The recession is front and center for most of us, at least via the media. In the daily ebb and flow of work, I don’t notice it directly. Sure, people are buying less. Companies are spending less, but they are still spending.
I’m one who votes that the recession does not have to discourage us, but drive us to find greater opportunities and ways to solve challenges.
Cait Murphy wrote a terrific piece about What’s Next: 4 Big Predictions for the U.S. Economy. It is a sobering look at the future, but one mixed with opportunity and enthusiasm. We can’t go back to the insane growth that was clearly not real anyway.
The four predictions:
- The US will be a top dog, but a smaller one
- Taxes will rise, no matter what the gov leaders say
- Unemployment rate will settle at a higher rate
- Gas prices will rise
So, as a business owner, how do I respond to such apparently lousy predictions?
- Diversify my business somehow to include serving those outside the US.
- Making sure my corporate structure and my investments protect me as much as possible until I’m in a lower tax bracket. Take advantage of every tax break/incentive.
- Make sure I stay a biz owner and not an employee which is far more volatile.
- Get rid of my truck, gas guzzler, although I technically need it for one of my investment projects. What’s the payload of a Smart Car? Although I do have a Ford Escape hybrid that I love.
At the end of the article, there are links to many other economy type articles that are informative for small business owners. Some related to the job market (your employees) and some to Retirement — always an important topic…
TJ McCue is the strategic content guy at Q4 Sales and founder of Sales Rescue Team. He can be found at Twitter.