Recession Tactic #9:

Review your financial statements regularly – at least monthly. Develop a budget and measure actual performance against it. Identify trends that have developed over the last few years. Compare your business to the industry. Are your costs of goods sold and payroll, insurance, and marketing expenses in line with the industry?

Jennifer Pontinen is a Business Consultant with the UMD Small Business Development Center, at Mesabi Range College in Virginia, MN. Contact her at jpontinen@ umdced.com.