decisions faced by managers :: essays research papers

What are some important financial decisions that Business Owners face in a slowing economy? It has been said, "solidly run small businesses historical hold their own during downturns." (Mark Vitner, a senior economist with first base marrow Corporation) While all business owners would like to classify themselves as solidly Run", Here are some of the thing that I intend warrant consideration by any business owner during a slowing economy1) Should I Reconsider and/or revise the live business plan?One of the most important things you can do during an economic downturn is to evaluate your business plan. All businesses need a plan to define where they are going and how they are going to foreshorten there. (http//www.bizplanprep.com/)Your business plan is the working base for your company. Have your menstruation day to day operations led you to a new federal agency in the marketplace? Or have you strayed from a successful dominion? Should you write a new business pla n? Should you reinforce the guidelines for the flow business plan? Sit down and examine the plan from the bandstand of an investor looking to purchase the company and make any revisions that seem appropriate. 2) What should I do with the bud sterilize?In a downturn one of the first places many businesses cut expenses are in advertising - a real mistake. As part of the philosophy of expanding your base and recruiting more customers, you need to communicate and sell more than ever. People are looking for better ways to do business. If you have established strong customer satisfaction, this is the time to get the message out.3) Should I start a power circle or an advisory board?Advisory Boards are being implemented by companies globally to leverage knowledge.(http//partner-com.com/advisory.html)Advisory boards consist of industry and community leading i.e. attorneys, certified public accountants, civic club leaders, owners or managers of businesses similar to yours or with whom yo u do business, also retired executives may be available. The latest industry bank for these types of boards is "Power Circles." An apt name because the members should be power connections for you - knowledgeable intimately the marketplace in which you do business. These individuals should be able to provide you with the learning that you need to make good decisions. The purpose of the board is to offer you a viewpoint other than your own. They should be people you can be genuine with and who will keep your disclosures private.