| It should be obvious to all that business has | | | | of their clients? Have they offered any help or |
| changed from times past. The amount of layoffs, | | | | advice in these tough times? Do they return your |
| reduced income, and increased worry is taking its | | | | calls or better yet actually call you? |
| toll on all employers and employees. What can be | | | | 5. Employees. Do you have a problem employee? |
| done about this that is actually doable? | | | | Why are you putting up with that? There are |
| There is plenty that I have seen successfully | | | | plenty of highly if not overqualified people out |
| done. The main thing is to start managing your | | | | there who would leap at the chance to work. |
| business. The reason this looks daunting is that | | | | Stop with the excuses of they will leave me |
| owners try to do too much too fast. You need | | | | when the economy turns around. Historically this is |
| to approach this in one percent increments and | | | | not the case. They remember who helped them |
| there are plenty of opportunities. | | | | during a very trying time, and they will likely stay. |
| Examples of this that I have seen accomplished | | | | Employees who see their fellow employees |
| are: | | | | abused by an employer will remember that also. |
| 1. Workers Compensation insurance. The rules | | | | 6. Rent. Have you discussed reducing the rent for |
| changed this year in Ohio such that current | | | | you store, office, or warehouse? Guess how |
| Workers Compensation reductions are only 51% | | | | much that empty storefront is bringing in for |
| of your total. However, a PEO can give you up to | | | | revenue. Nothing. Some rent money is better than |
| a 65% reduction and usually will be able to | | | | no rent money. Ask the question. |
| compete with your payroll company. | | | | 7. Loans. Got a business loan? Have you talked to |
| 2. Insurance. Your current company will not give | | | | the bank about refinancing? No? What have you |
| you the discounts that are being currently offered | | | | got you to lose except some increased cash flow. |
| to grow new business. A long time relationship | | | | The SBA has even allowed refinancing of their |
| with your insurance professional is very valuable. | | | | loans at a lower interest rate for the first time |
| However, an independent insurance agent has | | | | since inception of the program. You have to go to |
| access to multiple vendors and can offer | | | | your bank and ask for this refinancing. If they |
| alternatives to your current insurance. Have the | | | | refuse (and not all banks are doing this) go to |
| new agent review your current insurance. I have | | | | another bank. There are plenty of banks who |
| seen vendors not have their buildings covered, | | | | want your small business business. |
| have buildings listed incorrectly, have coverage | | | | 8. Yourself. Take a long look in the mirror and be |
| taken away in the back of the policy, and just | | | | honest with yourself. Are you really trying to go |
| have certificates and not real insurance. | | | | forward in your business or are you yearning for |
| 3. Payroll. Who does this for you? Most payroll | | | | the good old days? Pay cuts are hard to swallow |
| companies do a great job. However, not all | | | | for yourself and your employees. Stopping |
| companies are equal, and some companies use | | | | matching to your retirement plan is also tough. |
| the payroll to front their real business interests. I | | | | Letting employees go (except for the problems) |
| have seen payroll companies who also start | | | | is tough. Get tough. But, and it is a very big but, |
| offering retirement plans (401k) at enormous | | | | get tough with yourself first. |
| fees with next to no service. I have also seen | | | | All of these steps will only reduce your required |
| accountants who will offer this service but will | | | | key in the door outlays by 1 to 1.5 percent, but |
| "bundle" the actual costs for this so you cannot | | | | together it will add up to 10 to 15 percent. This |
| tell what it is actually costing you. | | | | should be enough to allow you to get by for the |
| 4. Professionals. What exactly is your CPA, | | | | next year. Consumer spending is the only way |
| lawyer, banker, bookkeeper, or insurance agent | | | | we are going to recover in this economy, and it |
| actually providing you? Are they a part of your | | | | will take a while for that confidence to recover. |
| business or just someone you talk to semiannually | | | | I have had this exact same conversation with |
| or when they want to get paid? Do they use | | | | many business owners, most of whom are still in |
| your printing, garage, or concierge business? Do | | | | business. |
| they actively promote your business to the rest | | | | |