Every business person knows that these are difficult times from an economic point of view.

High unemployment rates, the housing crisis and uncertainty about the future are causing consumers to watch their money and spend carefully. Yet all businesses still continue to sell their products and services during recessionary periods. And there are five important things to keep in mind when doing so:

1. Be creative: Come up with new ways to promote your business. Many businesses conduct sales during the holiday season. With Thanksgiving and Christmas just around the corner, think of new things you can do to attract more business.

Have "specials of the month" and open houses. Print up flyers and other promotional materials that can be placed at various areas in town, including the Pahrump Valley Chamber of Commerce.

2. Watch inventory levels: There is always the tendency to be optimistic when ordering inventory for the year's-end. However, inventory ties up cash, and all items may not readily sell.

Try and plan for "just-in-time" inventory purchases. It is better to reorder when necessary than to order too much and have excess inventory on the premises.

3. Collect accounts receivables: For businesses selling on credit, it is imperative that they age their receivables each month and practice good collection procedures. It is one thing to have sales, another to have cash in the business checking account. Accounts receivables, while an asset, are not cash.

As the old adage goes, "You cannot pay your bills with profit -- you still need cash to do so." Pay particular attention to those receivables that are older than 45 days.

4. Go after your best customers: Satisfied customers are your best opportunity for repeat business.

Do a mailing to your best customers, informing them of new products or services, special discounts, special shopping hours or other "news" that shows you appreciate their business and that you are ready to reward them with special incentives for their continued business.

5. Seek assistance: A business owner is not expected to be an expert in all areas. Yet, sometimes one is reluctant to seek assistance when confronted with a financial, marketing or other business issue. If this happens to be the case, seek assistance from an expert.

That might be your local banker, accountant or insurance agent. Assistance is also readily available from SCORE, Rural Nevada Development Corp. and the Nevada Small Business Development Center.

The manner in which you manage your business during difficult times can often be the deciding factor between continued success and abrupt failure.

Too many local Pahrump businesses have faded from the scene in recent years. Make sure your business continues to thrive and prosper.

Allan Parker is a business consultant with the Rural Nevada Development Corp.