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Tips for a Business Owner Fighting Out of the Current EconomicMess

Here are some tips to the small-business owner in today’s

challenging times: 1. Stay current. Join an industry association related to your

product or offering. Subscribe to all the magazines that cover your business.

2. Have a financial plan.Also a budget and a measurement

process to keep track of how you are doingmonthly. 3. “Cash forecasting.” Look at your next three months’ pro-

jected income or revenue, then lay next to it all the expenditures you need to keep the business running. The difference is your cash flow.Many businesses fail to understand their cash flow.

4. Get an advisory board.Ask people you trust to be your

board of directors, and review your business plans and results with them.Having someone to bounce ideas off and get an objec- tive opinion is crucial.

5.Maintain a balance betweenwork, play and family.This is

critical for long-termsuccess.You need to be able to step away on a regular basis and get your batteries re-charged.Alsomake time for family because if they suffer, it’s almost a sure bet your busi- ness will suffer too.

6.Network.Getting out andmeetingwith others can provide

a business support structure for you. Don’t think you can do it all by yourself; by talking with others in business, you will find out great ideas and it will helpmotivate you.

7. Discipline/Motivation. Keep your workplace and hours

separate from the rest of your responsibilities. Develop a to-do list every day; set goals for the week. Review how you are doing against them.This is one of the key elements of success.

8. Don’t rest on your laurels. Be prepared to change. Look

for things to domore efficiently or for howto improve your offer- ing or product. Constantly evaluate your competition and bench- mark yourself against them.

9. Do something you love. If you are in a business that you

hate, then it is a good bet you won’t be successful. Find where your true talents and skills are and get in a business that exploits them. The saying, “If you do what you love, the money will fol- low,” is so true.

10. Don’t give up. Some of the most successful entrepre-

neurs failed several times before doing extremely well. Remem- ber: Success is more attitude than aptitude, and never forget that failure is only the opportunity to begin againmore intelligently.

Affinity Partner E

very day your customers depend on you. Tey leave their cars in your parking garage or with your valet and assume everything will be fine. But things can go wrong. Vehicles

disappear from parking garages. Valets crash cars. Pedestrians trip on potholes. And customers file claims. So who can you depend on? For more than

25 years, Alliant Insurance Services has been offering complete insurance solutions for all types of parking operations.We can help you prevent and manage risks while making sure you have the most appropriate coverage for your business. Contact us today.

Customers depend on you.Who can you depend on? Alliant, the specialty insurance leader.

(866) 805-7275, Ext. 775


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