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- | +Even if your business has been holding steady, these are frightening times for small business. The funny thing about crisis is that it forces you to focus on what's really important. Take advantage of that impulse and outline for your business - and yourself - a set of clear priorities to guide you through the storm.
The priorities you choose should not only carry you through, they should also inspire confidence in your customers and your staff. As important as your bottom line is, if you focus on larger issues, the bottom line will likely hold. So what are those issues? Here are a few suggestions.
1. Integrity I can't think of anything more important to a business than its reputation. I'd make that Priority Number One. Keep the Golden Rule in mind and treat your employees as you'd like to be treated. If you need to make cut-backs, plan to accept the same sacrifices you're asking of everyone else.
When it comes to your suppliers and customers, integrity can make or break you. If they know you're dealing fairly with them, they'll be more open to compromise. You may be able to re-negotiate terms, including provisions for returning to the table when the future begins to look rosier.
If your first priority is the integrity of your business, you'll make decisions that you can live with.
2. Communication If you are planning cutbacks, communicate your plans clearly to staff and ask for their suggestions. You might even include key staff in conversations about the options in front of you. It doesn't mean you are creating a democracy, but it does help to build buy-in. If you are open and give your employees a chance to rise to the occasion, they're more likely to do so.
You'll want to be more guarded with your customers, but it's wise to expect that they've already wondered about your plans and the health of your business, especially if they count on you as a supplier. Look to protect your long-term relationship with them and let them know you plan to be here.
If you make communication a priority, you'll have fewer surprises along the way.
3. Caution This is not the time to look for a quick fix or easy out. There is a steady drumbeat out there. You can hear it most plainly in the advertisements that are popping up everywhere beckoning us to "Buy Now!" This kind of economic climate brings out desperation - and con artists. This is the time for clear thinking, not panic. Take your time, consider your options, consult your board and advisors. And know your priorities!
4. Optimism Why not? If you approach each day as if doom is on the horizon, it will be. If, on the other hand, you count yourself lucky to have good employees and a strong, steady board in your corner, you're far more likely to weather the storm. You're also more likely to make sound decisions. Could things be better? Yup. Could they be worse? Always
John Stern, CPA is the managing partner for PKS & Co., P.A., Certified Public Accountants, with offices in Salisbury and Ocean City providing audit, accounting, tax, computer, retirement plan administration and personal and business financial planning services. Visit www.pkscpa.com or call 410-546-5600.
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