When things are going well, planning ahead in your home based business for any difficulties is not necessarily what you really want to think about when you are riding high. However, planning ahead in your home based business is exactly what you should do at these high points. After all, you never know what is coming around the corner.
By paying down credit lines and reducing balances on your home based business credit cards, you can reduce the amount of interest that you are paying out. Also, you can consider obtaining new company credit cards and transfer your balances to a card with a lower rate.
Putting money away in a CD or Mutual Fund is a great way to make smart investments with your extra money and be planning ahead in your home based business. You can even pre-pay your insurance premiums so that they will not be a difficulty in the leaner times. Also, your insurance company may offer some discounts for pre-payments.
Something else you can do when planning ahead in your home based business is to take note on other ways to save like stocking up on stamps or your best selling products when you can take advantage of large quantity discounts. Just remember that you should make sure you have enough storage space for anything you order.
When things are going well, planning ahead in your home based business could involve doing any maintenance on your equipment. Waiting until your equipment breaks can be a disaster, so use the boom to get preventive service done. You can also be planning ahead in your home based business by purchasing expensive office supplies in this time.
Doing market research or product testing is perfect when you are planning ahead in your home based business, for it offers you a chance to strategize to minimize the chance of potential downturns. You could also develop a customer or employee appreciation program while you are planning ahead in your home based business.
Finally, you can take this time while you are planning ahead in your home based business to test direct mail pieces. Many home based business owners use direct mail to boost business, and take advantage of the extra profit to test new direct mail strategies.