News Briefs on Managing Your Business
Fiscal report sees ‘great trouble’ brewing for states
Arizona, California, Florida, Michigan, and Rhode Island currently are suffering the most from worsening U.S. economic problems, but Connecticut, New York, New Jersey and other states will soon be in the same boat, a leading state policy research center says. Stateline.org (10/7)
Begin safeguarding business by protecting credit
Business owners need to be careful not to become paralyzed from worry over the financial crisis and take measures to safeguard their businesses, says Ed Hess, a professor at the University of Virginia's Darden School of Business. Hess and Charlie Goetz, who co-wrote "So, You Want to Start a Business? 8 Steps to Take Before Making the Leap," offer advice on how to do that. Begin by protecting your credit, they say. ITworld (10/8)
Maintain quality when making budget cuts
When cutting back on costs to make it through the financial crisis, experts say, businesses need to be careful to protect their core product and values. "Whatever happens, no matter how hard it is, even if I'm not making a profit, if I deliver to the customer an unchanged, quality product, I have a chance," says Vincent Williams, who owns two Honey's Kettle restaurants in Los Angeles. MSNBC/Entrepreneur.com (10/8)
5 tips for hanging tough
When credit is not available, these five tips may help a small business keep operating until the economy recovers: slash expenses, eliminate unprofitable areas, develop a back-up revenue source, even if it means getting a job, offer compensation linked to increased revenue, and cut production costs. The Wall Street Journal/SmallBusiness.com (subscription required)
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