How many employees are asked to handle the basic bookkeeping needs of their employer even though they aren't technically trained to do so? For the small business, my estimate is about one in every office. After all, they have Quick Books. Unfortunately, the assumption that once you can create an invoice and print a check does not mean your accounting system is functioning properly.
Most business owners don't understand accounting and many of them are quite successful. Seems logical then that they believe a bright employee of theirs should be able to figure it out, especially with a highly touted computer program like Quick Books. Well I can tell you from 25 years of personal experience that 80-90% of those situations cost that employer when it comes time to work with his/her accountant or CPA. There seems to be so little focus or importance placed on the accounting records even though every business owner knows they need them. At the very least the business owner knows they need to file tax returns every year. They also know the tax return is derived from their accounting records but yet the importance placed on those records is so little.
When importance is place on a function, it normally performs well. When it isn't functioning well, people are trained or hired that have the skill set to make sure it is performed well. I guess thats what the CPA is for...they/we should be able to figure it all out. And figure it out we do, but at what cost? Doesn't it make sense to spend a few dollars training your bookkeeper to do a better job so that the CPA can focus on high value services like tax planning instead of cleaning up Quick Books files?
I have trained many bookkeepers during my 25 years but never developed a training program for them. With the recession in full force I have put together a series of three webinars that teach bookkeepers the practical side of bookkeeping and finally explaining to them exactly what the independent accountant/CPA needs from them. The goal is for employers to get more for the dollars they are spending on their staff and more for the dollars they are spending with their accountant/CPA. As good as Quick Books is, it falls way short on explaining how crucial it is you understand the accounting that happens on the on the back side of those invoice and check transactions and how expensive it is for a trained professional to clean it up.
The first webinar, titled "Understanding What Your CPA Needs From You", launches this month and the rest will launch in January, stay tuned for the details. Get your house in order, invest training dollars wisely and I wish everyone a fantastic holiday season and a tremendously prosperous new year!
Friday, December 11, 2009
Monday, November 2, 2009
Staying Grounded
I was on a nice direct flight from Phoenix to Chicago yesterday and was able to listen to a great book called "The Go-Giver" by Bob Burg...what a great book!
How many times have we seen a person at work that just seems like they have it all and are going to be greatly successful but never quite get there? Maybe you've seen it in your children? I know I have and still struggle with one of my children that just hasn't quite given in to the ways of the world yet. The premise of the message in "The Go-Giver" is that you must be willing to receive in order to get and "receiving" is required in order for "giving" to even happen. Remember the message "It's better to give than to receive"?
I don't know about all of you, but I think we could all use a reminder every once in a while, ok maybe its more of a kick in the butt! In either case Bob Burg does a fabulous job of "waking you up" in this short but powerful book. Do yourself a favor and read this NOW. You, your students, family, friends, clients, staff and everyone around you will benefit if you do a bit more than just read it too. I know you all will, otherwise you wouldn't be reading this. In case you like to listen to books there's a link to the audio book from itunes on Raendrop.com
Good luck today, go make a difference in someone's life!
Victor
How many times have we seen a person at work that just seems like they have it all and are going to be greatly successful but never quite get there? Maybe you've seen it in your children? I know I have and still struggle with one of my children that just hasn't quite given in to the ways of the world yet. The premise of the message in "The Go-Giver" is that you must be willing to receive in order to get and "receiving" is required in order for "giving" to even happen. Remember the message "It's better to give than to receive"?
I don't know about all of you, but I think we could all use a reminder every once in a while, ok maybe its more of a kick in the butt! In either case Bob Burg does a fabulous job of "waking you up" in this short but powerful book. Do yourself a favor and read this NOW. You, your students, family, friends, clients, staff and everyone around you will benefit if you do a bit more than just read it too. I know you all will, otherwise you wouldn't be reading this. In case you like to listen to books there's a link to the audio book from itunes on Raendrop.com
Good luck today, go make a difference in someone's life!
Victor
Monday, October 26, 2009
Network Marketing vs Network Affiliate
In my profession I have been asked to participate in dozens of network marketing programs. Every time I listen to the "pitch" I hear the same thing....convince people to buy this product that's the latest and greatest in the world. They all compete against each other on product AND the compensation plan is complicated. The other thing that always turned me off is the size of the investment to get started plus the required level of continued financial commitment for "inventory".
