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Show wmm WWWWWW I . r 12B Sun Advocate Price, Utah Tuesday I June 11, 2002 Highlights recommendations to assist businesses in surviving recession By Leslie Mohawk Cartxm County native Leslie Mohawk has been named by of cash to fund the business. When the economy is strong, finances can become almost an afterthought for small business Without sufficient streams of money flowing into the company, debts accumulate, vendors dont get paid and income dries up. Here are some ways to improve owners. However, when the economy is weak and business is slow, a companys financial situation suddenly may become more ur- Oik State Uniwrsitysdcpart-mert-f (sticxiti )gy as the outstanding distance educalkx student. A social worker with Plumas (bounty, Leslie moved to the Ouincy, Calif., area in 1993. She graduated cum laude from Chico State. I jeslic plans on continuing her cducatk m as a graduate student in social work at California gent The current economy represents one of the more pressing times for small businesses; If business owners can improve financial management practices, they will increase their companies chances of surviving the recession and thriving when the economy improves Three potential strategies to State University, Sacramento. She is a Carbon 1 ligh graduate andattended the Q)Uege of Eastern Uuih. Her parents are Shirty and Jerry Fry of Price and Acel MuscnfAltamonL :andi JOHN FORD Financial adviser help manage finances include increasing cash flow, getting help and collecting the money owed to businesses. Increase cash flow. Theres an old expression that cash flow is king. Every company needs an cashflow: Check pricing It's possible that a business prices are too high, but it is more likely that they are too low. Companies should monitor what competitors are charging and what customers might ac-- cept Reduce inventory - By car- rying fewer items in stock, companies can lower purchasing and storage costs. An accounting ratio such as inventory turnover can measure how efficiently a business is turning over inventory. The ratio is calculated by dividing the cost of goods sold by the average inventory on hand. Consider leasing - If the value of an item tends to go down over time, consider leasing rather than buying. Office equipment, vehicles and numerous other business supplies can be leased. Get help - Many entrepreneurs start a business because n'i MTlrri i't they want independence. Tbo much independence, Buckling up corn Um It's dec fbo Utah sMo tetri The Eugene would fife to Ent Learn more at' http: wwwjba.govsbdc. Service Corps of Retired Executives SCORE is a nationwide association of former business executives dedicated to g in the formation, growth and success of small enterprises. Members provide phone and counseling on a variety of issues. Check out SCORE at www. aid-in- ail score.org. Small Business Administration -- The SBA website contains dozens offree software programs to help manage companies fi- nances, including accounting, bill payment and financial fine-castin- g. The SBA library can be found atwwwjba.govlibrary. Collect money owed to a business - To maintain cash flow, companies need to get paid for the products or services. If a business has weakened, owners can bet that money is also tight for customers. Payments tend to slow down in a recession, so vigilance will be required to collect money. Businesses should have a system in place that alerts management when a payment is overdue. This could range from a notification in a software program to a Companies must obey all debt collection laws and avpid threats. Follow the collection system ' consistently with every customer and record all communications ftto maintain a paper trail that may become necessary. Simple persistence will help businesses obtain payment from most clients. If die payment does not arrive 'after multiple contacts, companies must make a decision. The businesses can write offbad debts, turn the debts over to a collections agency or file actions, ina small claims court ; While this is a difficult tune for many companies, it is not the time to give up. ' By aggressively increasing cash flow, seeking assistance nod collecting money that is owed, small businesses can take positive steps to improve the companies finances. family of Qene" Martinez thanfod those ivho helped in any way at the time of his passing. The visits, phone calls, food, money and cards wen greatly appreciated A Special Tfunfe to Dr. David Michols, 'RgV. however, can lead to isolation. If Carbon County businesses are having difficulty managing their compnaies finances, the best step may be to obtain assistance. Available options include: handwritten note on a calendar. Companies also need a.ys-- . tematic approach for contacting overdue debtors for payment Many firms follow an escala t, . ing urgency approach. , il send aqe-maCompanies might message when a payment is two days late. At 10 days, they might writq a letter. At 20 days, the business ... might call. The tone of the communication should be consistent with the timing. Requests for payment should become stronger as tfqie passes. Small Business Development Centers - There are more than 1,000 small business devcl- centers funded by the States government The centers served more than! 600,000 companies in 2001. Joseph Morris, ev. Mife Sciumbato, Sister Michele Curtin, the fV. Trie Stfchsteig, Qood Shepherd Womens Society, OQiights of Columbus, Mitchell funeral Home, Castleview Hospital, Tarfdak Can Center, fyefe Mountain Hospice, Sunnyside ambulance crew, and everyone who has supported and prayedfor us at this time. to all the Doctors and Horses for the can 1 received at Castleview Hospital after my automobile accident on May 20tfu Thanfyou Dr. TQng, Dr. Toitras, Dr. Doyle, the Tfas- -. ing Staff and Technicians in the 7he 1CU Hjtrses an true professionals. A very special thanfyou to the Transitional Can Unit, the Hjursing Staff as well as the Therapists who wen so good to me. Z would also Ufa to thanfeny family and many friends the beautiful far flowers, corns, phone cads and visits. God Dless Everyone. VioldSfevter ATTENTION FEN PHEN USERS W, 'AINU GRfAlR,HJXi IMM WOO HADDOCK stBSOXodts maSte. i N EM A T d; Q3ES332CCIU33u0 If you took Fen Phen for as little as 61 days you may have sustained serious heart valve damage. It can take up to FIVE YEARS for the effects of this dangerous drug to be felt The ONLY WAY TO KNOW IF YOU HAVE SUSTAINED HEART VALVE DAMAGES is to undergo a 5-min, painless, Echo Cardiogram Screening. If you have damage, you may speak personally with an attorney to discuss your options. ' .V : 10 FREE SCREENING in PRICE on JUNE 24, 2002. Can W.R.r.H.F,r.K. 1-8- 66 to schedule an if check your heart. Screening sponsored by the law firm of Braunberger, Boud & & Draper, P.C. 765 East 9000'South Sandy Utah 84094. Phone (801) 562-320- 0 I - t . - ' 'MW: Serious Liver Damage Kidney Failure Muscular Weakness Numerous Deaths wim as Jensen, Graff & Barnes will test you locally There is absolutely., no cost for the test You will not have to pay anything until a i t !: i, .I: i settlement is recovered. inr. vtmr-- IMHI .mtnBrnritw. .K4in amp rkiMiifiiirttoiftft Qtma .Ji Gamob (kw otnsi 866158614405 -- - Tailing BAYCOL has caused: appointment. Do not delay! Be smart . |