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Step 1
Make it sure that you are managing your cash flow well and on a regular basis. It is a good idea to also save back money when times are good in case times are tough at a later time.
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Step 2
You also need to think about the services that you are currently offering and branch out or think about offering a new product or service.
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Step 3
Start looking at your credit card debt and plan your daily expenses wisely. While things are going well it is a good idea to increase your lines of credit in case you will need them during rougher times. Review how your company can reduce spending.
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Step 4
Check on your accounts receivable and the things that you need to have paid to you. This means following up with all outstanding balances from customers and making payment arrangements.
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Step 5
Work on customer service and look at how the recession will be affecting your customers and how things are going. Do not focus in your profit only without knowing the needs for your valued customers everyday.
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Step 6
Market your small business inexpensively rather than using models or actresses to advertise your products. There are cheaper ways to spread the words in your Business without spending too much from advertising.