A few months ago I was introduced to Tampogo. If you haven't heard of it, google it and visit www.tampogo.com/krc, that's my page. So why did I get involved in an industry I just bashed? Because the BUSINESS MODEL is different and it makes business sense! Instead of competing on the next "save your life" product, they have created an online "store" with hundreds of every day items that are practical for everyone. They sell these at great discounts and pay a fee every time you and everyone you bring into the program buy something. Ever looked at how affiliate programs work? Most major retailers have one.
The concept is simple, we (the retailer) will pay for new business affiliates(ireps/network members) send our way. It's like having a huge sales team that is tracked when online purchasers are sent to the online store via an affiliate "link" or website. I got very interested in this when I was introduced to the Tampogo concept. It makes so much sense that I have created a website with numerous useful and very practical products (affiliate links) on it for small businesses www.raendrop.com
Tampogo is about to introduce things that I don't believe have ever been done in this industry. I encourage anyone that has a drop of entrepreneur blood in them to seriously check this out. They call it the President's Circle which is closer to other network marketing compensation plan efforts but this one has a huge twist! The products they are going mass market will also be placed in brick and mortar stores and the sales of those products will generate extra commissions for the network members...huge potential!!
Kudos for the model and guts to create something different. Viva netowrk AFFILIATES!!
A few months ago I was introduced to Tampogo. If you haven't heard of it, google it and visit www.tampogo.com/krc, that's my page. So why did I get involved in an industry I just bashed? Because the BUSINESS MODEL is different and it makes business sense! Instead of competing on the next "save your life" product, they have created an online "store" with hundreds of every day items that are practical for everyone. They sell these at great discounts and pay a fee every time you and everyone you bring into the program buy something. Ever looked at how affiliate programs work? Most major retailers have one.
The concept is simple, we (the retailer) will pay for new business affiliates(ireps/network members) send our way. It's like having a huge sales team that is tracked when online purchasers are sent to the online store via an affiliate "link" or website. I got very interested in this when I was introduced to the Tampogo concept. It makes so much sense that I have created a website with numerous useful and very practical products (affiliate links) on it for small businesses www.raendrop.com
Tampogo is about to introduce things that I don't believe have ever been done in this industry. I encourage anyone that has a drop of entrepreneur blood in them to seriously check this out. They call it the President's Circle which is closer to other network marketing compensation plan efforts but this one has a huge twist! The products they are going mass market will also be placed in brick and mortar stores and the sales of those products will generate extra commissions for the network members...huge potential!!
Kudos for the model and guts to create something different. Viva netowrk AFFILIATES!!
Thursday, October 1, 2009
Virtual Office - Save Thousands!
I am absolutely amazed at the quality & pricing of some great applications/services out there that allow you to setup a business and operate as if you had a complete staff and had invested tens of thousands of dollars in infrastructure.
I've been in business for over 2 decades. In that time I have setup or help setup dozens of companies and offices. Where does the majority of investment go? Well outside of the physical location (leasehold improvements) and the product (assuming you're selling one), it goes to infrastructure and marketing. You know, a phone system, fax, flyers, brochures, lead lists and services and of course the salaries for the people to answer your phones, send your faxes and contact and track your potential customers.
For all those people that find themselves without a job and considering starting up their own business, allow me to introduce some applications and services that might allow you to open your own business for much less than you were originally thinking
1. If you don't need a physical location don't get one (this is just common sense, no application or service). Setup a website at either 1and1 or Go Daddy. It's very inexpensive and very easy to create and edit.
2. Phone System - most people have a cell phone and that's great but you have no help this way. Try Give the Impression of a Large Corporation with Virtual Call System! Toll Free 800 Number
which gives you all the services of a normal phone system (PBX) and a receptionist for next to nothing and you can pay monthly.
3. Fax System - this one is easy. Just get an eFax Annual Subscription
and be done with it.
4. Contact Management - So this has never been my strong point but this product is amazing. Please evaluate this, you will be doing yourself a favor. Free Trial of iContact
5. Legal Entity - don't forget to protect yourself. If you need a complex structure because you will have partners or outside financing, go see an attorney and get it done properly. If you're going at it alone, you can do it yourself at Legal Zoom
For your convenience I've put banners to these sites just to the left of this blog. Just click and evaluate. These are also located on my personal website www.raendrop.com.
Good luck to you all,
Victor
I've been in business for over 2 decades. In that time I have setup or help setup dozens of companies and offices. Where does the majority of investment go? Well outside of the physical location (leasehold improvements) and the product (assuming you're selling one), it goes to infrastructure and marketing. You know, a phone system, fax, flyers, brochures, lead lists and services and of course the salaries for the people to answer your phones, send your faxes and contact and track your potential customers.
