As the first decade of the second millennium comes to a close, many businesses look back with a sense of amazement.  In the past five years we’ve never seen so many spectacular profits, nor such unimaginable losses.

It would be nice to just coast into 2010 thankful to have survived. However, those who succeed in the second decade must not relax, but plan. You must take the time to plan what your business will look like in the coming year, the next three years and the next five years.

Twelve months to Recovery

Your initial plan should be only twelve months long, but it must be comprehensive. Look at all aspects of your business. Do you have the number of employees you need and are they performing the job that your require? Consider if you would benefit from a renegotiation with your suppliers. Develop a plan to keep your current customers happy and get new ones. Create a calendar of speeches, articles and appearances to keep your businesses name in the forefront of the market.  Write down the advantages and disadvantages you have against your competition and combat them. Take a fresh look at your offices and consider how to update and refresh them. The last month of the decade is not a time to look back, but a time to look forward.

Five years will seem like a dream

Five years from now we’ll all look back on this year’s recession and say, “I remember when…”. Can you imagine what your business will look like in five years?  What do you want it to look like? Be honest. Is your goal survival or growth?  How will you get there? How many employees will you need?  Will you need more space?  Less?  What will your technological requirements be? How will you finance your plans? Perhaps retirement is in your plan or you have children to put through university.

What has to happen to your business to make your personal goals happen? If your business is still successful, will you continue in it, or sell? How much involvement do you want to have in your business at that point in your life?  Do you still want to be hands-on in every detail, or could you restructure your business to allow more time for fishing? It’s never too soon to think long term.

While everyone else has a holiday focus it’s a great time to plan.

Choosing and Using the Right Consultant

We find ourselves living in interesting economic times.

Unprecedented. Global. And affecting small and large businesses equally. Until now, you’ve weathered the storm using your experience, judgment and instincts that have never lead you astray. But now what?

You’re facing an economy that’s stalled, credit that’s locked up tighter than a bank vault and clients and customers seeking ways to cut back. Perhaps it’s time to bring in some outside help. Perhaps you need an impartial view. Perhaps you’re simply too close to the problem.

A good business consultant takes a fresh look at procedures and policies to inject new life into entrenched business practices. However, what worked 12 months ago is already out of date. Times have changed, and quickly.

Small business owners may be reluctant to incur the expense of an outside advisor. Qualified mentors are, indeed, expensive – and for good reason. They deliver solutions and benefits that far outweigh the capital outlay for services rendered. The key is to find the right consultant among the flim-flam artists and snake oil salespeople that populate the consulting industry landscape.

So, what should you look for when you’re looking for innovation and a quantifiable ROI? I make my living helping businesses grow, even in difficult times, so here’s an insider’s perspective on what you need in a business consultant.

Read the whole article here.

Oil closed at USD$120 today for the first time. Also for the first time, I heard these talking head prognosticators projecting USD$200 a barrel oil.

I was thinking about the impact this might have on my clients when my usual airline passed rising fuel prices on to passengers, yet again.

What can you do if your business involves travel – getting yourself, your message, your goods and services from Point A to Point B?

Is Your Business Ready for Higher Costs?

Raw material prices will rise as the cost of transporting these goods rises. So, even if you don’t maintain a fleet of delivery vans, your business is going to feel the pinch one way or another.

So what can you do to survive in a climate of rising fuel costs that are fueling inflation of all goods and services?

Seven Tips to Help Your Business Survive a Big Oil Crunch

1. If your business employs a number of people, organize a carpool to defray the costs of getting to and from the office.

2. Allow employees to tele-commute. Security encryption software ensures even sensitive data moves seamlessly from home work station to office network.

3. Order early. Whatever your office needs, order early and use the lowest shipping priority available. This is also true of shipping items. Offer clients or customers a slower but lower-cost means of shipment.

4. Use the back office of your company web site to create a Project Board – a page listing all current projects, to whom they’re assigned, uploaded research, message boards – a virtual office. This content management software enables you to track progress on projects from anywhere.

5. Outsource. It’s an ugly word to many small business owners but these are desperate times. And small businesses are going to take the hit first. You can outsource any task – legal, administrative, clerical – whatever the task, someone will do it for less than you’re paying now. If this sounds cruel, consider the alternative.

6. Expand your margins – slowly. Avoid creating “sticker shock” among clients and customers by expanding margins gradually rather than in one big price jump. Increase cost of goods and services slowly – below the level of inflation to create a more stable and accepting client base.

7. Open a VoIP account. Skype, for example, enables you to talk to clients around the world free. It doesn’t replace face time but it’s always good to stay in touch with your regulars, regardless of where they’re located.

The price of fuel may be hurting your business now. Chances are, it’s only going to get worse in the months and years ahead. Now’s the time to reconfigure your business to manage higher fuel prices, higher salaries, insurance, rents, airline tickets and lunch.