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Prospering During an Economic Downturn
1. Manage your cash flow. Examine your cash flow analysis and look for steps to
strengthen your financial position.
2. Meet with your local banker. Reinforce your relationship and inquire as to any
strategies they might recommend.
3. Contact any and all vendors and creditors and either establish a line of trade credit
or explore extending the terms.
4. Examine and reduce where possible, your accounts payable.
5. Examine and manage your accounts receivable. Try and reduce the average
number of days (age) of your receivables.
6. Examine and develop a number of guerilla marketing strategies designed to
7. Develop strategic alliances with other businesses to expand market penetration or
explore new markets domestically or internationally.
8. Either reinforce or create a Board of Advisors. These individuals can be a
valuable source of information and advice.
9. Contact SCORE (www.SCORE.ORG), a Small Business Development Center (SBDC) (http://www.sba.gov/content/small-business-development-centers-sbdcs) or a Women’s Business Center (WBC), http://www.sba.gov/aboutsba/sbaprograms/onlinewbc/index.html, for advice and visit the Counseling and Training area, http://www.sba.gov/services/training/index.html. Also get the information you need at: www.sba.gov/ed.
10. Contact local universities or colleges. They often have student consulting teams
available to work with small business entrepreneurs to solve problems facing the