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By Ben Needles

 The credit squeeze is a fact of business life and is not just about money but confidence in the market too. There are always winners and losers in every business situation and confidence and business finance can beat the credit crunch.

1. Ensure the bookkeeping and financial accounts of the business are up to date.

Keeping the accounting records up to date is an essential first step to ensuring the business owner knows exactly where the business stands. Reviewing recent financial performance and taking positive action to increase sales and margins where possible and control costs by eliminating waste protects the business from surprises and downturns.

By having available the recent costs, views and action can be taken to reduce those costs and in some circumstances to increase business costs where the profit potential is highest. For example a detailed examination of advertising and promotion costs may indicate some campaigns should be reduced while the money saved invested in better performing areas.

Not all sales produce the same profit for the business. By concentrating efforts on the highest profit margin products and services the effect on working capital can be reduced which can take the pressure off working capital funding.

2. Preparing a realistic business plan can help the business plan ahead.

Many small businesses prepare a business plan when starting up especially if government grants or business finance is to be applied for. Failing to prepare an updated business plan during a credit squeeze can be a plan to fail.

During a credit squeeze a business can find itself operating in an unstable market where the rules and actions of the past might not be evident in the future. Banks increase the cost of borrowing, customers save money by leaving the market and sometimes failing to pay or at least taking longer. Suppliers tighten their grip by increasing prices and demanding tighter payment periods.

Business takes steps to protect income, cash flow, liquidity and in extreme cases survival. That is why failing to meet these new challenges is a plan to fail.

Prepare a business plan on the basis of the recent history and extend the financial results forward following the recent trends. Input into the financial forecast the opportunities that can be exploited to increase business and take a realistic view of the potential negative factors that may be suffered.

The business plan should include both a written view of the next twelve months ahead and include a profit and loss account reflecting the optimistic view and the most negative view with contingency plans should the worse scenario become a fact. A cash flow statement calculated from the business plan to show the effects on liquidity is a vital tool.

3. Improve financial flexibility to increase the business finance options.

Arrange the business finances with more than one bank and increase the number of financing options. A single bank may not offer the size of overdraft or loan facilities or the competitive rates the business requires. View the financial market as a competition between suppliers for your business finance and utilise several to spread the finance between them.

By maximising financial flexibility options for bank accounts, loans and overdrafts and financing asset purchases the effect on business progress can be minimised. Consider leasing agreements, invoice factoring and other specialist financial institutions in addition to the main bank account provider. Cash flow and working capital requirements are crucial.

4. Go out and get more sales.

When sales go down it is easy to become depressed. Fight it and remember how the business obtained new sales channels and customers in the past and exploit the opportunities in the future. Focus on the unique selling points of the business and its products and revitalise campaigns to increase sales.

Consider sales and product diversification into both related and other areas. There are always new opportunities including new products and markets, selling existing products to a wider audience including increased geographical presence. It may help to list all sales activities in sales channels and look for more sales channels in which they company can operate.

5. Ask for professional advice and assistance.

Increase the level of communication with each professional advisor including accountants, financial advisors, solicitors, bank managers and business advisors and any managers of financial institutions. The more the merrier and by keeping in touch more opportunities and more favourable responses will be possible.

There is no such thing as a silly question when the future of the business and its employees are at risk. Discussing options with a variety of professional advisors increases those options and if increased business finance is required for growth or survival in the future, the higher level of personal dialogue will ease that route forward.

About the Author (text)

Terry Cartwright of DIY Accounting designs small business accounting software http://www.diyaccounting.co.uk/ on excel spreadsheets providing complete bookkeeping and tax solutions and business finance options at http://www.diyaccounting.co.uk/financial_services.htm

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Finding a “Different” Business Opportunity
By Keith Baxter

 Many ideas for home based businesses are simply overworked while there are others that are new, different, unique or have never even been tried. For some people who are tired of seeing the same types of business opportunities, they aggressively seek different and unique types of challenges that are flexible yet fulfilling. In addition, the businesses are also home based and can offer a creative business opportunity that can also give them the optimal benefits of being self-employed. A unique business opportunity is not hard to find, once the entrepreneur knows where to look and what they would like to pursue.

A unique home based business opportunity can be highly lucrative and appealing. Consider two very key elements before signing up for any home based business opportunity.

Flexibility

How much flexibility does the business opportunity offer? Can you work the opportunity on a loose schedule or do you have to adhere to a strict marketing schedule in order to make the business successful? Flexibility is very important for a successful home based business owner because it allows them the opportunity to perform at their best at their optimal time of day…or night. Often, if there is a strict work schedule, it may be difficult for the entrepreneur to be creative or productive at certain times. Opportunities that offer flexibility are those in small product sales like personal items or gadgets. Stay away from opportunities that require you to be available for certain days or certain times. This can be a hindrance to your creativity and ability to perform the duties required.

Income Potential

What can make a home based business opportunity unique or just humdrum is the income potential from the success of the service provided or the product offered. Usually, businesses that are regular in nature or ones that don’t offer a unique slant have a difficult time in marketing and selling to clients because they risk the customers asking, “Why should I buy your product? What makes it so special?” A unique home based business opportunity offers a strong selling point of being convenient for the aspiring entrepreneur. It allows them to create a comfortable living for themselves that is directly related to the effort they place in the business.

Any business opportunity that stands out and is different or unique has limitless possibilities on being the right kind of business for an entrepreneur. The business has the chance to create an indelible mark with their customers and the entrepreneur has the opportunity to grow and develop a rewarding and satisfying business model with long term growth.

For more information see her website at http://www.create-wealth-on-line.unifiedwealthsolutions.com.

Getting Your Press Release Noticed
By Chris Simpson

 If you are trying to get publicity without spending big bucks, then using press releases is a great idea. They are powerful tools that will inform people about your business. People look to the media for good information, making press releases a wonderful tool to use for company promotion.

Of course you want to make sure that you get your press release noticed so that you get the recognition and attention that you want. So, here are some top tips for getting your press release noticed.

Tip #1 - Make Sure the Release is Newsworthy

First of all, if you really want to get your press release noticed, you need to make sure that the release is newsworthy. It should sound like something that was written by a reporter. It should have the most important information in the beginning of the release and should avoid any hype.

Tip #2 - Send to Sources that are Relevant

You’ll also want to make sure that you send the press release to sources that are relevant if you want to make sure it gets noticed. Make sure you don’t send it to everyone you can think of, since this looks very unprofessional. Find out whom to send your release to and look for relevant sources before you start sending out the release.

Tip #3 - Only Use One Page

If you want your press release to get noticed, make sure that you only use one page. Most of the time, the editors only read a few sentences of the release. If they see that the release is more than one page, it will probably be rejected. After all, most readers are not going to take the time to read that much material, so it’s a waste of your time to write that much for your press release.

Tip #4 - Use Reader Friendly Text Formatting

Reader friendly text formatting is also very important. Make sure that you use easy to read, short sentences. Paragraphs should be short, and it should be written on a level that is easy for everyone to read.

Tip #5 - Have Evidence to Back up Statements

If you make statements within your press release, make sure that you have the evidence to back it up. After all, reporters have to make sure that they have sources. Including quotes that support your statements is a great idea and they really add to press release.

Tip #6 - Follow up With Editors

Following up with editors is also important if you want your press release to be noticed. You’ll want to make sure they received it. However, don’t just keep bugging them. Contacting them once is great, but going beyond this may decrease your chances of getting your release published.

Chris Simpson is dedicated to helping people find honest and legitimate work at home and home based business opportunities. Find a legitimate work at home opportunity today and learn to make money online at: www.HomeNetPro.com

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