For all those people that find themselves without a job and considering starting up their own business, allow me to introduce some applications and services that might allow you to open your own business for much less than you were originally thinking
1. If you don't need a physical location don't get one (this is just common sense, no application or service). Setup a website at either 1and1 or Go Daddy. It's very inexpensive and very easy to create and edit.
2. Phone System - most people have a cell phone and that's great but you have no help this way. Try Give the Impression of a Large Corporation with Virtual Call System! Toll Free 800 Number
3. Fax System - this one is easy. Just get an eFax Annual Subscription
4. Contact Management - So this has never been my strong point but this product is amazing. Please evaluate this, you will be doing yourself a favor. Free Trial of iContact
5. Legal Entity - don't forget to protect yourself. If you need a complex structure because you will have partners or outside financing, go see an attorney and get it done properly. If you're going at it alone, you can do it yourself at Legal Zoom
For your convenience I've put banners to these sites just to the left of this blog. Just click and evaluate. These are also located on my personal website www.raendrop.com.
Good luck to you all,
Victor
Sunday, September 27, 2009
Dear Ole Dad
I want to salute all the parents of the world! Without even knowing it, we go through an enormous part of our lives playing the role of "Master Teacher" and forming and shaping the lives of our children that go on to define tomorrows world. Talk about responsibility...WOW!!!
I find myself looking backwards these days a heck of a lot more than ever. I know everyone says I'm just getting old. Call it what you want, but everyone's life is a huge book of knowledge so learning from it can't be a bad thing. My dad was the most influential person in my life. I guess I should say "is" because I'm still learning from him today even though we lost him to the "Big C" (cancer) as he used to call it. It's been four years already and in just those four years the things I have gone through are amazing.
I've had two kids come of driving age (and promptly crashed of course), a kid go through rehab (doing great in recovery by the way), watch my mom's alzheimer's get pretty bad, almost cash in on the real estate bubble when my house was on sale for 7 figures only to have it fall through at closing, had challenges with the wife, won and lost clients, hired and fired a few employees, witnessed the first Afro-American become President of the United States, attended a few funerals...and this was in 4 years. Was I always thinking and trying to be a "teacher"? NOT! Was I being a teacher? Absolutely!
The scary part about that is people were watching how I acted and reacted in all of those situations and they learned from my behavior whether I wanted them to or not. Just think about that in relation to children. Where do they spend the majority of their lives? Yes with their parents and hopefully with both their parents. The lessons we learn from those that are near and dear to us last forever. We can all only hope to have most of those lessons be helpful and positive. I'll always remember my Dad as a fair but strict parent. He laid down the law and when (not if) you challenged it you were well aware of it. I have five brothers and sisters and I don't remember anyone successfully challenging that law. I remember my Dad laughing at the silliest commercials and jokes and how much he enjoyed us and all family, how he praised and respected my Mom for being the "Best Mother in the World". I remember him caring for his employees and going out of his way to help the local community. Was he aware he was teaching this whole time? Now that I can comprehend the issue I can't ask him so I ask all of you. Do you consider the fact that those near and dear to you are watching and learning from your every move?
Well if my Dad didn't I think he did a phenomenal job anyway. So to all the parents and teachers out there, here's to you!!! I must mention that Mom is a close second to the most influential people in my life. From where I stand, Mom's really are the ultimate "teachers" and I can't express the respect and honor I have for all of them, especially mine and my wife of course!
Here's a small thing I'm trying to do to give back to my community www.Raendrop.com.
God bless you all, enjoy your Sunday and please be careful someone is learning from you.
Victor
vpuchi@raendrop.com
I find myself looking backwards these days a heck of a lot more than ever. I know everyone says I'm just getting old. Call it what you want, but everyone's life is a huge book of knowledge so learning from it can't be a bad thing. My dad was the most influential person in my life. I guess I should say "is" because I'm still learning from him today even though we lost him to the "Big C" (cancer) as he used to call it. It's been four years already and in just those four years the things I have gone through are amazing.
I've had two kids come of driving age (and promptly crashed of course), a kid go through rehab (doing great in recovery by the way), watch my mom's alzheimer's get pretty bad, almost cash in on the real estate bubble when my house was on sale for 7 figures only to have it fall through at closing, had challenges with the wife, won and lost clients, hired and fired a few employees, witnessed the first Afro-American become President of the United States, attended a few funerals...and this was in 4 years. Was I always thinking and trying to be a "teacher"? NOT! Was I being a teacher? Absolutely!
