Seize the opportunity

10 smart ways to make 2010 a breakout year

In a recent survey by JPMorgan Chase & Co., 80% of small businesses described their outlook for 2010 as “pursuing a moderate or aggressive growth strategy.” This should come as no surprise as many financial experts believe the economic recovery will begin on Main Street. You don’t want to be left in the dust. Here are 10 areas of possible opportunity for you, based on existing conditions:

  1. Lower your monthly expenses. Look at your telephone calling plans, the service charges assessed by credit card companies, and the shipping fees you pay to companies like UPS and FedEx. There is no better time than now to seek better deals.

  2. Rethink traditional media. With newspapers, television, and radio reeling from the recession and the flow of ad dollars to the Internet, you’re in the best position ever to bargain with media companies and gain access to spot ads you previously couldn’t afford. One of the best ways to get more bang for your buck: billboards.

  3. Upgrade your Web site. It never hurts to contact a few Web design firms to see how you can bolster your company’s visibility on the major search engines, improve customer service, and create a stronger brand identity. Get bids on what it will cost you to implement the changes that make the most sense for your business, and if the price is right, move forward.

  4. Expand your offerings. As part of your business development plan, begin laying the groundwork to get one more product or service offering in the pipeline by the middle of next summer — even if you don’t know what it is yet. The process alone will improve your creativity and force you to gain a wider view of the playing field. Necessity breeds innovation.

  5. Get a little greener. Find ways to reduce, recycle, or eliminate waste. You’ll be amazed at what it will do for your conscience — and your bottom line. Assess the cost of heating and cooling your office. Many power companies provide free energy audits. Switching to energy-efficient lighting alone can save hundreds of dollars.

  6. Create a rainy day or contingency fund. At the very least, stash 1% of your profits in this account. This will help get you through the next downturn.

  7. Be the symbol of optimism. Vow to give out one more compliment to a deserving employee every day. Don’t be too stoic — be the boss your employees want to work for. Whether you believe in karma or not, it will make your employees and you feel better.

  8. Consider reconfiguring tasks and responsibilities. No doubt, the recession has forced you to scale back. Now you need to assess how you’re going to grow. Part of the process involves examining how tasks get accomplished in your company. Future staff costs can be streamlined by assembling a flow chart showing who is doing what. Don’t be afraid to make changes.

  9. Hire an intern. Ask universities and junior colleges in your area if they have internship programs offering students the chance to gain real-world experience in their field of study. Interns usually earn course credit from their school and a small wage, or none, from the employer. An intern can even turn into a valued full-time employee.

  10. Become a mentor. Share books that have shaped your perspective on people, leadership, and running a good business. Take a member of your staff to a rotary club meeting or introduce them to an important client. Or assign a task that requires trust to complete.


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