My new book (okay, the one I co-authored with Nolo's Ralph Warner), Save Your Small Business: 10 Crucial Strategies to Survive Hard Times or Close Down & Move On, has just arrived from the printer! To celebrate its publication, over the next ten posts I'll introduce the book's 10 core strategies to saving a troubled business.
Here they are:1) React quickly to bad news
2) Improve your cash flow
3) Minimize your personal liability for your debts
4) Concentrate your efforts on what's really profitable
5) Innovate on a shoestring
6) Identity your customers to focus your marketing efforts on them
7) Don't waste money on ineffective marketing
8) If you have to cut payroll costs, try reduced workweeks, handle layoffs fairly, and keep your best people
9) Don't overwork long hours and drag your business down with you
10) Work with, not against, your competitors
