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Welcome to t=
he
Next Step Solutions E-Newsletter!
![3D"http://origin.ih.constantcontact.com/fs046/1101096837488/img/1=](3D"http://origin.ih.constantcontact.com/fs046/1101096837488/img/1=) Dear Margaret,
Time flies,
doesn't it? Hard to believe that the Glorious Fourth is upon us. It's
that time of year to celebrate our magnificent country, a thriving
tribute to the great experiment in democracy launched in 1776. <=
/o:p>
There are many Americans who believe that things aren't =
so
great at the moment. I agree that we do have our challenges. But ther=
e is
much more to celebrate than criticize. I, for one, remain an old
fashioned patriot, one who still can't get all the way through the St=
ar
Spangled Banner without choking up. I still see my country as that
"shining city on the hill" President Reagan used to talk ab=
out.
I am also an optimist, even in these somewhat difficult
economic times. I remain an optimist by remembering the past and hang=
ing
on to the perspective that comes with experience. For example, when I
hear people moaning about mortgage interest rates, I am reminded of my
experience buying my first house in the early 1980's. I managed to ge=
t a
30-year fixed-rate FHA loan at 13.5% - and I thought it was a good de=
al!
At the time, it actually was. Perspective.
So, this issue is about perspective and how to hang onto=
it
when times are challenging. First, take a step back and look at the
larger picture. The big picture tends to make many troubles look smal=
ler.
Second, really celebrate the birthday of the United States of America.
Along with food, family, and fireworks, take some time to reread the
Declaration of Independence and the Constitution of the United States.
Glory in the work our founders did, for it is glorious. Our survival,=
our
growth, and our strength as a nation are all convincing proof.
Happy Birthday, America!!
Tips &
Tactics for Tough Times
by Dennis
Purvine
Economic winds appear to be turning south for a while. A=
s we
turn our thoughts toward operating our businesses in spite of the
downturn, it is important to remember that the economy has cycles and
seasons, just like the weather. What goes down will come back up. So =
it
is critical that we don't allow ourselves to drown in the over-hyped
malaise and lose all of our perspective. Address short term issues, b=
ut
still prepare for the long term. Be ready to reap the rewards in the =
next
up cycle.
How do you stay focused, survive, and prepare for the
future? The specifics will vary for each business, but here are a few=
of
my tips and tactics to get you thinking. Apply the concepts to your
business, adapting as appropriate. Ultimately, if you pay attention to
business fundamentals, you will be better positioned to ride out the
storm.
First, keep a careful eye on cash flow, the lifeblood of
every business. When the flow slows, the first reaction of many is to
panic. My advice - don't! Avoid the knee-jerk approach. Instead, take
measured, commonsense steps to position yourself for leaner times.
For example, keep an eye on expenses and trim only where=
it
makes sense. You don't want to stop all spending on activities that
support the ongoing flow of business into your organization. In other
words, keep marketing and advertising, within reason, to keep your new
business pipeline vital.
Watch your accounts receivable like a hawk! Don't allow =
them
to age by following up promptly with any delinquent accounts. Don't l=
et
the other guy's cash flow problem become yours.
On the accounts payable side, remember that business is a
chain. If you can't sell, your suppliers won't be selling you as much=
. So
work with them. Think of them as partners and approach them as such. =
See
if you can negotiate better prices and/or longer payment terms.
Protect the business you already have. In other words,
strive to keep your current customers by taking excellent care of the=
m.
Maintain the highest level of customer service. This effort will rewa=
rd
you with customer loyalty and additional sales.
Maintain your selling and marketing efforts. Keep your n=
ame
out there, preferably top of mind. Communicate regularly with your
marketplace with flyers, newsletters, seminars - whatever is appropri=
ate
for your business. Keep networking. Consider offering promotions, tak=
ing
care not to sound desperate. Also explore potential new markets or
perhaps an under- served niche you haven't tackled before.<=
span
style=3D'font-size:10.0pt;font-family:"Verdana","sans-serif";mso-bidi=
-font-family:
Arial;color:black'>
By exercising care, managing and measuring your business
closely, and maintaining an active presence in the marketplace, you w=
ill
have an excellent chance to survive this downturn. Maintain a long-te=
rm
as well as a short term focus, plan strategically for the future, and
your business will be positioned to benefit handsomely when the trends
turn positive once again.
by Margaret
Purvine
We have had two more columns printed in the Puget Sound
Business Journal since our last eNewsletter! In case you missed them,
here are excerpts from each to pique your interest. Click on the t=
itle
to read the entire article. Please remember that our articles are
only available to print subscribers during the first 30 days after
publication. After that time, they are available to all.
