Is “bare bones” enough to keep your small business alive?

photo-1433321768402-e8ed97b0324cTwo small business advisers were saying on radio the other day that many small businesses had cut their expenses “down to the bone”.

Economic times are so hard that small business owners are looking for every opportunity to cut their costs.

These business advisers felt that costs had been cut so close to the bone that there was hardly any more room to cut costs further. Continue reading “Is “bare bones” enough to keep your small business alive?”

Outside and inside forces that can bring small businesses to their knees

Traditional Fish 'n' Chips
Traditional Fish ‘n’ Chips (Photo credit: Wikipedia)

A tire manufacture that was once a household name recently complained that imports from China were helping to destroy its business. It was looking for help to rescue its business from financial difficulties. One doesn’t really know all the forces that are affecting this business but it’s circumstances does make one think what has management been doing to avoid the crisis?

Small and medium-size businesses can be impacted by outside and inside forces. By external factors, I mean the competition, customers and markets. It could also be legislation. Interior factors would include management, processes and controls as well as costs, cash flow and product quality. Continue reading “Outside and inside forces that can bring small businesses to their knees”

Small businesses owners living close to the edge need to act fast

It’s just amazing how the cost of doing business has risen. Consider fuel costs – they have sky rocketed  Electricity prices have gone through the roof. Rentals, wages and business services are all shooting up. The inflation rate running around 5,8% lulls one into thinking that everything is not as bad as it seems. But costs of products and services that are essential for doing business are increasing at an alarming rate. Continue reading “Small businesses owners living close to the edge need to act fast”