Peachtree Product Team

[#1]

by Susan Solovic

We’re a few weeks into the New Year, and if you’re like me, you may be asking yourself, “what does 2012 hold for small businesses?”   The past few years have been a bit of a roller coaster ride, and it’s safe to say that unpredictable business conditions will prevail through 2012.  Beyond that, nobody truly knows.  However, we CAN make some educated guesses- predictions- as to trends for 2012, and what small businesses should be doing to navigate successfully:

Economic uncertainty will continue through 2012. 

Expect the unexpected:  All indications point to continued economic uncertainty, and as a business owner, you need to expect the unexpected.  Make sure you’re keeping a close eye on cash flow and other key business indicators.  Does your business work with an accountant or financial advisor?  If the answer is no, maybe it’s a good time to invest in such help.  Cash flow is the lifeblood of your business- be sure you’re caring for and feeding it at all times. 

With that uncertainty, consumers will still be cautious.

Focus on customer service:  At a time when new customers are scarce, competition is fierce, and costs are rising, be sure you’re taking excellent care of the customers you have.  Review your customer lists.  Are there some formerly strong customers who’ve lapsed?  Now’s the time to reach out to those customers to try to renew the relationship.   Consider activities to recognize long-standing customers, as well as those with whom you’re trying to rekindle a relationship.  Never underestimate the power of personal attention.

Technology continues to make it easier to do business anytime, anywhere.

Take advantage of tech, but don’t go overboard:  Tablets, mobile apps and virtually ubiquitous access have all made it easier than ever to do business anywhere, at any time.  Make smart choices, evaluating what solutions make the most sense for your business, but don’t just go out and purchase technology for technology’s sake.  Consider your business’s needs, and how the technology will help you to be more effective, get paid faster, reach more customers.  For example, if you own a business that makes service calls, mobile payments technology enables you to get paid immediately, vs. having to leave behind or mail an invoice, thus boosting your cash flow.  Smart use of technology can make a big difference- choose wisely!

Recent government regulations have had a big impact on small businesses.  2012 is an election year.

Make your voice heard:  Whether you agree with the current course of policy or oppose it, 2012 is an election year, and it’s critical that you make your voice heard at a local, state, and national level.  Small businesses make up the bulk of the US economy, and thus are a major force come election time.  Get involved in your community.  Study the issues and the candidates, and make informed decisions on the leaders who will shape the policies impacting your business for years to come. 

For more helpful hints, Sage Peachtree Business Care customers can join Susan Solovic on Wednesday, February 1st at 2 pm eastern, for an interactive webinar focused on sustaining your business in an unpredictable economy.  Sage Business Care customers should check their email for more details. 

Not a Sage Business Care customer?  Please visit http://www.peachtree.com/productsservices/businesscare  to learn more about the Sage Business Care program. 

About Susan Solovic:  A woman of many talents, Susan Wilson Solovic is an award-winning entrepreneur, a CEO, a journalist, New York Times and Wall Street Journal best-selling author, multi-media personality, and attorney.  But behind every achievement, Solovic embodies ideas that make her universally – and intimately – relatable to all entrepreneurs:  hard work, fortitude, and persistence.  In a world of quick and questionable viral fame, Solovic is a rare commodity:  she is what she preaches. In her webcast, Susan will touch on everything from developing a business growth plan and defining your value to building relationships and measuring results.