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Book Summary: 10 Crucial Strategies to Save Your Small Business

July 21, 2010

10 Crucial Strategies to Save Your Small Business

I read the below-referenced book from cover to cover.  Here is a brief outline of the book.  These are just a few tips re: how to help your struggling business:

1. Don’t Ignore Bad News

(cut costs, change direction, quit or sell)

2. Control Your Cash Flow

(create more cash, do not intermingle personal v. business bank accounts)

3. Minimize Liability for Your Debts

(incorporate, avoid signing guaranties, prioritize debt payments, stay out of deeper trouble)

4. Concentrate on What’s Really Profitable

(pen a quick profits plan on paper)

5.  Innovate on a Shoestring

(invent new product, copy product or strategies from competitors, make innovation a continuous process)

6.  Identify Your Customers

(aim at the bull’s eye)

7.  Don’t Waste Money on Ineffective Marketing

(market right products or services to the right people, don’t spend big dollars, ask long-term customers for support, encourage customers to refer you, market your own website, hold a “trying to stay in business” sale)

8. Handle Layoffs Fairly and Keep Your Best People

9. Don’t Work Too Much

(a dead boss means a dead business)

10. Work With Your Best Competitors

(treat competitors with respect, form synergies or alliances where possible, get business from competitors, work for your competitors, work with your competitors)

SOURCE: Save Your Small Business: 10 Crucial Strategies to Survive Hard Times or Close Down & Move On, by Attorney Ralph Warner and Bethany K. Laurence, J.D., a Nolo Publication.  GET THE BOOK ON AMAZON.  Click here. http://tinyurl.com/29w2vkz

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