Spring entrepreneurs can thrive during tough times by implementing smart financial strategies

Accept Lean Operations

Let's go back to the basics. Lean operations can be very useful when things are tough. You need to do more than just cut costs you also need to make the most of what you have.

Start by taking a hard look at the costs of running your business. Are there any costs that keep coming up that you could cut or get rid of? You might need to renegotiate contracts or subscriptions that you no longer need. But be careful the goal is to get rid of the extras not the things that are important to your business.

Put managing your cash flow at the top of your list of things to do

The money that comes in and goes out of your business is what keeps it going. Without it even making money doesn't matter. When things are tough it's even more important to keep track of your cash flow.

Are your customers taking longer to pay? Think about putting in place or strengthening measures that make sure payments are made on time. You can better manage your cash flow by giving people small rewards for paying on time or charging late fees.

Make sure you can make money in more than one way

You could think of it as a change in strategy. Maybe you have a service that goes well with your main offering that you've been meaning to look into but haven't had the time or money to do so. Now might be the best time to work on it.

Spend money on marketing that works

When times are tough it may seem strange to spend money on marketing but good marketing can help your business stand out.

Get really interested in digital marketing. SEO and content marketing can help you in the long run after you've made the first investment. You can better plan your budget by using tools like Google Analytics to find out what works and what doesn't.

Get money and help from financial aid

Sometimes it's okay to ask for more help. When things get tough there are a lot of ways to get help with money.

In the last few years the government has started a number of new programs to help small businesses. Look into getting grants or loans with low interest rates. The Small Business Administration and other resources can help you a lot.

Look into programs that help people in your area. Chambers of commerce and business groups in the area can often help businesses that are having a hard time. It's a way to not only stay alive but also stay a part of the lively business community.

Running a business during tough economic times is definitely hard. But if you plan your money well you might be able to not only keep your business going but also make it stronger. Remember that every time things get tough it's a chance to rethink and make your plans better. That will give you a strong foundation for growth and strength in the future.