| Business downturns come in many shapes and forms – from a recession that affects the whole economy to something very specific that only affects your industry. This year, the business soothsayers are warning us to watch out for murky credit markets, a decline in the gross domestic product, and a decrease in consumer spending—none of which is good news for the small business owner. But downturns can also be caused by such diverse elements as a market crash, a terrorist attack, a natural disaster (such as Hurricane Katrina), an epidemic on another continent (such as SARS or the avian flu) or by one of a thousand other things. Predicting these kind of things is virtually impossible. Lehman Brothers recently appointed a high-ranking ex-CIA official to give them information on events worldwide that could have an economic impact. That may or may not work for them, but it is way beyond the reach of small business owners with limited resources. |
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Every cloud has a silver lining, and the forces that create difficulties for your business may also create issues for your competition. When one door closes, another one opens and the businesses that can outlast their competitors can be big winners. There are four golden rules: | |
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When tough economic times arrive, there are so many different actions that business owners need to take that it can become bewildering. What is needed is a road map and here is a checklist of 50 important items for surviving and prospering in a challenging economy. | |
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In any business, there are a number of different risk factors that could jeopardize the future of the corporation. Thinking about this in a systematic fashion is something that many business owners fail to do, and I have produced a questionnaire to help focus on potential threats and an action plan to devise strategies to neutralize them. |
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