We are living in interesting times — seriously challenging times economically. As a business owner, I am fighting to keep my business going and growing, in spite of the economy. Worrying about the economy and my business is very draining. To keep myself out of the doldrums, I take a step back, consider the larger picture and find something to celebrate.

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All of us are affected in one way or another by the current recession. Business owners and managers are facing very tough choices as they struggle to keep businesses afloat and profitable. Employees face the specter of potential or actual job losses. The resulting fear can immobilize workers and make it difficult for management to make and implement good decisions.

So what's a manager or an employee to do?

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Running a small business means you are handling multiple responsibilities. The product or service you sell is only one part of the equation – there is an accounting and finance component to running a business that can differentiate a successful business from a struggling business.  You don't have to be an accounting expert, but  you can save yourself a lot of trouble - and a lot of money - by understanding some of the basics like the time value of money, the difference between cash and accrual accounting, and why only some costs are relevant to business decision making.

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If we accept that employee accountability and measurement are good things, when tied to appropriate goals and performance expectations, how can we make the process useful to all concerned?

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The past two weeks have been wild in the business world. Some of the pillars of Wall Street have fallen and the government is scrambling to pick up the pieces and prevent additional breakage. The taxpayers are groaning as the abacus beads fly, adding up the tab. 

When times are bad, focus on the basics of good business: continue marketing, take care of your people, and, communicate your goals and strategies to your staff. 

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Stepping into management for the first time is a huge challenge, whether you are an entrepreneur hiring your first employees or a corporate employee moving up. The biggest obstacle we face is simply not being prepared. It is a common misconception that as long as you can do the work well yourself, you can seamlessly transition into managing a team doing the same work. Not necessarily.

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Research has shown that it is far cheaper to sell more to existing customers than it is to woo and win new ones. One statistic often quoted is that it can cost six to seven times more to get a new customer than to retain an existing one. So it makes good economic sense to keep your current customers satisfied and happy.

How? Simple. Make sure every customer receives truly excellent customer service.

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In order for any business to function properly, many high-level skills are required. What skills? Think financial management, people management, legal issues, strategic planning and information technology, to name just a few. It is the rare entrepreneur who has them all. Fortunately, during the startup phase when funds are an issue, high-level skills are not usually needed full time.

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Big ethical problems and some of the big corporate frauds that have hit the headlines in recent years are pretty obvious to us all. But what about the smaller issues, those little ethical dilemmas that crop up during the regular course of doing business every day?

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Continuing to run a business without a sound operational foundation is rather like running a sports car stuck in first gear. It looks sexy, but that car isn't going anywhere fast and it's hard on the engine.

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When disaster strikes a business and forces it to close, even temporarily, the impact is enormous. It affects all parties involved -- the business owner, whose livelihood is lost for a time, employees who can't work to support their families, customers who can't get critical goods, suppliers who don't get new orders, and the business entity itself, which may or may not be able to recover.  So what should a business owner do when disaster strikes?

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Financial statements tell the story of a business. It can be a story of stellar success or a warning of looming crisis. The numbers are not just financial details, but form actual shapes that offer information to help an owner keep his/her business on track.

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There is a saying that those who ignore history are doomed to repeat it. In business, those who refuse to learn from mistakes are likely to repeat them, too.  Read the contract, consult advisers, negotiate, and remember profit - not revenue - is what counts.

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A long time ago, a client asked, "How do you run a business?" We replied, "Running a business is just like sailing to Maui."

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Even when done with the greatest care, a hiring decision can head south fast. If not dealt with promptly, the resulting problems can spread like a cancer, negatively impacting the rest of your team.

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