New Economy Action List For Your Business

Now is a great time to rethink your business and consider actions steps you might take to jump start your business.

Here is a list of ideas to review that may just be the thing your business needs to get it moving. The action ideas are not in any particular order, so consider each equally.

1. Establish your own referral network. Get a group of business people together who are non-competing and pledge referrals to each other. Meet once per month to thank each other and give ideas of the type of customers and clients you may be looking for. Commitment is the key for each participant.

2. Become the expert in your business. Write a book, report, article, newspaper column or seminar about your topic and publish it yourself to get it circulating. When you circulate your best ideas, good things happen.

3. Develop at least one add-on or “up-sell” to your main product. Always offer the add-on every time the main product is offered. It should be low cost and high profit. Start now and it will help you make up for any recession fall-off in your business.

4. Make it more convenient for your customer to do business with you. Increase your hours, add a toll-free number, accept credit cards, etc.

5. Do a cost audit of your business. Consider alternatives to every vendor or supplier you have. For example, competitively price your long-distance carrier. Compare UPS to FedEx. Eliminate waste. A dollar saved goes right to the bottom line profit.

6. Trade high-interest-rate credit cards for low-interest-rate cards. If you pay off your balance every month, get a no fee card. Interest rates are dramatically different today, so review every card you have.

7. Before adding a new employee, try a temp. See if the increased work is short-term. Outsourcing jobs is a growing trend for all businesses.

8. Become tax smart. Learn all of the business deductions and be creative in how you can reduce your taxes. Deductions save you the percentage of your tax bracket. Tax credits save you dollar for dollar.

9. Arrange for a discount with your suppliers if you are able to pay on invoice. If you are having cash-flow problems, reverse the procedure and ask for 90 days same as cash.

10. Buy your office supplies from major wholesalers. Use Office Depot, Price and Costco, and don’t let individual employees order their own supplies. Adopt a set list of products a new employee can have and exclude anything else.

11. Join the national association for your business. Attend the national convention. This will keep you informed of the latest ideas in your industry. Also take advantage of the discounts they arrange with vendors.

12. Consider bartering your services. Be liberal. The barter, even if worthless, may lead to a new client. You should also consider offering your services to nonprofits; it could be a way of meeting a new group of potential clients.

13. Raise your insurance deductible. There is a big premium difference between $250 and $1,000. Weigh the annual difference and consider self-insurance for the higher deductible.

14. As long as you’re updating plans, review your specific marketing ideas and objectives for this year. Don’t just spend money on whatever comes along; plan your expenditures. Use only advertising that allows you to back your reason. If you don’t know your reason, you’re wasting money.

15. Use free advertising by getting publicity. Do press release on newsworthy events.
16. Consider joint ventures with other companies. You can piggyback on their business; be quick and ready to pay for referrals where payment is legally allowed.

17. Send thank-you notes for anything and everything done for you. Do it because it is the right thing to do, not just because it will help your business.

18. Step up your collection process. Use credit cards to get money faster.

19. Add shipping and handling charges to any order. Everyone has them, and it has become common place. If you are absolutely against them, make sure you promote the fact that you don’t charge for shipping and handling.

20. Make your life directly related to your business so everything you do becomes deductible. Vacation on business and dine with business clients.

21. Keep immaculate business records. This will save your neck in government audits and lawsuits. Use internal memos to file and confirm everything in writing. If it’s not worth writing, it’s not worth doing.

22. Update your life and health insurance. For an independent analysis and recommendation of the cheapest insurance use an insurance audit.

23. Take a day off work to create one additional profit center for your business.

24. Review your old customers. Write a specific letter to each of them offering a special discount if they will do business with you today.

If you study the preceding list, I know you will agree there are at least a couple of ideas you can put into effect today that will make or save you money. I also hope that you will save the list to review again in the months ahead. I find that as I scan through a list of powerful ideas, others formulate in my mind and it only takes one good idea to keep you and your business going.

JW Dicks, Esq. is an attorney, best selling author, entrepreneur and business strategist. He has spent his entire 35-year career building successful businesses for himself and his clients bringing his golden touch to the marketing and sales of over $500 million of products and services. His professional versatility affords him a unique insight into the opportunities available for today’s business owners along with the knowledge of how to structure and position a business to take advantage of them.

He is the senior partner of Dicks & Nanton P.A.: The Business Growth Lawyers™, representing clients in the growth of their business using franchises, area exclusive licensing, coaching, idea licensing, info-marketing, joint ventures, syndications and explosion marketing to accomplish their goals. Jack has worked with a diverse set of clients ranging from an Inc. 500 fastest growing company with sales over $250 Million, public companies, down to a small start up that made fishing lures. He loves the challenge and excitement of them all.

In addition to coaching and consulting with clients nationwide, Jack is also a successful entrepreneur. He has built his own businesses, with annual sales over $35 Million, developed real estate in excess of $200 Million and both created, and sold intellectual property rights for as much as $1.8 Million.

Jack has led national conferences and conventions and has spoken to over 150,000 business leaders on venture capital formation, syndication, investing, and business growth strategies. He is the best-selling author of numerous legal and financial books including the 50 Volume set, How to Start a Corporation and Operate in Any State, Moonlight Investing, The Florida Investor, Mutual Fund Investing Strategies, The Small Business Legal Kit, The 100 best Investments For Your Retirement, Financial CPR, Operation Financial Freedom, and How to Buy and Sell Real Estate .

In addition to his Juris Doctorate degree, Jack holds securities licenses, 22, 7, 65, and 24. He is also a registered securities principal, registered investment advisor, and real estate broker. Although technically proficient in several professions, his clients consider his greatest attributes to be his innate creativity, visionary focus and ability to design and implement multi-layered profit centers for companies and individuals seeking long-term financial growth and protection.

Jack is a graduate of the University of Florida and George Mason College of Law. He is a member of the American Bar Association, NASD, National Association of Realtors, the Florida Bar and the Virginia Bar.

Jack’s business address is Orlando and his play address is at his beach house where he spends as much time as he can with his wife, Linda, of 32 years, two daughters, two son-in-laws, and two Yorkies. His major hobby is fishing although the fish are rumored to be safe.

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