The important thing about running a small business is to know the direction in which you\'re heading and to be aware of what your competitors are doing and to practice good money management at all times. Knowing your progress on day-to-day basis will prepare you to recognize potential problem before they arise and help you to set up a strong foundation in order to survive with a small business regardless of the economic climate.

 It is recommended to join your industry\'s local and national trade associations. Most of these organizations have a wealth of information available on everything from details on your competitors to average industry sales figures, new products, services, and trends.

 In case you are given an award, membership certificate or wall plaque, you should display these conspicuously on your office wall because customers like to see such "seals of approval" and feel additional confidence in your business when they see them.

 If it is possible, you should have your spouse work in the business with you for at least three or four weeks per year. The important thing is that if for any reason you are not available to run the business, your spouse will be familiar with certain people and situations about your business.

 These people should include your attorney, accountant, any consultants or advisors, creditors and your major suppliers. The long-term advantages of having your spouse work four weeks per year in your business with you will greatly outweigh the short-term inconvenience.

 Some small companies use to set up advisory boards of outside professional people. These are sometimes known as power Circles, and once in place, the business always benefits, especially in times of short operating capital. Such an advisory board or power circle should include an attorney, a certified public accountant, civic club leaders, owners or managers of businesses similar to yours, and retired executives. Setting up such an advisory board of directors is really quite easy, because most people you ask will be honored to serve.

 Once your board is set up, you should meet once a month and present material for review. Each meeting should be a discussion of your business problems and an input from your advisors relative to possible solutions. These members of your board advisors should offer you advice as well as alternatives, and provide you with objectivity. No formal decisions need to be made either at your board meeting, or as a result of them, but you should be able to gain a great deal from the suggestions you hear.

 Finally, you may be in Mail Order, Direct Mail operator, or you may be a local merchant with 150 employees; whichever, however or whatever you\'ve got to know how to keep your business alive during economic recessions. Anytime the cash flow in a business, large or small, starts to tighten up, the money management of that business has to be fastened firmly in place.

 In many occasions, people buy merchandise or services that really didn\'t need. Most of time, they do just in response to the flamboyancy of the advertising or the persuasiveness of the salesperson. As a small business owner, you should avoid all expenditures made on sudden impulse. 

 

 

 

 

 

 

 

 

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