Ways to Plan Ahead

With the economy continuing to appear uncertain, it is crucial to have a good business plan in place. Here are a few tips on how to plan ahead for any bump in the road:

• Have a marketing plan that takes into account an uncertain economy. “Go out and make more sales” is not a strong plan.
• Plan in detail on paper how to repay a loan or make lease payments for new equipment.
• Make sure your financials are correct – especially if you do your own accounting. This will always save you time and money.
• Have a plan for any emergency. What do you do in the case of a flood, earthquake, fire, etc? Definitely answer this question in regards to the safety of you and your employees.

When you plan ahead, you are ready for any problem you may face.

Brad Harmon is the President at a leading financing company, First Star Capital (http://www.firststarcapital.com ). Brad is a frequent contributor to online publications and newsletters, and is the author of this blog on commercial financing topics.