As we emerge from one of the longest recessions in the last 50 years, many small business owners are unsure how to approach their business.  What changes should you make to turn your business around and accelerate their growth. Some of the most valuable changes you can make ere operational in nature.  For example:

  1. Focus on Customer Generated Revenue – This seems kind of intuitive, but the author suggests instead of looking for a loan go looking for more sales to fuel your growth.
  2. Use online invoicing and payment solutions. – Here the strategy is to accelerate payments to you.  Although I pay a fee to process a credit card, it is nothing compared to what it costs to chase an invoice after the project is complete.  Practice asking your clients if they ” want the miles” referring to the mileage points they receive when they use their credit card, as away of encouraging them to use their cards to pay you.
  3. Invest in technology – Upgrade computers, enhance software. Don’t spend frivolously, but  don’t try to run your business with antiquated technology.
  4. Manage costs, but when you invest ahead of your competitors – While everyone else is still cutting costs, now is a good time to invest a little.  It won’t take as much to leap out ahead as it would if everyone was spending.

What else would you add to this list?