With news that the economy has been in a recession for nearly a year with no end in sight, it’s past time to make sure your business is ready.
In an article for TheStreet.com, University of Pennsylvania instructor Marc Kramer explains how to do this. For starters, he outlines what his annual business plan includes: a mission, target market, competition, marketing strategy, sales process and a client-retention strategy. In addition, he diagrams which expenses he can cut.
Must-have expenses include:
- Auto insurance
- Internet access
- Health insurance
- Organization memberships
- Cell phone
- Supplies
But Kramer says businesses can live without:
- Bookkeeping services
- Books
- Magazines/newspapers
- Office space
- Online research sites
- Sponsorship
- Telephone
Source: TheStreet.com, “The Recession-Bound Business Plan”
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