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Today on MyMoneyLife with Chuck Bentley

Thursday, October 8, 2009

Tips for Entrepreneurs

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Got a testimony or question for Chuck? Send it to ChuckBentley@Crown.org.

Chuck Bentley Are you a small business owner, looking for ways to manage through a very challenging economy? Maybe you work for a small company and you’re concerned about the business, and you want to know how to make a difference.

Either way, the solution is to make your company as profitable as possible—and every little bit helps. So today, we’ve got the top 3 profit boosting tips for small businesses, and this is from a recent Forbes article.

Find creative ways to get new customers. If you’re a sandwich shop, offer corporate discounts for large orders with free delivery. If you run an auto repair shop, find a mechanic to work the graveyard shift and try offering overnight repairs. The point is, do what the competition can’t or won’t do.

Be assertive with late paying customers. Nobody likes to be the bad guy, but you can’t pay your vendors if your customers don’t pay you. By staying on top of your accounts receivable, you can train your customers to pay you first.

Treat your vendors like partners—let them know that sales are down. Pay your bills on time, but negotiate with your vendors for better terms. They may be willing to stretch out payment terms, if possible.

So whether you’re a small business owner or employee, you’re in this together. You’ve got to look for ways to maximize profits and cut costs to ride out this rough economy.

At MoneyLife, we understand the pressures you face, and we want to help you manage money God’s way, so that you can experience His wisdom and His peace during the days ahead. Find out more at Crown.org.

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