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Tools for
Tough Times
Tools for Tough Economic Times

Every business will face tough economic times - and some businesses are always facing them. On the right you will find resources to help you through.

Now is the time to do (or re-do) your strategic business plan and then your operational business plan. For your strategic business plan, you need to compare your business with your industry. Is everyone having problems? If so, there will probably be a shake-out so only some of the companies survive. Is it time to partner to gain some operational efficiencies? If only your business is having problems, what are your competitors doing differently than you? Here are some resources within the Tools for helping with business strategy:

Strategic Planning and Execution online course

Once you have your strategy in place, you need to do a business plan. The SBA has a free online business plan tool. It is password-protected for your privacy.

SBA Business Plan online tool

Visit your Small Business Development Center to review and complete your strategic plan and business plan. Their services are free. Your SBDC is:

Montana CDC Small Business Development Center

(406) 728-9234

http://mtcdc.org/consulting/support-for-businesses/

Let others help: get ideas on how to improve services and cut costs from employees, vendors, and customers. Explore refinancing debt with your creditors.

Stay positive and focused.

If you can't find a way out by developing a new business plan - shut down or move on. But before you do so, consult with your Small Business Development Center.

Above, you will find more resources to fix your business, government assistance, funding options, and help if you have to lay off employees.

30-Day Business Turnaround

If your company is in trouble, there are steps you can take to turn it around. In How to Turn Around a Failing Business", Marc Kramer has 10 steps:

  1. Trim the fat
  2. Do a new business plan and share it to get input.
  3. Identify what people you need to keep in your organization
  4. Open the books and share your financial information
  5. Reduce your clients' fears
  6. Be honest with your vendors
  7. Embrace alternative financing
  8. Get rid of your least profitable clients
  9. Never take your eye off the cash
  10. Encourage risk