Top 3 Basics a Small Business Can't Ignore in Today's Economy

Becky McCray

If you've been worried about the economy, you could choose to focus instead on improving your business basics. Here are my top three small-business basics you can't afford to ignore, especially today.

1. Bookkeeping and Accounting

Finance may be the least-loved business subject, but that doesn't mean you can ignore it. You want to watch for possible warning signs that your business might be in trouble, so you have to understand which factors are most important in your business.

What can you do?

• Take care of your bookkeeping basics; keep on top of data entry.
• Choose a handful of important measures you will monitor regularly: gross sales, cash on hand, whatever makes sense for your business. Watch those results carefully.

2. Learning

Today, you have more learning resources than you can ever actually use. You can read advice from experienced business people without leaving your computer. You can connect personally with mentors, consultants, and many other types of support online. You can get resource articles, guides, and E-books on any small-business issue.

What can you do?

• Pick one or two topics that can most impact your results.
• Dedicate a solid hour daily or at least weekly to read, discover, contemplate, and implement.

3. Connecting With People

What could be more important to business? Don't let today's environment give you a negative or even desperate attitude. Every day, you are coming into contact with current and potential customers, employees, partners, and referrers. What can you do?

• Be open to possibilities all around you.
• Keep planning for the future.

Action beats worrying.

Becky McCray is a small-town entrepreneur, the co-owner of a liquor store and cattle ranch. She writes about small business and rural issues at Small Biz Survival, based on her own successes and failures. As a consultant, she helps small businesses and small - town governments to get things funded and get things done. Becky is also a noted speaker on small - business issues. She blogs at Small Biz Survival.