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GET CONNECTED TIPS
Nifty ideas you can use to build a better
business
Sharing Bad News
When bad things happen to your small business, remember to keep your employees in the loop. Maybe you lose a big client. Perhaps rent skyrockets, and you have to move your business across town. No matter what the bad news, share it with your employees. Call a meeting and have everyone attend. Explain the situation as completely as possible, focusing on how the news will impact your employees. Allow employees to ask questions. If there’s any silver lining to your bad news (you’re about to land a big new client; the new office is bigger and better), share that too.
Financial Review
Why wait until the end of the year to see if your small business is turning a nice profit? Review your financial reports now – and every month – so you can keep tabs on your bottom line. Your revenues may be up, but the cost of inventory might be up too. Or your sales might have increased, but your cash flow is taking a hit because of the uncollected receivables. Unless you mind these financial matters on a monthly basis, you won’t truly know how your business is doing.
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