If anything, all the hand-wringing and rhetoric from governments around the world show clearly is that they have no clue https://www.baiketextile.com/product/printing/ how to deal with the problems. And, they are the ones (at least here is the States) -- who created many of the problems in the first place. It’s not only the economy that needs restructuring...it’s the arrogant tax and spend mindset of politicians that needs to be taken out to the woodshed for a harsh lesson or two. Your Own Personal "Mini-Economy"
So... what’s a hard-working business owner to do?There’s a show on CNBC, "On The Money" -- where I first heard the term, "Mini-Economy" to describe your personal financial circumstances. And it makes perfect sense. Thinking of terms of your own situation as a complete, self-reliant unit allows us to then consider all the components.First of all... make sure each of the major key areas of your business is getting proper consideration, attention, and scrutiny. Don’t make assumptions -- check it out for yourself -- so you’ll personally know what’s true.If you rely heavily on particular suppliers or vendors -- visit them if possible, check the news and the trade publications, and find out if they’re having troubles. The last thing you want to do is have something that is selling right now (or the components for it) -- suddenly become unavailable to you because you’ve lost your supplier. Same holds true for service providers.If you have just one banking relationship... Go Get More! Right now, relying on just one bank... one merchant account... or one online payments gateway... is a fool’s game.
If your bank goes under -- or if processing gets frozen up for any reason -- it could take your business down (especially if you are heavily reliant on credit cards). You may even want to consider how you can encourage the use of cash in your business.Right now, back-ups and alternatives for all major aspects of your business are essential... so you can have a "plan B." And, to whatever extent you have time for a bit of extra effort on this front now... it will serve you well to consider them in advance. If there’s trouble on the horizon for those you rely on... you’ll be best served by getting as far ahead of it as possible.
So... what’s a hard-working business owner to do?There’s a show on CNBC, "On The Money" -- where I first heard the term, "Mini-Economy" to describe your personal financial circumstances. And it makes perfect sense. Thinking of terms of your own situation as a complete, self-reliant unit allows us to then consider all the components.First of all... make sure each of the major key areas of your business is getting proper consideration, attention, and scrutiny. Don’t make assumptions -- check it out for yourself -- so you’ll personally know what’s true.If you rely heavily on particular suppliers or vendors -- visit them if possible, check the news and the trade publications, and find out if they’re having troubles. The last thing you want to do is have something that is selling right now (or the components for it) -- suddenly become unavailable to you because you’ve lost your supplier. Same holds true for service providers.If you have just one banking relationship... Go Get More! Right now, relying on just one bank... one merchant account... or one online payments gateway... is a fool’s game.
If your bank goes under -- or if processing gets frozen up for any reason -- it could take your business down (especially if you are heavily reliant on credit cards). You may even want to consider how you can encourage the use of cash in your business.Right now, back-ups and alternatives for all major aspects of your business are essential... so you can have a "plan B." And, to whatever extent you have time for a bit of extra effort on this front now... it will serve you well to consider them in advance. If there’s trouble on the horizon for those you rely on... you’ll be best served by getting as far ahead of it as possible.
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