Regardless of actions taken by the Feds, the current economic picture remains relatively unclear. No one seems to know, with any certainty, what the financial forecast holds. With the recent financial happenings, now is a good time to look at the financial picture of your business and determine the best financial strategy to ensure continued business growth.

If you've been in business for any length of time, there's a good possibility that you've accumulated expenses that no longer contribute to your business growth. Over time, seemingly insignificant expenses can accumulate to a nice, tidy sum.

To keep yourself financially in the game, consider these following actions:

1. Cut expenses by 50% over the next six months. (Here's a tip that gets attention!)
It's seldom the larger expenses that get a budget into trouble. It's the add-on services of $5/month for this or $19.95/month for that service that begin to tally up. Cut out these inconsequential costs with the aim to keep the indispensable services of marketing and business development.

2. Review the terms of the agreements with your vendors.
Payments made upfront or immediately upon receipt of invoice improve cash flow. Your suppliers may be open to reduce the cost of services/merchandise if you're willing to shore up their cash flow.

3. Assess your insurance needs to make sure you're not over-insured.
See what Martha Gonzales at CHM Insurance Services recommends in the sidebar.

4. Find ways to acquire needed services/merchandise for free.
Bartering has been a fundamental form of compensation prior to the creation of currency. (Think 1626 when Peter Minuet exchanged beads and knives for Manhattan Island.) Swapping mutually beneficial goods or services enables those lacking "hard cash" the opportunity to obtain goods/services to continue their business growth strategies.

5. Update the terms of your contracts.
If you're a small business owner, you can't afford the long, drawn-out payment terms commonly used by larger enterprises. Changing the terms of your contract to include downpayments and a quick turnaround of net 15 can give you a nice cash infusion. Avoid further dastardly delays in payment by scheduling regular billing days.

By keeping more of your money, these simple tactics will give you the financial breathing room you need to do your best work.

Look for next week's Fast Forward as we continue the conversation on tactics to keep your business growing.