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Micro business stand apartWhile 2008 surveys report small and medium enterprises (SME) worrying about business in the current global financial crisis and taking pay cuts, many home based businesses are finding it 'business as usual'. "I was surprised to hear 65% of small businesses are taking pay cuts," said Melissa Khalinsky of the Business Mums Network. "None of the micro-business owners I know have done this – if things get worse or go on for a long time, sales will probably drop for everyone, but so far the crisis doesn't seem to be affecting micro-businesses' cash flow." A business mums network survey last year showed nearly 58% of surveyed businesses have a formal budget but only 33.3% have a formal policy for chasing outstanding accounts. Yet their cashflow issues relate to making sales, not managing it, and were an issue before recent financial events. "For my members, low spending budgets is the norm," said Khalinsky. "Larger businesses may be considering cutting their marketing budget, for instance, whereas many business mums are used to finding cheap and free ways to market their business. It's what we do all the time! "It also limits the usefulness of the purchasing tax cuts for us – as a group, we don't often make purchases over $1,000 anyway. One member had the idea of giving every business owner a voucher for a stationery or department store - a practical help to the SME as well as really stimulating spending." Micro businesses, with their minimal budgets and resources, use networking and outsourcing as a means of managing business normally, so this may be reducing the negative impact on this group. "As a micro business, we don't have huge budgets so we never spend money unless we already have that much in the bank so cash flow isn't a big problem for us," said Ally Lamont of Save Time Online. "And we turn to others in the Business Mums Network for support, ideas and assistance in running our business – working together, I don't have any doubts about these business surviving the global issues." It is not known how many micro-businesses were included in the 2008 NAB and MYOB surveys, and the results don't distinguish them from other SMEs. Visit Us: www.businessmums.com Paid Advertisements Below
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