Survival Tips for Tough Times

All of the current economic data predicts that 2009 will present many more challenging months for business owners. If you and your business are fortunate enough to have survived the tough times in 2008, here are some tips to guarantee survival in the new year:

1) Ask for Discounts- ask all of your vendors for discounts on purchases, shipping, surcharges and fees.

2) Trim the Fat off Every Bill- Often times bills for recurring services like pest control, phone service, bottled water, web hosting, and certain advertising are laden with charges for extra bells and whistles you can do without in exchange for saving a buck or two.

3) Compare Bills to Prior Months for Price Increases- If you notice surcharges, increases or other fees that are increasing your costs, call the vendor and ask for a waiver or reduction.

4) Renegotiate Interest Rates on Credit Cards- Become an interest rate hawk, call your credit card provider and ask for a rate reduction. Most companies will decrease rates for clients in good standing.

5) Talk to Your Landlord- For lots of businesses, rent is the largest expense, ask for some temporary relief and use the saved cash to establish an emergency fund.

We all know good times are ahead. The smart & savy Entrepreneur business owner who can survive this environment will do very well when the economy recovers. Taking some of these steps will help to ensure you are here to reap the rewards of all your hard work.