Managing cash and staff in today's economy

Managing late payments and maintaining staff are a few of the uncertainties plaguing small business owners.

Forbes has collected feedback from business experts on helpful ways to address these concerns and seek out solutions despite ongoing economic turmoil.

Tips from the experts advise small businesses to remain aggressive when collecting payments or to write new contracts with specific penalties associated with overdue accounts.

One expert notes that small business owners may have to restructure their focus slightly when planning long-term projects or ensuring steady revenue. This may include accepting lower margin business streams to keep cash flow positive.

Small business owners who grapple with the prospect of staff layoffs may consider lowering salaries for everyone - including their own - or reducing the work week to four days instead of five to save money and jobs, according to the article.

Owners may also be buoyed by news from the Spherion employee confidence index.

The index climbed over two points in January to 42.7 indicating that confidence in employment opportunities and general optimism about the economy has slightly improved.

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