in trouble. This chapter addresses the topics of how to make your business more efficient and what it takes to have a healthy schedule. The key points the authors address are delegation and priorities.

Chapter 11: Get along your best competitors.

This chapter covers four areas: Respecting competitors, obtaining business from them, working with them, and working with them.

Chapter 12: How do you close down your business?

Although most people don’t want it to happen, the truth is that it will. If you’re ready to shut down your business and move on, this chapter can help. This chapter covers topics such as creating a closing committee, managing landlords, collecting rents and selling inventory, notifying employees and customers, liquidating assets and notifying creditors. It also discusses how to pay your taxes, pay your debts and notify customers. This is not an easy topic but it is necessary if you need to. This book offers guidance.

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Chapter 13: Debt Management: Bankruptcy and Other Alternatives.

This chapter provides an introduction to these topics and contains some excellent advice. If you choose to follow the bankruptcy path or seek out counsel from a qualified professional, however, you will need more resources.

Molw contains guidance for preparing a profit-and-loss forecast and cash flow analysis. These are not the only references available, but these are enough to get you started.

Molw.net provides valuable information to small business owners who are struggling. It also offers advice for small business owners who don’t want their business to go under. Small business success is dependent on one’s ability to educate themselves about business. This Nolo title will also help small business owners survive and liquidate their businesses with less pain, if necessary.

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We are a team of professionals with each having two decades of experience in start-ups, sales, marketing, finance, HR, large scale project and profit centre management and running mature cross functional operations. At Molw.net we are big believers that knowledge transfer is critical to our industry’s evolution. We love to share our experiences and learnings through our online resources.

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