How resilient is your business? During these challenging times, a plan that is well-executed can increase your business’s tenacity. Below are six tips to help your business be more resilient during the current economic landscape.

1. Re-examine every one of your operational expenses.

Sometimes we use business services for years without realizing there may be substantially cheaper or better options available. Look at your printing, security, rent, cleaning, computers, printer, faxes and telecommunications to see if you really need them or if there are less expensive ways for you to get the same services. Research free or nearly-free technology from the Web.

2. Focus on getting more sales from existing customers instead of new customers.

It is usually less costly and less resource-intensive to sell additional products or upgrades to existing customers than to bring on new customers. If you have to make a choice, focus on cross-selling and up-selling to existing customers versus new customer acquisition.

3. For start-ups – start selling something ASAP.

If you run a start-up, don’t wait until your product is perfect. And if your main products are big-ticket items with long sales cycles, come up with some lower-priced items to sell during the interim. Negative cash flow is a big “gotcha” for smaller firms. You don’t want to run out of cash before you are out of the gate.

4. Cut staff only as a last resort.

Most small businesses don’t have much staff to begin with. Every forced cut may have a demoralizing effect on remaining staff and possibly compromise service and responsiveness. If you need to reduce payroll costs, first ask people to take a temporary, across-the-board pay cut or eliminate some benefits. Lay people off only when you are pushed to the wall.

5. Don’t cut marketing.

Be more aggressive and creative at marketing than your peers. When the economy turns around, it’s an opportunity to gain customers and help grow your business.

6. Don’t skimp on your bookkeeper or accountant.

Cash management and management of accounts receivables can make or break you during tough times. Now is the time to have a better grasp on your business numbers than you’ve ever had. Weekly attention to your numbers will give you early warning of issues and buy you more time to adjust.

ASBA has programs and services to help you reduce your expenses, increase your sales and develop opportunities. Let us know how we can help you. www.asba.com