It may a time to tighten the company budget. The majority of economic indicators point toward an economic downturn. High-inflation, constant war, and unreliable governmental leadership have put the economy in a bad place. There may be a few “bubbles” popping in 2024.
It may be best to tighten a small business budget during these uncertain times. The economy in the United States has been inflated through excessive government spending and military contracts connected to war. Even with these two stimulus tools in place the economy is faltering. Could be a sign that recession is finally here (or has been here and getting worse).
- Economic Forecast USA Today – CLICK HERE
- The Conference Board – https://www.conference-board.org/research/us-forecast
- Fox Business Report – CLICK HERE
With the potential of recession, how do you take steps to protect your small business. How do you know when “a time to tighten” has arrived? BB Bookworks Inc is available to help. We have assisted hundreds of small business owners with planning, budgets, business financing, corporate credit, and adding value resources to improve efficiency.
What to Tighten (Cut)
One of the hardest areas of tightening the business budget is deciding what to cut or at least reduce the cost. Do you cut staff? Or maybe reduce the cost of marketing? Both these areas could have a major impact on your operation. It is important to look at the entire budget prior to making any of these decisions. It is best to reduce “waste”. Eliminated expenses that are unnecessary.
You may reduce one area to invest more in another area. This may be reducing waste and increasing sales and marketing costs in an effort to maintain or increase sales during the recession. Or maybe you reduce marketing dollars and reserve the money for post-recession growth.
There is much more to discuss about cutting costs and tightening budgets. Call if you need our help.
Adding Working Capital
Most economists are pointing to a short recession. If this is true, it is good news for all of us. A short recession period allows a small business to manage the recession period using working capital tools.
BB Bookworks Inc assists small business owners with adding cash flow management and working capital tools to their business plan. They can add corporate credit cards, net terms accounts, business credit lines and Small Business Administration financing to their business. These extra resources can keep a business solvent during tough economic times.
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Phone: (617) 531-9760 | (813) 438-2377 | BBBBOOKWORKS.COM