It has been said, "solidly run small businesses actually hold their own during downturns." (Mark Vitner, a senior economist with first Union Corporation)
While all business owners would like to classify themselves as "solidly Run", Here are some of the thing that I believe warrant consideration by any business owner during a "slowing economy"
1) Should I Reconsider and/or revise the existing business plan?
One of the most important things you can do during an economic downturn is to evaluate your business plan. "All businesses need a plan to define where they are going and how they are going to get there". (http://www.bizplanprep.com/)
Your business plan is the working base for your company. Have your current day to day operations led you to a new position in the marketplace? Or have you strayed from a successful formula? Should you write a new business plan? Should you reinforce the guidelines for the current business plan? Sit down and examine the plan from the viewpoint of an investor looking to purchase the company and make any revisions that seem appropriate.
2) What should I do with the budget?
In a downturn one of the first places many businesses cut expenses are in advertising - a real mistake. As part of the philosophy of expanding your base and recruiting more customers, you need to advertise and sell more than ever. People are looking for better ways to do business. If you have established strong customer satisfaction, this is the time to get the message out.
3) Should I start a power circle or an advisory board?
"Advisory Boards are being implemented by companies globally to leverage knowledge."(http://partner-com.com/advisory.html)
Advisory boards consist of industry and community leaders i.e.: attorneys, certified public accountants, civic club leaders, owners or managers of businesses similar to yours or with whom you do business, also... [continues]
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