The scary part about that is people were watching how I acted and reacted in all of those situations and they learned from my behavior whether I wanted them to or not. Just think about that in relation to children. Where do they spend the majority of their lives? Yes with their parents and hopefully with both their parents. The lessons we learn from those that are near and dear to us last forever. We can all only hope to have most of those lessons be helpful and positive. I'll always remember my Dad as a fair but strict parent. He laid down the law and when (not if) you challenged it you were well aware of it. I have five brothers and sisters and I don't remember anyone successfully challenging that law. I remember my Dad laughing at the silliest commercials and jokes and how much he enjoyed us and all family, how he praised and respected my Mom for being the "Best Mother in the World". I remember him caring for his employees and going out of his way to help the local community. Was he aware he was teaching this whole time? Now that I can comprehend the issue I can't ask him so I ask all of you. Do you consider the fact that those near and dear to you are watching and learning from your every move?
Well if my Dad didn't I think he did a phenomenal job anyway. So to all the parents and teachers out there, here's to you!!! I must mention that Mom is a close second to the most influential people in my life. From where I stand, Mom's really are the ultimate "teachers" and I can't express the respect and honor I have for all of them, especially mine and my wife of course!
Here's a small thing I'm trying to do to give back to my community www.Raendrop.com.
God bless you all, enjoy your Sunday and please be careful someone is learning from you.
Victor
vpuchi@raendrop.com
Sunday, September 20, 2009
Change is Good
Why is it so difficult for people to deal with change? After all isn't change supposed to be good?
Personally I believe change is a must. From a business owners perspective change means life. If your business isn't changing and evolving it will become stale and your customers will find an alternative in a heartbeat. So what about from the personal side?
People are constantly changing, every minute of every day, again that's life. Every minute is a new experience and we take it in, process and react...poof we've changed! So why is it so hard to change the way we do things? Is it lack of leadership, motivation, clarity, validity? I supposed it could be any, all or any combination of those and other items too. A bit ironic don't you think? Change is good but making the change is extremely difficult?
Personally I believe change is a must. From a business owners perspective change means life. If your business isn't changing and evolving it will become stale and your customers will find an alternative in a heartbeat. So what about from the personal side?
People are constantly changing, every minute of every day, again that's life. Every minute is a new experience and we take it in, process and react...poof we've changed! So why is it so hard to change the way we do things? Is it lack of leadership, motivation, clarity, validity? I supposed it could be any, all or any combination of those and other items too. A bit ironic don't you think? Change is good but making the change is extremely difficult?
What about all of the newly unemployed? Talk about change! I've found a great resource to pump up the motivation for anyone in the process of thinking about change or in the process of executing a change. It's a short movie called Change is Good.
The source of this move is from a company called Simple Truths, my favorite site for motivational resources. I post some of my favorite movies and books from the company on my site Raendrop. The point to all of this is to educate yourself on how to make change easier. Learn how to motivate the people that are critical to the success of the change. After all, the change is good only if its successful and that is a matter of opinion. Embrace change, instigate change and lead the change, but please educate yourself first then Teach and success will follow.
Good luck, keep the chin up and make a change!
Victor
The source of this move is from a company called Simple Truths, my favorite site for motivational resources. I post some of my favorite movies and books from the company on my site Raendrop. The point to all of this is to educate yourself on how to make change easier. Learn how to motivate the people that are critical to the success of the change. After all, the change is good only if its successful and that is a matter of opinion. Embrace change, instigate change and lead the change, but please educate yourself first then Teach and success will follow.
Good luck, keep the chin up and make a change!
Victor
Monday, September 7, 2009
Labor Day
This is quite an ironic day to be celebrating the fruits of our labor when we are in the middle of what some will call one of if not the worst economic crisis in US history. The latest on unemployment is 9.7%...astronomical. So what to do? We certainly have a lot to be proud of, this is still the greatest country in the world. If your fortunate enough to still have a job as I am, then you should feel bad for those less fortunate.
I have a suggestion and I offer it because it has worked for me and it makes complete sense. Be your own boss, take control of your destiny and make life work for you because of you. I have been my own boss for just about 20 years and when there is an economic down turn I know I will be the last guy without a job in my business. Yes its hard but at times like this I wouldn't want it any other way and neither would my family!
