Small Business Outlook 2010
If you own a small business, you have probably been through difficult and scary times this past year
. You are probably also wary about what's coming in 2010. Will the changes in requirements for employee health care push you over the edge or will it take some of the burden off of your shoulders, for instance. What's going to happen to the economy this coming year and how will it affect the health of your business?Everything points to ongoing improvement in the economy next year. Now is the time to take a close look at your business and make some decisions about how to take advantage of an improved economy.
Revisit your business plan
Be objective about what is working and what is not. This might be a good time to have an outsider take an objective look at it. Ask yourself these questions:
Does it still serve as a guide to operations?
Does it communicate your company's purpose and vision?
Does it spell out management responsibilities adequately?
Is it on target with regard to personnel requirements?
Are the marketing plans it lays out still viable?
Is it accurate with regard to your competition?
Is it an adequate foundation for creating a financing proposal for investors,lenders etc.
Evaluate customer satisfaction
Do you have an effective plan for measuring customer satisfaction?
Do you have a customer satisfaction form?
Do you have an effective way to get it to your customers and back to you?
Do you have an established way to respond to your customers' comments?
Evaluate your phone system
Are the features of your system adequate to meet your needs?
Do you have enough extensions?
Do you have enough lines?
Does it cost too much? Are you getting your money's worth?
Evaluate cost of equipment
If you lease, would it be more cost-effective to buy your equipment?
If you own your equipment, would it be more cost-effective to lease it?
Evaluate your real estate arrangement
If you lease your location, should you consider purchasing the land? Does your lease contain that option?
Be sure to factor in taxes, expenses, the potential for termination, etc.
Can you negotiate a more favorable rental fee?
Look at your escalation clause. How is it determined?
Does your lease protect you from competition in the near vicinity?
Review your option to renew. Are you likely to pay more rent at time of renewal.
Do you need more space?
Keep an eye on zoning regulations and changes in them.
Is there a chance that your landlord may not be able to remain solvent in the financial meltdown?
If you feel confident about these aspects of your business, you should look forward to the coming improvement in the economy. If you see weaknesses, get to work on them and make 2010 a good year.
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