Utah Business Networking

2010 is a promising year for entrepreneurs and business owners. With a seemingly improving economy, prudent business owners will be analyzing ways to ensure profitability in the New Year. Here is a list of 4 things that you can do to help your bottom line for 2010.

Network (Online & In Person)

Networking is the fundamental base to grow your business. If you are not networking, either through social media or as part of a physical group, your business base cannot grow. By meeting new individuals each and everyday, you are exponentially increasing your base. Remember it is not necessarily who you meet but who that person knows. As your base increases, your potential for sales increases.

Marketing

Savvy business owners know that when times are tough, it’s time to start marketing. Your marketing efforts must be strategic. You must be able to analyze the performance of your marketing efforts. Advertising techniques and methods have been and are continuing to evolve. The old half page color print in the local newspaper or magazine is just not going to cut it. Online advertising is booming and there are companies out there that can help you ensure you are on the right track. Take some of your marketing budget, or as many are doing now take all of it and allocate it to online advertising.

Outsource

Small business owners need to learn the value of outsourcing. First, it will free up more time for you as an owner to be involved in the aspects of your business that you enjoy and thrive on. Second, it will reduce your payroll taxes, your health care costs, and physical resources you have to provide. There are numerous services that can be outsourced. Look around your business, analyze your daily activities, and then determine where you could utilize the services of someone other than yourself or an employee.

Know Your Ledger

Everyday you do business your general ledger changes. What are those changes telling you about the health and growth of your business? Do you have enough cash to fund daily operations? Are you collecting on your receivables? Are your sales on track to meet your first quarter budget? If you do not know the answers to these questions, then you do not know your general ledger. Develop for yourself daily and weekly reports that you can review each day and each week. These reports should answer the critical questions you have about your business performance. Then when you have questions as to why the numbers are what they are, you can dig deep into your general ledger and find the answers. Once you know why, you can make adjustments as needed.

I look forward to 2010 with anticipation that for many of us it will be the year that things get back on track. Hopefully you will be able to apply a few of the above suggestions in your efforts to make 2010 a year to remember.

By: Charles D. McKenrick – CDM Accounting & Bookkeeping – www.CDMAccounting.com