Small Business Resolutions for 2009

As we fall deeper into a recession small businesses have begun to brace themselves for the worst 2009.

With the New Year right around the corner, many small businesses are considering making certain changes and resolving to do things differently in the New Year to increase their businesses’ chance of survival.

Mike McDerment, small business expert and CEO of FreshBooks, the online invoicing service that allows small businesses to get paid faster and look more professional has suggested small businesses make the following resolutions in ‘09.

Place more focus on existing customers
Try generating more revenue out of existing customers and clientele and scale back new business ventures. With new businesses opportunities becoming scarcer the heightened focus on existing business will build a solid foundation when the economy begins to make a turn for the better. 

Adopt new technologies to better your business
Shed any reluctances and stigmas that you harbored in 2009 towards new business technologies and adopt a new tool that fits your business. Do your homework first and choose something that makes sense for your business. Whether it’s a means of communicating with customers or invoicing software like FreshBooks you will be surprised at the effectiveness and ease of use.

Use employee training to retain top talent
A business slowdown can provide an opportunity to devote time to retraining staff and correcting bad habits. Schedule weekly seminars to teach your employees every asset of the business and strengthen necessary skills.

Re-evaluate all suppliers in search for the best prices and service 
Desperate times call for desperate measures. Make it a point to find the best possible prices without sacrificing quality. Try to find ways to save money anywhere you can and remember to not let your feelings get involved when making the decision to switch; it’s a business decision.

Establish a small business network
Explore the idea of connecting with local businesses that would be open to bundling products and services, bartering or co-marketing. The school of fish tactic not only helps smaller fish survive among bigger fish but may also open other doors and create opportunities.

For more information about Fresh Books, visit: http://www.freshbooks.com/.

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