If the economy hasn’t touched your business, you’re one of the lucky ones. For many small businesses, the effects of the downturn — or whatever it is — are minor, but economists disagree about how long this storm will last or whether it will get worse. All are predicting a slow 2008 and some see recovery as far away as 2010. We need to play it smart to stay afloat. Terry Lonier’s Navigating an Uncertain Economy in her Working Solo Newsletter has some sound advice — and by the way, much of her newsletter content applies to small businesses as well as to solo businesses. Her thoughts (abridged):
- We’ve been here before – There will be better days ahead. The challenge is to maintain an even keel.
- Prepare for tight credit – If you intend to borrow money in the next six months, be sure your credit is in order. The good news: Interest rates have dropped.
- Avoid the cave – This is the time to redouble efforts to find new customers and clients.
- Shine bright – Set yourself apart from the crowd. Be bold!
The nautical metaphor was Terry’s idea. I like it. Recessions are, indeed, stormy times for business.