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It's the Economy .. (permalink) ActionBLOG posted by ActionCOACH Steve Brock at 2008-10-07 18:23:33 Visit Steve Brock's Website To help the team focus on the 1991 election, Bill Clinton's campaign manager picked four words to help them focus their efforts and ultimately win the election-"It's the Economy Stupid".  Here we are again. During this trying economic time, what are some things you NEED to  do to make sure you continue to prosper?  Here are a few to keep in mind: Credit Markets - they are already tightening up and this will continue.  This puts cash flow at a premium.  What are you doing to ensure you have proper cash reserves?  Some things to consider are watching your cash flow statement, watch how quickly you are paying bills (it may be time for terms from your suppliers), and watch how quickly your customers are paying you (keep bringing down the "days sales outstanding" number).  Finally, try to secure cash reserves when your business is doing well.  It is easiest to get cash reserves when you are not desperate for them. Revenue Growth - people are starting to watch where they spend their money.  So let's go back to the basics.  Focus on improving your conversion rate (get better at selling), increasing your average dollar sale (getting customers to spend a little more with you), and increasing your number of transactions (bring them back more often). Get lean & mean so you can take advantage when the economy turns (which it will).

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