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Three Business Practices Ideas for Tough Times

written by: Michael Elkins•edited by: Ronda Bowen•updated: 4/1/2010

Whether you are on the path of greatness through wealth, or simply advancing a family business through the stormy waters of our current financial storm, best business practices are the wise way forward. Learn three best business practices ideas that are proven to adjust your mission … with reality.

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    Reduce Costs, not Quality

    Bright Hub - Reduce Business Costs Your business sells quality above everything else. Sacrificing quality will also decrease your income potential and reputation. Do not go down that route – it is a one-way ticket to failure.

    Nevertheless, reducing costs can be accomplished safely by the following:

    • Stop being loyal to costly suppliers. Your business may not survive, but theirs, certainly will. Shopping for a better deal that will be more cost effective and save you money on the long run may mean the end of an old relationship, but it can also be your leverage towards a better deal.

      After all, there are no shortage of suppliers, but given our current financial state, new clients are scarcer ... and more valuable than ever to suppliers.

    • Raise an inventory of everyday activities in your company. Be thorough and precise. Given the size of your company, this task may be somewhat laborious, but definitely worth its time.

      After acquiring enough data, sit down with your best people and discuss it. It is amazing the power a few minds put together have on the achievement of a goal.

      Cost-reducing ideas will be brought forward by your own employees, and eagerly accepted and implemented ... as it was of their own making. Act as a leader, and they will follow you.

    • Never tolerate waste. There is an urgent need to police wasteful activities that may not mean much in a month’s time, but can translate into a substantial amount of money in the long run. It is necessary to look at the big picture if you are aimed at seeing your business through.
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    Make Careful Decisions

    Bright Hub - Best Business Practices Impulsiveness is the enemy. The businessperson with the calmest attitude always makes the “right” decision. This can sometimes mean passing on apparently great business deals and partnerships. However, if something is missing, out of place, or if your gut is not totally comfortable with the decision, it is wise to wait.

    Wrong decisions may cost dearly, even your business itself. Keep in mind that even if you miss out on a good opportunity, this business practice will ensure you always sail on safe waters.

    This does not mean you should not take risks, for the essence of greatness is courage. It only means that such decisions should be given the respect they deserve for the importance they hold. Being an entrepreneur involves heart, but it also involves mind.

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    Reinvent Your Business, but Keep its Essence

    Bright Hub - Business Entrepreneurship The world around you keeps turning. Whether you started your business last month, last year, or last century, the entrepreneur world keeps evolving. There are businesses out there who want what you have.

    What you have is success, regardless of its size. That is right. If you are still in business, you have success. However, do not count on it. Your success will only last until an even more successful entrepreneur takes you out of business. It is a tough truth, but there is no such thing as “undeserved” loyalty. Your customers will leave you if they find a better deal, or a better product or service.

    If you were the creator of your business, go back to that mindset as often as possible and procure to see your business from the creative perspective responsible for its birth in the first place. If you have lost the original passion for your business, it has already failed. It will only be a matter of time before it falls.

    There is something that distinguishes your business from anyone else's. The feeling your clients and patrons have about your business can NEVER change. Familiarity breeds trust and reputation. Constant innovation and growth create wealth and security.

    Best business practices ideas are about having a truly entrepreneur mindset. If your heart is in the business, your mind will not stop working on it.