I read an article this morning called “25 ways to jump start your business by the Inc. staff (http://www.inc.com/guides/2010/02/25-ways-jumpstart-business.html) and it really got me thinking.  I’ve shared my comments on some of their recommendations below:

5. Improve the Accuracy of Your Sales Forecasts

During difficult times it may seem hard to set realistic sales projections. Jeffrey Hollander of Seventh Generation discusses looking at your products item by item and finding out what is going on with your customers' business so you can best meet their needs, In particular, identify the cash-flow issues faced by your distribution partners. That will not only give you a clearer sense of the health of your business—it may also present you with a new business opportunity.

I think this is great advice.  Often, when I evaluate a client’s products individually, I find that there are some products which are marginally profitable (or even unprofitable).  There are also products that are very profitable and growing.  When you look at gross margin as a whole, you might miss opportunities to shift the focus of your sales team to the products that are more in demand by your customers (and earn more profits for your company).  In addition, if you evaluate the trending for the individual products, you can often identify areas to expand your product offering to better meet the needs of your customers and step ahead of your competition.  If you incorporate cash flow analysis into your product review, you may also find that there is room for improvement in your cash flow forecast and in you accounts receivable collections efforts.

9. Look for Partners in Struggling Industries

Paul King, CEO of Hercules Networks, which operates ATM-like machines through which consumers can charge mobile phones and other gadgets, has been cultivating relationships with real-estate developers who run malls and amusement parks. Most of them are struggling these days, and are looking for new sources of revenue. As such, they are more than willing to work with King.

Is your forecast “big picture” enough?  Are there opportunities out there that you haven’t considered?  The recession has been tough on most companies in one form or another, and if there is a “win-win” partnership out there for your business, you should at least consider approaching potential partners.  I think this advice applies to your direct competitors as well.  If you are in an industry where scale matters, then perhaps merging your business with a competing business could help both companies.  I think this advice makes the most sense in a situation where the two companies have different strengths to bring to the table – Maybe you have a top notch sales force and they have a strong R&D focus?

18. Find Some Amazing Interns

Interns are a cheap way of filling in gaps on your staff and bringing energy and new ideas to the table. Of course, a bad hire, even at the lowest level of an organization, can cause stress. So how do you find an exceptional intern? The clothing line O'Neill found a novel way to identify talented teens for its internship program: The company set up a contest in which candidates designed clothes in order to compete for a job.

For the first time in quite a while, we’re really in an employer’s market.  Use this unique set of circumstances to enhance the quality of your workforce while your competition is still focused on downsizing.  You may not have the money in your budget to hire full time, experienced professionals, but there are creative ways to acquire the talent you need at a lower cost.  Interns are a great example of this – what they lack in experience, they make up for with an understanding of current trends and comfort with technology and social media.  If you truly require experience, then consider contract resources as well.