Financial Tips for Surviving the Economy

Financial
· Review your monthly income statement and cash flow statement. You want to look for trends and upcoming problems. If necessary, sit down with your accountant to review these financial statements.
· While increasing income takes a little time, decreasing expenses can be immediate. That doesn’t mean to just make broad cuts across the board. Instead, look for specific fixed expenses you can lower. Odds are that there are some expenses that you haven’t taken a look at in quite some time.
· If you carry an Accounts Receivable, make sure you have a collections policy and follow it. Don’t let customer credit become bad debt that burdens your finances.
· In uncertain economic times, there may be the tendency to pay off debt more rapidly than is required. However, building reserves cash may offer you a level of safety for future needs since the borrowing capacity of most small businesses has declined.