This morning I was able to read a pretty revealing survey report sponsored by Netsuite regarding business leaders’ outlook on the economy and the direction they would be taking their firms to survive in the “new economy”. Survey respondents represented over 600 small to mid-sized businesses (SMB’s) and were from all different types of industries. The interesting thing is that the majority of their answers were the same. SMB’s were focused on cutting cost in conjunction with increasing revenue and these strategies are sure to help improve their cash flow.
Specifically SMB’s cost cutting strategies were reducing overhead, improving productivity and streamlining operations. Revenue generating activities included broaden product offerings and increasing revenue from current customers. SMB’s also showed an increased interest in software as a service (SaaS) and cloud computing as a way to improve productivity and reduce overhead.
Can some of these strategies work for you? More than likely yes, so be sure to stop by Netsuite and download the survey report yourself.
B. N. S.