May 17, 2009
In my 29 years of working in small business on Maui, I have never seen our economic model change so quickly as what has transpired during the last 6 – 9 months….either up or down. Unfortunately, we are in the middle of “down” without a clear look at when “up” will occur. In what can easily be described as “hard times”, the Small Business Committee of the Maui Chamber of Commerce has put together a quick check list of items EVERY business on Maui should be doing at this time. For some, this check list might make the difference between maintaining a profitable position in this marketplace, or not. For others, this list might represent the steps you need to take just to survive in these current conditions.
This list does not capture every idea on how to streamline your operation. Each business has its own unique set of circumstances and each business owner needs to review their own particular business model based on their own variables. However, the list below is a general guideline to follow to “Survive Hard Times.”
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In no particular order of importance:
- Carefully define what your target market is.
- Analyze your debt structure.
- Look to maximize sales to the local marketplace.
- Keep your employees honestly informed of what is going on with the business.
- If working hours need to be reduced, ask your staff for volunteers to cut their hours before mandating reductions.
- Carefully analyze ALL expenses.
- Consider postponing major financial commitments.
- If renting, contact your landlord and see if they might consider lowering your rent.
- Examine the use of technology to increase labor efficiency.
- Review possible tax rebates for alternate energy appliances, or power generating sources, to reduce exposure to expected resurgence in energy prices.
- Don’t lose your best employees!
- Don’t stop advertising.
- Provide real value in all your products or services.
- Don’t get greedy! Be realistic in what salary is available for you to withdraw as an owner.
- Pay your taxes and pay your bills.
- Survive today and expand tomorrow.
Please add to this list, share your ideas, and/or provide specific examples of ways to survive these challenging economic times. Our goal is to encourage members to learn from each other and offer suggestions and viable solutions so members can sustain and grow their businesses.