Time for tough questions

Rising interest rates this week have been a hot topic of conversation for small business owners. Many I've spoken with are wondering how this latest slug will effect consumers' spending power. Sure, the economy is growing again, but will consumers ever get back to spending what they used to pre-GFC?

Smart small business owners aren't waiting to find out. Instead, they've used the GFC and each ensuing day to really reassess how they do things. They're asking pertinent questions: How well do I know my customers? How effectively am I communicating with them? How effective is my operation and cost structure? How accurate are my cash flow forecasts?

I outline all of this in the easy-to-understand Q&A format of The Small Business Success Guide. If there's one thing you can't afford to forget, it's your customer. A quote in my book from Kathryn Conder of Carnegie Management Group is particularly apt: "Strong leaders know 'that it's six times more profitable to sell to an existing customer than to find new ones."

Testing times call for decisive leaders who are prepared to take a good, long look at their businesses. Then they plan a way to successfully turn things around. Have you set your business some realistic goals, and written them down? This sort of planning will help you feel in control of your destiny.

So give it a go.

Margie