It's November and a good time to deal with that "B" word. No, not that one. I'm talking about the B-B-Budget for 2012. Most small business owners hate to sit down and work the numbers - especially if the resources are limited. Yet, we know that most businesses fail because they simply run out of cash.
So if you have not done so, use the rest of the month to reflect on the current year's cash inflows and outflows. You may need to re-think your business model and the way that you currently generate revenues. Next, review if there are areas that can be streamlined or even cut. Then, think about what you project will happen in the upcoming year. How many additional customers will you have? Do you need to reallocate dollars to marketing to increase brand awareness which could lead to new customers? Do your due diligence and expect 2012 to be the best year evah!
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