As always, we welcome your comments and appreciate your interest!
"=
Everyday
ethics - how to tackle the daily issues we all face"<=
/i>
"Corporate scandals are big news these days. Hardly a news cycle
passes without yet another corporate bigwig nailed for malfeasance or
fraud, costing employees, stockholders and ultimately taxpayers billi=
ons
of dollars.
"Beyond the individual impact of these acts of greed and/or
stupidity, there is also the collective impact on the reputations of
business people. Corporations are not evil entities, but simply
commercial organizations made up of good people, like you and me. The=
se
people are smart, honest, hardworking, and dedicated to providing goo=
ds
and services to consumers, profits to shareholders, and jobs for
employees.
The tiny minority who commit spectacularly bad acts foster the widely
held myth of the Big Bad Corporation. Too many people believe,
incorrectly, that "eee-vil" corporations exist to support t=
he
greed of the privileged few and are out to do dirt to customers and e=
mployees
alike. Nothing could be further from the truth."
"=
Advice
from the experts - you can pay now or pay later"<=
/b>
"One undeniable fact of small business life is that every
entrepreneur/business owner has to wear many hats. It's the reality o=
f a
new venture. One must be versatile, flexible, willing to roll up your
sleeves and tackle the work, whatever it is.
"However, some of those hats don't fit all that well.
"Each of our metaphorical hats represents a critical business sk=
ill.
In order for any business to function properly, many high-level skill=
s are
required. What skills? Think financial management, people management,
legal issues, strategic planning and information technology, to name =
just
a few. It is the rare entrepreneur who has them all. Fortunately, dur=
ing
the startup phase when funds are an issue, high-level skills are not
usually needed full time. They don't come cheap.
"So what's a small-business owner to do?"
Customer Ser=
vice
- Ah, for the good old days...
We've had a lot to say recently about the lousy service =
one
gets whenever one is compelled (or just crazy enough) to board a plane
and fly somewhere. The latest symbol of the demise of the "frien=
dly
skies" was the announcement by one airline that they would no lo=
nger
offer peanuts to the passengers.
No peanuts. How low can you go?
There was a fabulous article in The Seattle Times this p=
ast
Sunday, entitled, "Once upon a time, the skies really were
friendly." Did you read it? Do take a look if you can. Those of =
our
readers who will admit to a certain maturity (note, I didn't say old!=
) will
relate to some of the stories. To you young whippersnappers, it will =
seem
like a fairy tale.
Click
here to continue reading...
Free Resourc=
es
from Next Step
New and cool
business book list!
Our web site h=
as a
new book list! The look hasn't changed, but the list has been updated=
and
expanded. We've also added a cool new feature - a quick and easy way =
to
order a book you find interesting. Simply click on the title and you =
will
be routed to the appropriate page on Amazon.com. Just want ordering
information? Mouse over the title and an information box will appear.
Check it out!
Click
here to check out the Next Step Business Book List!=
Words of Wis=
dom <=
span
style=3D'font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareas=
t-font-family:
"Times New Roman";color:black'>
Quotes from
movers and shakers
WE =
hold these Truths to be self-evident, =
that
all Men are created equal, that they are endowed by their Creator with
certain unalienable Rights, that among these are Life, Liberty and the
Pursuit of Happiness -- That to secure these Rights, Governments are
instituted among Men, deriving their just Powers from the Consent of =
the
Governed, that whenever any Form of Government becomes destructive of
these Ends, it is the Right of the People to alter or to abolish it, =
and
to institute new Government, laying its Foundation on such Principles,
and organizing its Powers in such Form, as to them shall seem most li=
kely
to effect their Safety and Happiness.
WE, therefore, the
Representatives of the UNITED STATES OF AMERICA, in GENERAL CONGRESS,
Assembled, appealing to the Supreme Judge of the World for the Rectit=
ude
of our Intentions, do, in the Name, and by Authority of the good Peop=
le
of these Colonies, solemnly Publish and Declare, That these United
Colonies are, and of Right ought to be, FREE AND INDEPENDENT STATES; =
that
they are absolved from all Allegiance to the British Crown, and that =
all
political Connection between them and the State of Great-Britain, is =
and
ought to be totally dissolved; and that as FREE AND INDEPENDENT STATE=
S,
they have full Power to levy War, conclude Peace, contract Alliances,
establish Commerce, and to do all other Acts and Things which INDEPEN=
DENT
STATES may of right do. And for the support of this Declaration, with=
a
firm Reliance on the Protection of divine Providence, we mutually ple=
dge
to each other our Lives, our Fortunes, and our sacred Honor.
Excerpts from The Declaration of Independence
Action of Second Continental Congress, July 4, 1776
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