Planning Tips for the Rest of 2009

The first half of 2009 has come and gone, but that doesn't necessarily mean the recession is halfway over. Now that you've made it this far, you're sure to endure the rest of the year--but not without taking a few important steps. Here are three things New York Times writer Jay Goltz suggests you focus on during the last half of the year:

1) Increasing cash flow. Breaking even might seem like a landmark feat in this economic climate, but it's time to focus on creating more cash flow in the second half of the year. If you're in retail, comb through your inventory and put anything that's been sitting longer than six months up for sale. Take a look at new ways you can cut back on paper use or utility bills to free up more cash.

2) Staffing. Look around your workplace and make sure all of your employees are equally pulling their own weight. Now is the perfect time to fix any hiring mistakes you've made in the past. "When business is off and the pressure is on, it is a pleasure and privilege to look around and see people who are on the mission with you," Goltz says. Make sure all of your employees are on board with your company's mission.

3) Sales data. The shock of the recession should be over, especially now that experts maintain that things are getting better. Look closely at sales data from the first half of 2009, and plan the rest of the year accordingly. What to do if the decrease in sales projections stresses you out? Look forward to 2010 and beyond. If you focus on these three things, your business is sure to be thriving by the time we welcome the new year.