Skip navigation

Current DateTime: 10:01:51 30 Nov 2009
LinksList Documentid: 24355697
  • The Cost of True Love

      In the popular holiday song "The 12 Days of Christmas," the cost of gifts - from the 12 drummers drumming to a partridge in a pear tree - is quite pricey.

  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

Meetings should be on companies' yearend calendars
By: The Associated Press | 25 Nov 2009 | 02:36 PM ET
Text Size

NEW YORK - With the end of the year approaching, small business owners should be scheduling meetings to help them plan for a hopefully stronger 2010.

December is often a slow time for many companies, and owners should take advantage of the down time to do some planning. So meetings with financial advisers, bank officials and consultants should be on your schedule.

Equally important is for employers to meet with their staff. Employees wants to know what's ahead, especially with so much continuing uncertainty about the economy.

MEET WITH YOUR ACCOUNTANT

No matter what shape the economy is in, the end of the year is an important time to meet with a financial adviser such as an accountant. The conversation should be about all the facets of your business, and not just a talk about whether you'll end the year with a profit or loss.

Most companies have already been cutting costs throughout the recession. Those that are still having cash flow problems probably need an accountant's help to determine what their next steps are, whether that means cutting back further, being more aggressive about customers who don't pay or finding cheaper ways to get the work done.

But many companies will have more upbeat discussions with their financial advisers. Jeffrey Berdahl, a certified public accountant with Berdahl & Co. in Center Valley, Pa., said his clients, while they're expecting to see revenue flat or down this year, are cautiously optimistic about 2010. So they'll be coming to his office to discuss how they'll be changing the way they do business in the coming year.

"They know things will turn around. It's a matter of when, and what the new business model will be going forward," he said.

DON'T FORGET YOUR BANKER

Berdahl said it's critical for small business owners to be speaking with their bankers, not just at year's end, but periodically throughout the year. If you haven't been in touch with the bank, you need to do that soon. Your line of credit could be at stake.

Berdahl said owners need to be up-front with lenders about their companies' cash flow and receivables. "Keep your banker on notice on what's going on, good, bad or indifferent," to avoid any surprises that could make the bank more cautious about lending to you, he said.

And, Berdahl suggested, "treat them as your ally, not your enemy."

MEET WITH OTHER ADVISERS, TOO

If you have other advisers, now's a good time to check in with them, too. Berdahl said owners need to be thinking about marketing — "let people know you're still out there" — so a call to a marketing consultant is in order. If you feel you can't fit marketing into your budget, then get some help from a counselor at SCORE, the organization that offers free advice to small businesses. You can find a counselor at http://www.score.org.

TALK TO YOUR EMPLOYEES — AND LISTEN TO THEM

Owners who have focused on trying to keep customers happy and maintain a steady cash flow may not have devoted enough time to their employees. The year's end gives you a chance to talk to workers about how the business is doing, what you're expecting 2010 to look like, and what you're expecting from them.

"It's important to communicate what the course of the future is in the organization: Here's our plan for success, here's how we're going to survive and compete," said Leigh Branham, owner of Keeping The People Inc., an Overland Park, Kan., human resources consulting firm.

Branham said owners still need to acknowledge the ongoing anxiety that employees feel about their jobs. Even owners who have been communicating all along need to check in with staffers now, and, if possible, talk to them one-on-one.

"Ask, 'how are you doing? How do you feel about things?'" Branham said.

There could be issues an owner doesn't know about. They could affect the quality of an employee's work, and also make him or her look elsewhere when the job market improves.

"A lot of them are disengaged because they have not been treated well under the threat of losing their jobs," Branham said.

Branham also advised owners not to assume that all employees have the same problems. "Some are concerned about career advice, or benefits or burnout," he said.

And, he recommended, "do what it takes to keep people aboard."

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Ever wished your cab driver would stop chatting and just get to where you're going? Well, that moment is closer than ever.
  • UPS truck
  • UPS is giving its customers the option to offset its carbon emissions when sending a package.
  • alligator
  • Raising alligators is hard work, and the fickle taste of rich consumers has just made it much harder, says the NY Times.
  • The continued real estate boom in China is partially fueled by a generational flood of newlyweds.
  • T shirt man
  • From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
  • Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
ADD COMMENTS
Remaining characters


Current DateTime: 09:11:55 30 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:01:49 30 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 01:01:49 30 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 08:56:26 30 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters