Look after you customers: It's cheaper to keep old customers rather than acquire new ones. Look after those long-term customers that know you and trust you to make sure they keep on coming back.
Diversify: Some sectors might be feeling the pinch, but others flourish when the chips are down. It's important not to overstretch yourself, but do keep an eye out for gaps in the market which could provide an opportunity for extra income.
Chase payments. Cashflow is the lifeblood of a small business. You're perfectly within your rights to expect prompt payment, so don't be afraid to apply pressure to suppliers or customers which are falling behind.
Go greener: With energy bills on the rise, improving energy efficiency is a no-brainer. Many small businesses can cut energy costs by up to 20 per cent by implementing low and no cost energy saving measures, which will go straight to the bottom line, so make sure you switch off lights, keep heating relatively low and avoid leaving equipment on stand-by.
Get technical: Sorting out online banking and setting up direct debits could increase interest earnings and help you stay on top on your own payments. Communicating with customers online could also cut down on phone and transport bills.
Stay positive: Times may be challenging, but there will always be opportunities. Try to remain optimistic and focused on the day-to-day running of your business, rather than wasting time worrying about what may be around the corner.
