1. Review the terms of your business obligations. Don’t let an overpriced lease or other obligation automatically renew because you forgot to give the advance notice required in your contract! Don’t let your suppliers use last-minute deadlines against you; schedule to review long-term obligations and contracts well before they are set to renew.

2. Mine your current business. Keeping your current customers is easier than establishing new customers. Keep in touch with them, and they will remember you. Do something extra for them, and they will refer business to you.

3. Expand your networks. Businesses need more help now than ever. Now is the time to increase marketing and networking efforts.

4. Make your money work for you. Don’t buy something that doesn’t contribute significantly to your business. Every expense must justify itself, and that includes marketing. Don’t keep spending your hard-earned dollars on marketing methods that are not providing you with trackable returns.

5. Review existing contracts and invoices to make sure you are getting what you are paying for, and paying only what you are supposed to pay.

6. Use slow time wisely. Are you having a temporary lull in an otherwise busy business? Use the time to clear the decks for the new business to come. Take care of administrative chores that are important but that you don’t normally have time to deal with. For example, bring your corporate minutes up to date; create a business succession plan to benefit your family; get an estate plan to avoid probate if something should happen to you; update your form contracts, purchase orders, invoices and the like; and have a corporate compliance and legal risk audit.

7. Take advantage of opportunities. The real estate market is down, construction is slow, financing is hard to get, and sellers are having a hard time marketing their property. That means that there are or will be opportunities for buyers. Buyers with cash or access to SBA or private financing are making smart real estate purchases. The same is true for leases: what better time to renegotiate your lease than now? How about buying your competitors? Take advantage of buying opportunities. Use the time to look at many opportunities, weed out the junk and only purchase something that will be a “steal.”

8. Compete wisely. Distinguish your business. Competing on price alone can be a losing proposition. Instead of “discounting” your products and services, how about distinguishing your business by special personal service? People like to do business with people they know. Wouldn’t it be better to make more money and spend it with customers you like than the alternative?

9. Keep up. Quality and excellence are moving targets. Keep up with trends in your industry, your market area and the economy in general. You don’t have to jump on every temporary trend, but keeping your knowledge current will impress your customers, colleagues, competitors and employees.

10. Set goals. Set goals and work toward them. Studies have shown that businesses with written goals tend to achieve them, and are more likely to survive and thrive than businesses without goals. Also, a human brain with a goal cannot help but think about ways to achieve the goal. Strategic and business planning can help determine reachable goals and plans for achieving them.

Are you ready to prepare for the economic recovery? Schedule a planning meeting with Phil Glasscock by calling 480-941-4359, or email jpg@jpglaw.com.