So is everyone cut out to be their own boss? My thoughts are yes and absolutely yes. Is everyone going to create a multi-million dollar business? No and they don't have to. All a person needs is enough money to not be a burden on society. Feed and clothe yourself and your family and put a roof over your head, everything else is a luxury. So where does a person start? Business is for business people that are college educated and know about marketing and employees and accounting (oh no!)....NOT!
Today's world is filled with hundreds if not thousands of "work from home" businesses, in my opinion a better option is a network marketing business. Network marketing is the new term for Multi-level marketing businesses. I know, most people have a negative feeling about this but, they ain't what they used to be. Of course there are still many scams out there, but that's true of every transactions you can think of (mortgage brokers come to my mind!). There are some really great opportunities out there. They come in all different shapes and sizes. Some simple some complex and in various industries. What does someone need to do to start? In most cases just listen for about 30 to 60 minutes. Sometimes that's it and other times you'll need to make a financial investment and committment.
Here's one that I love because there is no upfront cost, you don't have to sell anything and your only financial committment is to buy something you probably already buy once a month for a nominal $20-$30 a month. After that, all you have to do is tell other people about the opportunity and spread the word. The very cool thing about this is that the products offered for sale are sold at a discount from anywhere else (you get value and everyone you share this with gets value), $1 of every item you and everyone else buys goes to a charity dedicated to feeding starving children around the world and you can make some $$ by sharing this value added concept with others.
Do yourself a favor and spend 30 minutes at this site www.tampogo.com/krc. Yes that is my site, I am part of the program. I offer this concept to you to help those in need or for others to help those in need, but frankly I don't understand why everyone wouldn't want to do this. It cost nothing, offers value, is charitable and you are helping others for absolutely no additional cost in your life! A little skeptical, check this out http://www.onlinescamsuncovered.com/tampogo-scam.html
For more ideas on how to add value to your business visit my personal collection of ideas and products at www.raendrop.com
Have a fantastic holiday!
Victor
I have a suggestion and I offer it because it has worked for me and it makes complete sense. Be your own boss, take control of your destiny and make life work for you because of you. I have been my own boss for just about 20 years and when there is an economic down turn I know I will be the last guy without a job in my business. Yes its hard but at times like this I wouldn't want it any other way and neither would my family!
So is everyone cut out to be their own boss? My thoughts are yes and absolutely yes. Is everyone going to create a multi-million dollar business? No and they don't have to. All a person needs is enough money to not be a burden on society. Feed and clothe yourself and your family and put a roof over your head, everything else is a luxury. So where does a person start? Business is for business people that are college educated and know about marketing and employees and accounting (oh no!)....NOT!
Today's world is filled with hundreds if not thousands of "work from home" businesses, in my opinion a better option is a network marketing business. Network marketing is the new term for Multi-level marketing businesses. I know, most people have a negative feeling about this but, they ain't what they used to be. Of course there are still many scams out there, but that's true of every transactions you can think of (mortgage brokers come to my mind!). There are some really great opportunities out there. They come in all different shapes and sizes. Some simple some complex and in various industries. What does someone need to do to start? In most cases just listen for about 30 to 60 minutes. Sometimes that's it and other times you'll need to make a financial investment and committment.
Here's one that I love because there is no upfront cost, you don't have to sell anything and your only financial committment is to buy something you probably already buy once a month for a nominal $20-$30 a month. After that, all you have to do is tell other people about the opportunity and spread the word. The very cool thing about this is that the products offered for sale are sold at a discount from anywhere else (you get value and everyone you share this with gets value), $1 of every item you and everyone else buys goes to a charity dedicated to feeding starving children around the world and you can make some $$ by sharing this value added concept with others.
Do yourself a favor and spend 30 minutes at this site www.tampogo.com/krc. Yes that is my site, I am part of the program. I offer this concept to you to help those in need or for others to help those in need, but frankly I don't understand why everyone wouldn't want to do this. It cost nothing, offers value, is charitable and you are helping others for absolutely no additional cost in your life! A little skeptical, check this out http://www.onlinescamsuncovered.com/tampogo-scam.html
For more ideas on how to add value to your business visit my personal collection of ideas and products at www.raendrop.com
Have a fantastic holiday!
Victor
Thursday, March 26, 2009
Biggest Losers of the Economic Crisis
There is no doubt this economic crisis has or will hit every american at some point in time and in some fashion or another. As it does, we all have to sacrifice something. It's those extra dollars we are so generous with in this country that are being conserved or lost. The heart wrenching part of this is the charities that were/are the beneficiaries of those coveted dollars are now unable to serve those thousands of causes.
