SMALL BUSINESS LEADER April 2009

Small Business Leader
Marian Banker, MBA, Business Leadership Coach, and creator of the Business Success System.

"7 Questions to Ask If Your Business Is Struggling" ISSUE #115
April, 2009

Note from Marian

I'm beginning to see why Twitter is so powerful. I recently sat in on my first Twitter chat, #DIYMKT. Meets every Monday at 11:30 a.m. and addresses DIY marketing questions from the members. If you're already on Twitter and would like to join, go to Tweetchat.com, sign in and when prompted for the room type in #DIYMKT.

To join Twitter go to http://twitter.com, click on Join and select a username and password. Once you're in, be sure to complete your profile and include a Bio that will compel people to want to follow you. To check out my profile and follow me go to http://twitter.com/marianbanker.

This month's Brain Exchange Roundtable, with guest expert, Ramon Ray, will cover what you need to know to get media coverage for you and your business. Ramon will share his secrets for breaking through the media clutter. Join us if you can.
Austin GetawayIf you're one of the many small businesses concerned about your business future, you'll want to read this month's feature article, "7 Questions to Ask If Your Business Is Struggling". To survive, some businesses are making drastic cuts and rethinking their business model. Get some ideas for your business here.

Last month I had a great visit with my sister who lives near Austin, Texas. She took time off from her work (she's a pharmacist) and we played for the week! It was great fun and I needed the break.

To your success,

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Marian Banker
Publisher
Small Business Leader
marian@primestrategies.com
http://primestrategies.com

Follow me on Twitter
http://twitter.com/marianbanker
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Success Tip
If you're working on a Partnership Agreement (every partnership needs one), make sure you include a buy-sell agreement which specifies the terms of a buyout in the event of death, divorce, disability or retirement. Read the Inc.com article which elaborates on the details.
Events

Brain ExchangeBRAIN EXCHANGE ROUNDTABLE

Topic: "Free Publicity Through Media Coverage"
Date: Tuesday, April 21, 2009, 6:00 - 8:00 p.m. EST
Location: City Space Virtual Offices at 817 Broadway, New York City.

The Roundtable is a great format for gaining new ideas, new resources and new connections. This month's guest expert is Ramon Ray, Technology Evangelist and creator of Smallbiztechnology.com, a media company focusing on small business technology. You'll learn how he has built his image and position using media coverage. Questions comments and contributions are encouraged.

Register now to save your spot

Feature Article

7 Questions to Ask If Your Business Is Struggling
By Marian Banker

Struggle
Are you one of the many small businesses whose market has dried up? Some industries that I've seen hit particularly hard are financial advisors, consultants, graphic designers, event planners, photographers, catering companies, esoteric retailers and many others that depend on discretionary expenditures. For some entrepreneurs it may mean cutting both their business and personal expenditures to the bare bone.

Continuing to pursue a declining or oversaturated market is only going to put you closer to the edge. When there are a lot more suppliers than there are customers something has to give. It's time for some strategic decisions and action.

Many are taking creative, and sometimes drastic, actions to stay alive. They have recognized it's time to save their business.

If it's time to save YOUR business, ask yourself the following questions.

1 - Where else can I cut short term expenses now to conserve cash?
Make a projection of your cash needs on a monthly basis over the next 6 months. Use historical financial information to help you decide about the future. Keep in mind, however, that if revenue is down variable expenses may be down also.

Then make a projection of revenues for the same period. If you have gaps, now is the time to take action to cover those gaps. If a credit line or a loan is not an option you'll run out of any cash reserve quickly if you're not covering your expenses.

It may mean things as drastic as giving up your office, or your studio and working from home or a borrowed or bartered space. You may have to terminate all support. If you want your business to survive, do whatever it takes. A great deal of work can be accomplished virtually now. That can be a cash saver also. Question all subscriptions, memberships, travel, sub-contractors, etc. If you must cut deep, keep only what you need to stay in business.

2 - Are my customers just not spending now or has there been a big shift in the market?
If a turn in the economy would likely bring back former sales levels, you may just want to cut back but keep the same business model and target market. If sales were slipping before the economy tanked, it's a clue to look more closely at the long term trends in your industry.

3- Is it time to revise my business model?
If you're in a fading or oversaturated industry, rethink how you can restructure your assets to meet a current and future need. I have a financial advisor client who is starting a financial management and bill-paying service for the dysfunctional elderly. She is targeting a brand new market, assisted living facilities.

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Success Tip
If you are modifying or expanding your business model you may need to make a new investment in your business right now. When determining the value of an investment remember you want the greatest impact in the shortest time at the least cost.
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About The Publisher & Feedback

ABOUT THE PUBLISHER:

Marian Banker has been publishing Small Business Leader since January, 1999. Her focus is on bringing to the busy entrepreneur a quick look into the current world of small business from the perspective she's gained through coaching, consulting and training entrepreneurs in both service and product based businesses.

Marian offers individual coaching, business support groups, seminars and workshops on topics of critical interest to small business owners. Her monthly Lunchtime Telephone Roundtable has proven to be a popular way for business owners to come together around a specific business topic without leaving their office. See notice about this month's topic in the content above.

To learn more about her services, visit http://primestrategies.com.

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