Survival Strategies


Jeff Cornwall from The Entreprenurial Mind blog recently guest blogged on The Christian Science Monitor, discussing survival strategies for entrepreneurs. Here is an excerpt:

Every small-business owner should continue to run his or her business cautiously and prudently. There will be more tough times ahead. Look for growth opportunity.

Over the coming months, more of your competitors will probably fail, and that presents an opportunity to attract new customers to your shop.

This can be an excellent time to expand and take advantage of a larger market share. If you do expand, continue to bootstrap and try to keep your use of debt to a minimum.

This is no time for excessive leverage because of the uncertainty of the economic outlook.

Whether you are a new entrepreneur or a seasoned business owner, more than ever before remember, cash is king. Given the uncertainty of the economy, entrepreneurs should try to keep enough cash on hand to cover at least 30 days of monthly expenses -- and up to 90 days of cash on hand is not a bad idea, either.


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