Get Back In The Black
 By Terry M. Blair

The stock market has been on a roller coaster. Experts have declared that the U.S. has officially been in a recession since December 2007. Businesses across the nation are shedding employees at a record rate. And consumers are slamming their wallets shut.

There’s nothing you can do to control the deteriorating economic situation. But, you can take steps to protect your small business and control your business finances. Being proactive now could help you stay in the black throughout 2009. Take these four steps.

1. Track Your Spending
You must have a clear understanding about how your money is being spent. This means knowing where every penny goes and how that penny benefits your business.

Make tracking your expenses easy with QuickBooks financial software. QuickBooks provides you with fast, easy, integrated solutions. Get the monthly, quarterly and annual reports you need to understand your business finances. AFS Members can save up to 20 percent on QuickBooks and you get free shipping.

2. Track Your Income
You should be able to estimate not only where you income is coming from, but also when you expect it to arrive. And when a troubled customer doesn’t pay on time, you need to take action fast.

AFS Members can get help collecting outstanding receivables with two great benefits.

• National Credit Systems NCS offers a low-cost, easy and effective method for collecting on delinquent accounts. For one flat fee per account, NCS will take action on your behalf. No matter how old the account is and regardless of the balance due, NCS has a solution. And you can choose from three programs to meet your needs.
• With FastCollect Electronic Check Recovery Services, you receive 100 percent of the face amount of NSF checks collected without having to contact your customers or send collection letters. There are no machines to buy or lease. And you don’t pay annual fees or a monthly service charge. Yet FastCollect can help reduce your number of bad checks by up to 30 percent.

3. Reduce Your Costs
Look for ways to save. Reducing your costs by even a few dollars a month can add up to big savings over the course of a year.

Get significant discounts on everyday business needs by using your AFS benefits. For example, when you need office supplies, turn to Penny-Wise. You can save on thousands of items.

If you’re planning to incorporate, form an LLC or get a DBA, use BizFilings to save money. With BizFilings, you receive $60 off Complete Formation orders. AFS Members receive a discount of 15 percent off any DBA order. And BizFilings even gives AFS Members 10 percent off its Business License Application Package.

4. Review Your Rates
Check the rates you’re paying and compare suppliers to take control of recurring expenses. Getting the best rates available can help you save money every month. Here are a few rates to review:

• Cell phone, landline and long distance calling rates
• Interest rates you’re paying on business credit cards
• DSL or cable rates for your Internet connection
• Monthly rates for business landscaping and janitorial services

At the same time, look at interest rates you’re earning on your business checking and savings accounts. Could moving money from one bank to another result in earning a higher interest rate?

Keeping tabs on your rates could immediately improve your bottom line.



(Posted January 2009)

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