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PKF Texas – The Entrepreneur’s Playbook™: Surviving Tough Economic Times

by | Nov 21, 2008 | PKF Texas - The Entrepreneur's Playbook®

Note: Running Fridays in FromGregsHead.comis a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur’s Playbook page of the PKF Texas website.

The talk of tough economic times has a lot of entrepreneurs I know taking a hard look at their companies to make sure they can weather the storm. I’ve read several good articles lately that give advice to business owners about ways they can prepare for and respond to economic instability.

The consensus is that you need to complete a thorough analysis of all areas of your business.

Key things to keep in mind include:
• Cash flow
• Marketing budget
• Sales strategy
• Pricing strategy
• Customer feedback and
• Keep an eye on the competition

Look at ways to become more efficient, solicit feedback from your customers, what are you doing well? Where can you improve? Which divisions are most susceptible to a downturn in the economy? Use a one page plan or a force field analysis to help guide the conversation with your management team.

The AICPA has a number of resources for business owners on their website, aicpa.org. If you take the time now to analyze your business, you will be able to anticipate and respond to issues as they arise as the economy fluctuates.

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