Ten Tips for Tough Times

November 2008
by Florrie Binford Kichler

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by Florrie Binford Kichler

Ten Tips for Tough Times

Don’t turn that page—this is not another doom-and-gloom piece advising you to go off the grid until gas drops to $2 a gallon and the stock market rebounds to Clinton-era heights. On the other hand, tomorrow may be only a day away, but Annie had her Daddy Warbucks to foot the bill. Like you, I have invoices to pay today.

I’m a glass-half-full kind of person, and even I have to admit that current economic conditions have me a little—well—concerned. If you find your business hours increasingly occupied by thoughts of belt-tightening instead of new-title acquisition, then the following hints (in no particular order) may help you keep your forward momentum in the current sluggish business climate.

1. Monitor cash flow and receivables—daily. You can bet that your creditors are watching theirs. Of course you should be keeping tabs on cash flow and receivables on an ongoing basis, but that becomes even more critical when sales are dragging. Concentrating on your financials is not nearly as much fun as choosing a new cover graphic, but choosing a design becomes moot if you can’t afford to pay your designer.

2. Watch ex…IBPA Members – Click here to view the full article (login required).

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