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Resolutions for the New Year

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December 19, 2008

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 The New Year is for resolutions, and small businesses are going to have to do some evaluation and make some resolutions to survive and thrive in the current economic crisis.

USA.gov  has a list of popular New Year's resolutions for  the individual that can also suit the small business owner.

Lose Weight: Slim down your business by focusing on products that are core to your business and eliminating those that are not. This may also mean scaling back existing products or developing new products scaled for a budget-conscious customer and evaluating necessary personnel.

Get educated: Take advantage of slow business times to get more training.  Attend conferences, participate in webinars or just plain read.  Developing your industry-specific skills, business acumen or studying your competition will help you survive the current financial crisis and prepare for the economic recovery .

Reduce Stress: Reduce the stress on your business by outsourcing.  Are there aspects of your business that could be done quicker, easier, and cheaper by someone else? With the mass layoffs happening, there are plenty of skilled freelancers out there looking for some work.

Volunteer: Getting your business name in the public eye doesn't need to cost a lot of money. Participating in community events and activities can be an effective way to increase your profile and garner good will with the community. Encourage staff to participate in events, sponsor and outfit them for the event whether it's a charity walk, building a house or community fair.

Manage Debt / Save money: Keys to surviving in the new year will be to effectively manage your cash flow. Limit inventory  to reserve cash and credit line.

No one knows what 2009 will bring for small businesses.  They will have to make some hard choices and act sooner rather than later if they are going to survive the new year. Unlike a lot of resolutions, not keeping these could mean the end to a business in 2009.

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