Businesses that waste time lamenting the challenges presented by an impending recession will only lose ground – and money – to those competitors who work a little harder and more efficiently.
This is a time for business owners to get to know their own businesses better than ever before – a time for introspection.
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Are you emphasizing the right product lines and services? Are you carrying too much overhead? Are you specifically training your sales force with regard to selling when times are tough? Are there low interest loans now available that might help with your cash flow, at least for the short term?
Mark Hayward, the Providence district director for the U.S. Small Business Administration, suggests that small businesses concentrate on building working capital. He makes a good point regarding these difficult times.
“The worst mistake a business can make now is to ignore their ability to adjust,” he said. “They need to look at their business plan again and make needed changes.”
There is no way to put a positive spin on a recession. We are all in for a difficult run that will be marked by difficult decisions. But sound businesses survive recessions – they always have. And the even smarter ones find ways not only to survive, but also to flourish.