There is one company that has devised a program that we can all participate in that will provide funds to our favorite charities/causes without adding any additional outlay of cash from you or me. The company is call Shop Wurld. It provides individuals an opportunity to make some money and help charities at the same time. The concept is easy....purchase things from very large and established companies (like Starbucks and iTunes) online and they will pay a commission that gets shared by those in the network. Yes it is multi-level marketing, but there is no commitment to spend/invest any money for inventory or marketing, you aren't selling anything and you aren't spending money you weren't going to spend any way. If you sign-up a charity then they get the benefit from the money all of their constituents normally spend as long as they spend it online through Shop Wurld. This is truly a no brainer!
Membership is by invitation only so consider this your invitation, now go do something good. Sign up at www.shopwurld.com and use this code ZWQSAH to register. If you have any questions or comments, don't hesitate to contact me. Not many things are free, and this isn't either, you actually have to be proactive, but you don't have to try and convince someone of buying the next magic potion!
Saturday, March 14, 2009
Share The Knowledge
One of the most important things we can do to help our organizations, associates, employees, and any one else we care about is to share what we know with them. After all, that is what teaching is. At R&A we have recently taken this to a new level. Just this month, our efforts in an international collaboration with other CPA firms went "live".
R&A is a member of an international organization that teaches CPA firms how to provide consulting services to small and mid-sized businesses. This group provides us with phenomenal training and "best practice" tools and techniques to deliver these services. With Ran One's
assistance, a group of about 12 CPA firms from across the globe launched a new website to assist business all around the world during the horrific economic crisis. Please visit the site at http://www.economicrecoveryresourcecenter.com. The information on this site is as valuable as you can find any where.
Keep the American dream alive, stay focused and use the resources around. We are all in the same boat, and we all need each other to make it through to better days!
Victor Puchi, CPA
Managing Shareholder
R&A CPAs
www.RandAcpas.com
Friday, February 20, 2009
Position for Tomorrow
If you watch any news channels, ready any newspaper or just listen to the chatter at the water fountain at work, you are going to hear the bleakest news of the US economy since the Great Depression.
Owners and executives of businesses both small and large and working day and night to manage through this crisis. Businesses are streamlining operations to conserve cash (major layoffs), and cutting back in every expense category possible. This isn't enough. Crisis time is also the best time to reposition your business for the needs of tomorrow.
The strong get stronger during difficult times because they know how to get ready for the turnaround. Study your markets and find the niche that has been created by the new crisis or that will exist when the turnaround comes. If you can't find one then make sure you are ready to handle the increase in business when the economy stabilizes. Invest in keeping the great people in your organization, improving your processes and communicating your efforts to your clients. Keep your ear open to your clients, they will tell you if you should be doing something differently or different things.
During these times, basic business management techniques are critical. Keep your operation simple, manage inventories, manage accounts receivable, collect, collect, collect and watch the key performance indicators for your business http://economy.aicpa.org/business-industry/.
Make sure you keep your staff involved and informed of your plans and how they can help. Your staff can be the best resource for ideas and the extra energy needed to make it through these tough times. They are more loyal than most realize. Stay positive and keep the focus. We are a great nation and the capitalistic nature of the American people will prevail. You are that people...Good luck!
Owners and executives of businesses both small and large and working day and night to manage through this crisis. Businesses are streamlining operations to conserve cash (major layoffs), and cutting back in every expense category possible. This isn't enough. Crisis time is also the best time to reposition your business for the needs of tomorrow.
The strong get stronger during difficult times because they know how to get ready for the turnaround. Study your markets and find the niche that has been created by the new crisis or that will exist when the turnaround comes. If you can't find one then make sure you are ready to handle the increase in business when the economy stabilizes. Invest in keeping the great people in your organization, improving your processes and communicating your efforts to your clients. Keep your ear open to your clients, they will tell you if you should be doing something differently or different things.
During these times, basic business management techniques are critical. Keep your operation simple, manage inventories, manage accounts receivable, collect, collect, collect and watch the key performance indicators for your business http://economy.aicpa.org/business-industry/.
Make sure you keep your staff involved and informed of your plans and how they can help. Your staff can be the best resource for ideas and the extra energy needed to make it through these tough times. They are more loyal than most realize. Stay positive and keep the focus. We are a great nation and the capitalistic nature of the American people will prevail. You are that people...Good luck!
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