Three priorities for business owners to consider, now

While reading an online article in The Wall Street Journal this morning, I caught a discussion question asking about the three things management should focus on now, e.g., human resources, financial, etc. Putting this on top of the CNBC TV show I watched last night, “Saving GM: Inside the Crisis”, and the story of a small bolt company, Seaway Bolt & Specials, I started to think of the struggles for the average small to medium business owner. If you were to set only three priorities, what would they be?

Let’s add another component to this little exercise; you have only three minutes to answer. What three priorities would you choose? I challenged my own thinking, along with the three-minute time limit, and here’s what I came up with:

1. Cost Containment - Focus on your 'core' and consider outsourcing the non-essentials (to your business). Example: If you are a multi-location business (or restaurant chain), consider outsourcing your accounting (dept. functions). This can raise the quality of financial information, introduce better processes and systems, and reduce or eliminate costs. This works in most any industry segment, or size of business, even if you are just a one-location business.

2. Social Responsibility - Recent tax incentives, e.g., Energy Tax Credits, can allow you to make sound investments in becoming more socially responsible and save money. The Emergency Economic Stabilization Act of 2008 also includes provisions for increased Energy Credits, i.e., the Act provides even more incentive for you and your company to “Go Green”. Not only can you save money with credits and incentives, you will also be showing your commitment to social responsibility in energy use.

3. Cash Flow - Look beyond traditional lending sources and consider recent changes in the lending practices of the SBA. Along with the new tax provisions, the SBA now offers new programs to help small businesses. “The American Recovery and Reinvestment Act contains a package of loan fee reductions, higher guarantees, new SBA programs, secondary market incentives, and enhancements to current SBA programs that will help unlock credit markets and begin economic recovery for the nation’s small business sector.”

How about you? What three priorities would you offer up to this question? In your own business, what priorities have you set, or put into motion?