This is a really difficult subject for small businesses, simply because we don't see how we can take holidays when we feel that making money is more important. In fact, it looks as though many small business owners will forego their holiday this year, according to the XLN Business Community website.
Having worked with SMEs for a long time (and been one myself) and having seen rather more of recessions than I would have liked, I long ago came to the conclusion that there are two important things in business that you ignore at your peril when things are tough. Marketing and Finance.
Recently we had a hiccup with our software, which failed to recognise that a customer had paid for their plan. We have always been very particular about our customer service process, because we know how we like to be treated ourselves when things go wrong (and with the best of intentions, they do).
The recession won't last for ever, so are you prepared for the upturn?
I read an interesting article in the Daily Telegraph today that set me thinking - how much do we know about our customers?
In a recession, I can understand it when some small companies go under, but what I can't get my head round is when it's because they've lost all their computer records.
It is vital you choose the right financing options for your specific needs. And it might be that a combination of options could work best for you.
BP may be self-insured, but most small businesses can't afford not to take out cover.
Yesterday saw Angela Merkel, the German Chancellor, announced €80bn (£66bn) of savings between now and 2014. At the same time, David Cameron announced a £156bn deficit. Things are going to get tough! The question is: if you are running a small business how are you going to deal with this and have you even thought about it?
YOU can never talk to enough people before starting a business. Research, questioning, exploring every option, listening, networking, learning and training may all be necessary elements, depending upon your level of experience, and all well worth pursuing way before launch day.
Finding a niche is crucial if you want your business to grow successfully. While there may be scores of similar products and services vying with each other for customer attention, it's this niche and the way you position your particular business that could make all the difference to your business plan.