New York, NY (PRWEB) September 21, 2008
Even in the best of times, it's not easy owning and managing a business of any kind or any size. Making your dream of a successful enterprise a reality takes more than a great seed of an idea and hard work; it demands insight, an understanding of market conditions, the ability to size up the competition, and knowledge of how to do things a little differently to grow the bottom line.
Kevin Walters, successful entrepreneur, restaurateur and Managing Director of Creole Restaurant and Music Supper Club, financial expert and Harlem-based business and community leader, knows a thing or two about business --- and how to profit in a challenging economic environment. A tax specialist, a professor of finance at the Milano Graduate School at Baruch College, former CFO of the Bedford-Stuyvesant Restoration Corp. in Brooklyn and a mentor to many up-and-coming business owners in the community, Mr. Walters is as committed to seeing others succeed as he is to his own entrepreneurial endeavors. With that in mind, he has just self-published an easy-to-use pamphlet outlining --- in 10 simple steps --- smart ways to successfully manage a growing business in a difficult business climate. According to Mr. Walters, there has never been a better time to publish this information, and business owners have never been more anxious for guidance on how to survive and thrive in tough times.
"Many factors have combined to make this one of the most challenging times to start a business or to stay in business," Mr. Walters observes. Everything from Wall St. woes and banks' hyper-scrutiny of business lending to the sub-prime mortgage debacle, rising energy costs and falling real estate values have all combined to exert a negative influence on business overall. "There hasn't been a confluence of negative factors like this in many years," he states. This makes his "10-step Strategy" more important than ever, he adds.
"Small business entrepreneurs control over 50 percent of the American gross national product," Mr. Walters writes in his pamphlet. However, he adds, the landscape is riddled with business owners who are scattered and disorganized, leaving them vulnerable to the impact of a down market. "Implementing a strategy to manage a business successfully in down markets should become mandatory," he notes. The guide was written, he says, "to invigorate the thousands of small business entrepreneurs about techniques, tools and business practices that could be employed in all economic markets, but particularly to combat business conditions in down economies." Following the 10-step strategy, he states, "will not only help you navigate your business in a down economy, but also become the guiding light to continued business success."
Mr. Walters' suggestions can be helpful to a start-up or to an established business and include information on:
- Setting weekly goals as part of an overall 'big-picture' plan
- Circumventing the cash burden by opting for barter and trade groups
- Keeping an eye on supply and demand and reacting accordingly
- Using public relations and marketing wisely and to maximum benefit
- Careful management of cash flow with an eye on available capital
- Smart budgeting and monitoring of daily business operations
The strategy also stresses the importance of paying careful attention to inventories and where to purchase to ensure the best price; the need to communicate clearly with vendors to set up smart payment schedules; and the critical role of personnel management and goal-setting in the success of any small business.
"When economic conditions are depressed, the mood of the entrepreneurs in many communities is challenged," Mr. Walters writes. "I am convinced that we entrepreneurs need to create strategies to run our businesses successfully in down markets as well as in promising markets." Adhering to the suggestions put forth in Mr. Walters' 10-step program can help both new and established businesses not only to cope in difficult economic times, but also to thrive in the face of adversity.
The 10-Step Strategy on How to Manage Business Successfully in Down Markets is published by Global Capital Management, 2167 Third Ave., New York, NY 10035.