We are in hurricane season we must be prepared (on standby) for any unforeseen event that we receive a visit from one of these atmospheric phenomena. In entrepreneurship, today in Puerto Rico, given the economic situation of the country, we can say (if we make a comparison) that we are "hurricane season" for MSMEs (micro, small and medium enterprises)! We
minimum wage increase, reduced purchasing power of prospects, customers moratorium on payment, economic recession, high unemployment. These are the signs of the "storm" for which we have an emergency plan, so our business can continue to stand up and momentarily overcome this economic crisis.
The main and most important is that we conceptualize this as a fad. It is part of a cycle that will end. We must keep working to achieve operating until the cycle is complete and return to "normal."
minimum wage increase, reduced purchasing power of prospects, customers moratorium on payment, economic recession, high unemployment. These are the signs of the "storm" for which we have an emergency plan, so our business can continue to stand up and momentarily overcome this economic crisis.
The main and most important is that we conceptualize this as a fad. It is part of a cycle that will end. We must keep working to achieve operating until the cycle is complete and return to "normal."
There are some key tips that can help overcome "the storm"
1. Refine your organizational structure
Organize your business, works efficiently and the necessary personnel and qualified. The appropriate allocation of functions, duties and responsibilities can make a big difference in the company's operating results. Each employee must do the work for which he was engaged. Not a matter of dismissing the employee, employees should be aware of how important their work and cooperation in times like these.
2. Reduce your costs
Remove all unnecessary spending and unnecessary. Improving the effectiveness of your operations and identify areas for savings. Review your processes, policies and procedures to make them more simple, efficient and standardized. Policy changes necessary purchase costs, inventory and maximizes redefines cash flow. ! That is the key!
3. Increase your market exposure
By increasing your exposure to the market increase your sales, and therefore your profits. In times of "crisis" is important to keep this on the market. Work with customers who already have and you know. You can reach more customers with less investment if you work as a planned strategy to available resources (Usable).
4. Develop strategic alliances
Join other companies that can give additional services to your business. Trade, investment sharing, referrals, joint purchasing, etc.. can help you reduce your operational costs and become more competitive. Integrate your business to the community. Your employees are "part of your business."
5. Maximize your budget
Use the money in those areas that are priorities and that can help you generate more revenue (the difference between investment and expense). Investment is needed to keep your business on foot. Define your points balance and sales projections in conjunction with your operating budget.
Often the employer MSMEs comment: "I can not do that, I have no cash (cash flow) to work." Or the usual comment: "I have not done because it costs a lot." All these suggestions can be implemented without investing or, with minimal investment.
1. Refine your organizational structure
Organize your business, works efficiently and the necessary personnel and qualified. The appropriate allocation of functions, duties and responsibilities can make a big difference in the company's operating results. Each employee must do the work for which he was engaged. Not a matter of dismissing the employee, employees should be aware of how important their work and cooperation in times like these.
2. Reduce your costs
Remove all unnecessary spending and unnecessary. Improving the effectiveness of your operations and identify areas for savings. Review your processes, policies and procedures to make them more simple, efficient and standardized. Policy changes necessary purchase costs, inventory and maximizes redefines cash flow. ! That is the key!
3. Increase your market exposure
By increasing your exposure to the market increase your sales, and therefore your profits. In times of "crisis" is important to keep this on the market. Work with customers who already have and you know. You can reach more customers with less investment if you work as a planned strategy to available resources (Usable).
4. Develop strategic alliances
Join other companies that can give additional services to your business. Trade, investment sharing, referrals, joint purchasing, etc.. can help you reduce your operational costs and become more competitive. Integrate your business to the community. Your employees are "part of your business."
5. Maximize your budget
Use the money in those areas that are priorities and that can help you generate more revenue (the difference between investment and expense). Investment is needed to keep your business on foot. Define your points balance and sales projections in conjunction with your operating budget.
Often the employer MSMEs comment: "I can not do that, I have no cash (cash flow) to work." Or the usual comment: "I have not done because it costs a lot." All these suggestions can be implemented without investing or, with minimal investment.
Internet technology gives you access to many tools you can use to develop your business. ! Make use of them! These measures are your "emergency bag" to ride out the storm.
! Do not forget to include!
Your water : Customer Service ... always. Transparency. Your flashlight
: competitive advantage that they know the market
Your food: New prospects and customers consistently
Your medicines: Innovation, creativity, proactivity
recalls the importance to complete to seek expert help. Can be a friend, neighbor or someone with a business similar to that trust thongs. Do not fight the current (strong winds).
! Do not forget to include!
Your water : Customer Service ... always. Transparency. Your flashlight
: competitive advantage that they know the market
Your food: New prospects and customers consistently
Your medicines: Innovation, creativity, proactivity
recalls the importance to complete to seek expert help. Can be a friend, neighbor or someone with a business similar to that trust thongs. Do not fight the current (strong winds).
Resguárdate momentarily, get organized and go outside .... The success awaits you!
Francisco Santana Montalvo (787) 645-5840
www.asopymes.org
Francisco Santana Montalvo (787) 645-5840
www.asopymes.org
