(Submitted by Ryan Mapes, Manager, Endeavor Center and Program Leader, Business Development Network, OSU South Centers)
Today’s economy presents many challenges for small business owners. Success of these ventures is sometimes dependent upon the company’s ability to look forward and adapt or make changes if needed. Business planning is a necessary component to overcome the challenges that are present in this economic environment.
Owners must be proactive in managing areas such as cash flow and marketing. The ability for a company to be flexible and to make changes is critical when managing cash flow. Look for new or creative ways to generate revenues and decrease expenses. Market diversification could positively impact sales and make the difference between a positive and negative cash flow.
“Running my business is getting in the way of running my business.” Have you heard that expression? Don’t wait until it is too late to seek advice in these areas.
Small Business Development Centers are an excellent resource that provides one-on-one counseling services and training events covering a broad range of topics.