To have your business strive in an economic downturn, one thing you can do is to watch your inventory.

This is the beginning of a series I’ll present on how small business owners can survive an economic downturn and return strong and strive!

Watch your inventories carefully, but don't hold them down so tight that you'll lose
sales. Typically during a slowdown, there is an imbalance between slumping retail sales and bloated inventories -- don't be saddled with leftover merchandise that ties up your cash flow.

One possibility is converting inventories into cash. If your business traditionally stocks 250 units of each of its slowest-moving products, consider cutting that number to 100 each. Monitor the results, keeping an eye out for those products that can tolerate even leaner inventories or that should be eliminated from your stock. This way if sales nosedive, less of your cash is locked into unproductive assets.

The above was borrowed from the SBA site’s article Survival Tips for Managing During an Economic Downturn*

Here are two other steps to take which I would strongly suggest.

Join NFIB

Keep abreast of the issues which pertain to your small business. In my opinion there is no better way than by joining the organization NFIB. In its 75 years of existence it has helped the small business owner get through wars and natural disasters and can help now during this corona “crisis”.

Know what other small business owners in your state and in the country are thinking. Know what laws are being passed, BEFORE THEY GET PASSED so you as an owner can have a real voice in whether or not they should be!

If you don’t have a local NFIB rep walking in your door and asking for your input on the issues, contact me and I’ll be glad to answer your questions and get you started.

Take advantage of Hidden Tax Incentives

During an economic downturn many businesses are looking for ways to increase revenue and sometimes they seek business loans. Before you think that you need to get a loan, why not get monies that you already have; but are “hidden”?

The second step is to see how much money you can recapture with hidden tax benefits. It only takes a moment to see how much this firm can get for you and they don’t take a penny for this service unless they do find you monies and even then they take such a small percentage. So take just a moment right now to click on the image below which takes you to the secured tax calculator and enter a few pieces of data to find out in just moments how they can help.  

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