Riding your small business through rocky terrain
Adverse economic climate and market uncertainty often sends small businesses into a tizzy, compelling several to press the panic button without braving the odds. Managing a small business during tough times becomes all the more challenging and difficult when things take a negative turn. But it takes a string of measures and a strong leadership to get the business going during turbulent times.
How to endure difficult times?
During an economic crisis when financial dynamics alter to a great extent, it is crucial to judiciously review the strong and weak points of the company and formulate a plan accordingly that can help small-scale entrepreneurs to sail through the rough patch.
"In the face of tough times, it is recommended that business owners and managers of SMEs must take stock of their financial position and assess their risk-taking capability carefully. It becomes imperative for SME owners to monitor their cash flow position," said Mukesh Jajoo, proprietor of India Plastics Products, a small-sized plastic manufacturing unit in Kolkata.
Small companies must work out a different sales strategy as the absence of the same during a slowdown may widen the disparity between slumping sales and bloated inventories, which eventually would affect the company's profit margins.
"Verifying that the expenses and planned expenditures are in conformity with accounts receivable becomes an important task during tough times," said Paresh Rajde, founder, managing director and chief executive officer of Suvidha Infoserve, a fast-growing retail firm in Mumbai.
One common mistake that small companies often make during a financial crunch is cutting back their expenses on marketing and sales. These are two important channels for promoting any business and cutting down marketing costs may sound the death knell for most small businesses.
SME owners can boost their sales and market share even in troubled economic times by focusing on short-term marketing techniques and formulating advertising campaigns in response to the shaky economic climate.
Staying afloat during troubled times require smart thinking, patience and perseverance. Ultimately, the ones who can prove their mettle even in tough times and guard their commercial interests will emerge triumphant in the end.
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Questions and Answers
As more signs of economic recovery are becoming apparent, now is the time for small businesses to plan carefully for recovery following the recession, in order to benefit most from a market upturn.
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